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The insurance you need for your assets depends on the kind of property you’re protecting and its value. You can take out coverage for everything from buildings and equipment to machinery repairs and lost revenue. But make sure you don’t over-insure by keeping a detailed list of your assets and reassessing your needs at least once a year.
Business assets insurance is a package of insurance that covers physical goods and resources your business owns. The term doesn’t refer to any one specific type of insurance, and the insurance you need may depend on your business or industry.
Some coverage may be required, such as commercial property insurance if you’re financing your company’s office.
Your business might need an assortment of insurance to protect different assets and situations. Here are options to consider:
Buying the right insurance for business assets comes down to those assets’ value to your business. That includes their market value and the value they create through revenue.
Insurance providers take a number of factors into account when calculating your premiums. This process involves determining the risks your business faces and the likelihood of dealing with a claim. Factors an insurer looks at:
Policies that cover business assets may add important exclusions, although these can differ from one policy to the next. Typical exclusions to watch for:
It’s important to keep a detailed inventory of your business’s assets and their value. Follow these steps to help you determine your property’s value for both business taxes and insurance purposes:
Insuring your company’s assets can offer much-needed financial protection for resources your company uses to bring in revenue. You’ll need to consider the types of property damage you’re most likely to face, your property’s value and how damage could affect your business. That way you can buy the business insurance coverage that best protects your property.
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