Some policies might pay for damaged business furnishings at their actual cash value. This is an item’s used value at the time the damage occur. So, if you make a claim on shelving that is several years old, then your policy might pay less than it would for new shelving.  

Ask your agent if you can augment your policy by getting replacement cost coverage. With a replacement cost policy, you can receive compensation for items based on their like-new values. Therefore, you’ll recoup enough money to cover most or all of the cost of a new item.  

Adjust Your Deductibles  

Most property insurance will include deductibles. This is the cost that you must pay for damage before your insurer covers the remaining cost. For example, you might have a $2,000 property insurance deductible. In a situation where you have $5,000 in property damage, then you will pay the first $2,000 of the claim. Your insurer will pay the remaining $3,000.  

Only carry a deductible you can afford to pay on your own. You should not choose one so high that you won’t be able to manage on your own. Any damage cost that falls below the cost of your deductible will not qualify for assistance.  

Ask About Policy Endorsements  

Because your policy will limit how much it will pay for certain items, you might wonder if there’s a way to increase coverage for these special pieces. Often, property insurance endorsements can help you out. An endorsement is a change to your policy to tailor coverage to important belongings.   

For example, if your standard property insurance won’t cover your outdoor signage, then an endorsement might be necessary. When setting up your BOP, talk to your agent bout all your owned assets. They can help you determine the best ways endorsements might help you.