Hi, my name is Elizabeth, and I have been running my own business for years. Over the years, I have had a lot of different businesses. I have had home-based businesses, a catering company and several brick-and-mortar shops. Through all of those financial excursions, I have had to buy different types of insurance policies. I have even had to make a few claims. As a result, I have learned all kinds of unusual things about business insurance. If you want to learn about insurance coverage and what your business needs to be protected, take a look at this insurance blog. Thanks for reading and enjoy!
There are multiple risks that can befall your business. It is important that you take precautionary measures to mitigate losses that can affect your business. Whether you operate a small or large business, there are valuable property and assets owned by your business. You need to secure business property and asset insurance cover to protect your business assets from various risks. Your business needs continuity, and your choices will determine that. There are various reasons why business property and asset insurance is mandatory for your business.
It Protects Your Business Assets in Transit
Your business may be engaged in manufacturing different products. An accident may occur while you are delivering goods to your customers. Consequently, the customers may refuse to pay for damaged goods or may demand refunds. Your business is bound to suffer losses from the damaged products. Business property and asset insurance helps ensure that your valued products in transit are protected. Your insurance company will compensate you for the damages. The cover will also compensate you for any assets that you purchase that are destroyed during transit.
Stock Deterioration Is Covered
If your business produces perishable products, some mishaps may happen in the course of businesses. For instance, if you export flowers, they may wither due to flight delays. Subsequently, a loss will be experienced. Also, your refrigerator may have a breakdown, ruining your perishable products. Such incidences are costly to operations and need to be covered by your insurance company. Consult with your insurance company to see if they provide a cover for perishable goods.
Property Theft Is Compensated
Burglars may break into your business premises and steal property such as computers and furniture. Restocking stolen property can be costly to your business. Bbusiness property and asset insurance will ensure that your business is paid for the damages incurred. The insurance company may choose to pay for the stolen items in kind or in cash. Before you get compensated, you may need to prove that the theft was not stage-managed. Recorded video footages from security cameras can provide evidence to your insurer.
Natural calamities like floods, lightning and earthquakes can also destroy your business property. In some cases, your assets can be maliciously damaged by your business rivals. Machinery breakdown may also lead to downtime and result in losses for your business. Find out more about the business property and asset insurance from an insurer like Northwest Insurance.
Share29 May 2018
