Property Insurance Coverage Debunked
For many business owners their livelihood is dependent on the survival of their property, so it is imperative that they protect it against any potential threat – big or small. A fire could destroy your business’s warehouse and the contents inside, or a burst frozen pipe could damage important documents and valuable papers. Worse, you could have trouble paying your employees during a loss because your funds are devoted to repairing damage.
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Property insurance coverage is safer than self-insuring as an option to combat risks of loss. Property insurance coverage comes in many forms to suit your specific needs. Before purchasing property insurance coverage, take a complete inventory of all your business property to determine how much you need to insure which is called your total insurable value (TIV). This important step ensures you will have adequate property insurance coverage to continue your business in the event of a covered loss.
Property Insurance Coverage Policies
Basic property insurance covers losses due to fire or lightning, including the cost of removing property as a way to protect it from further damage. Should you want to purchase more than a basic property insurance coverage, you can buy a standard policy that provides coverage for extended or all risk or all perils to your property. Beyond that, coverage for vandalism and malicious mischief can also be included.
Know Your Property Insurance Coverage?
One of the most important aspects of purchasing a property insurance coverage policy, is making sure that you have purchased enough coverage to be adequately protected. A typical policy will provide the replacement cost value for your building and the actual cash value for your business property
An ALIGNED Advocate can provide expert guidance about property insurance coverage as well as risk management best practices for your organization. Talk to one of our advocates today about how we can help you secure the best products, services and insurance solutions for your business.
|ALIGNED Across Canada 100% Canadian owned, ALIGNED is a premiere insurance brokerage that serves more than 1,400 clients across the country. ALIGNED’s offices in Toronto, Calgary and Vancouver are supported by a national operations centre in Cambridge, Ontario. Uniquely within the industry, ALIGNED creates, negotiates and delivers the best business insurance and risk management strategies/solutions to organizations like yours.|