Property Insurance protects your rented and owned property from…
- Damage from covered weather events.
Whether it's your office space, copy machines, telephone equipment, tools, or even professional dog grooming supplies, Property Insurance can help your business pay for lost or damaged property.
Property Insurance Explained: Employment Agencies, Travel Agents, and Other Specialty Service Industries
If a fire breaks out, Property Insurance can help your employment agency, medical billing firm, or other business recover. Coverage against fire damage also includes your neighbor's property.
If old wiring in your building causes a fire to break out in your offices and spread to your neighbors, you can be held liable for their damaged property. The combination of fire, smoke, and sprinklers can wreck much of your property and that of neighboring offices. Property Insurance can pay to replace or repair their equipment, supplies, and office damage.
Coverage Choices for Truckers, Pet Groomers, Lawyers, and Specialty Service Industries
When you insure your property, you'll have to decide whether to insure it at its used, depreciated value or at the cost of replacing it new.
Actual cash value policies insure your equipment, supplies, and other property for the amount they are currently worth. Because your equipment depreciates, that means this insurance will give you less money when a covered event causes you to replace your property. These policies have lower premiums.
Replacement value policies cover your property for the cost of replacing them with brand-new items. If a copy machine is damaged in a fire, you would get enough money to buy a new machine. These policies naturally cost more, but offer you more payout.
Depending on what your inventory, equipment, supplies, and property consist of, it may be prudent to insure them at the higher, replacement value amount. Or if you are in a low-risk environment and your equipment is less valuable, it may make sense to save your pennies and insure only the actual cash value.
Protection for Leased Equipment and Office Space
Property Insurance also protects your offices and equipment when you lease and do not own them. If some vandals break into your office, smash the windows, and damage your expensive equipment, Property Insurance can help pay for the damages even if you do not own the damaged property.
You may think that your landlord is responsible for theft or a fire if it occurs in your building, but that's not necessarily true. Landlords can be held responsible if you notified them about a broken lock they never fixed or there is some other clearly documented negligence.
But these situations are tricky. Here's what you don't want. You don't want to be trying to force your landlord to pay for your property damage because they have insurance and you don't. Your landlord will have insurance, which means they'll have a legal team at their back and resources to help them investigate the cause of fire or theft.
Having your own property insurance is the best way to protect yourself. It means that when a disaster occurs, you can focus on replacing lost property and getting back to work.
Other Important Property Insurance Considerations for Lawyers, Authors, Translators, Pet Groomers, and Other Specialty Service Companies
Here are some other important things to keep in mind when purchasing Property Insurance…
- Not all natural disasters are covered. Depending on where you live, floods, hurricanes, earthquakes, etc. may not be covered by your Property Insurance policy.
- Your lease agreement may require you to purchase Property Insurance. Your current or future lease agreements may require you to have a certain amount of Property Insurance. Double-check them before you purchase insurance to make sure you have the right amount.
- You may qualify for a discount on Property Insurance through a Business Owner's Policy. Business Owner's Policies (or BOPs) are insurance plans for small-business owners. They bundle Property Insurance and General Liability Insurance, and usually offer you a lower premium on both. Fill out our online insurance application, to see if you qualify.
- You may want a Business Interruption Policy. Many commercial Property Insurance policies also include Business Interruption Insurance, which pays for the cost of relocating your business and / or the loss of income your business suffers after a covered property claim.
Talk with an Insurance Professional Who Specializes in Your Service Industry
Contact one of our agents to talk with someone who has insured numerous other professional and specialty services businesses. Whether your business is sign painting, telemarketing, legal services, or something else, our agents have likely helped a business like yours save money on their insurance.