Call Us 972-234-5588 ☰ ˟
Logo
Call Us: 972-234-5588
CallCall CallText Social Social Social Social Social
  • Home
  • About Us
    • Our History
    • Our Staff
    • Our Specialities
    • Testimonials
  • Products
    • Personal Lines
    • Commercial Lines
    • Industry Solutions
  • Get a Quote
    • Auto / Motorcycle / RV
    • Homeowners Insurance Quote
    • General Liability Quote
    • Workers Compensation Quote
    • Commercial Auto Insurance Quote
    • BOP Quote Form
    • Bond Request Form
    • Builders Risk Insurance Quote
    • Professional Liability Insurance Quote
    • Cyber Insurance
  • Customer Service
    • Report a Claim
    • Changes to Your Policy
    • Request a Certificate
  • Our Companies
  • Payments/Claims
  • Insurance Tips
    • Tips Blog
    • Builders Risk FAQ
    • Glossary
  • Contact Us
    • Contact Us
    • Our Location
    • Refer a Friend
    • Join our Newsletter
Business Icon

Business

We browse through a wide variety of coverages and find the right one for you.

Learn More
Contractors Icon

Contractors

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home Icon

Home

We browse through a wide variety of coverages and find the right one for you.

Learn More
Auto Icon

Auto

We browse through a wide variety of coverages and find the right one for you.

Learn More
Life Icon

Life

We browse through a wide variety of coverages and find the right one for you.

Learn More
Home > Blog > Maximizing Coverage for Your Business
WEDNESDAY, AUGUST 26, 2020

Maximizing Coverage for Your Business

One portion of most business owners policies, also called BOPs, is property insurance. It will cover the property and possessions the business owns. Property insurance will likely include restrictions on coverage, including its maximum limits and exclusions. Consider adjusting or adapting your policy to provide you with the maximum property coverage benefits. open sign on a business window

 

How to Understand Property Insurance  

 

Property insurance will protect the business’s owned property in case of damage from unexpected hazards like fires, theft, vandalism or severe weather. It might cover:

 

  • Buildings  

  • Stock  

  • Equipment  

  • Furnishings 

 

BOP holders must ensure they have enough property coverage for all their assets. For example, if you have a $100,000 building and $50,000 worth of possessions, then you will need to choose at least those amounts for your coverage limits. Still, other restrictions might limit how much your insurer will compensate you for a loss. Consider several ways to improve your overall property insurance. 

 

Ask About Replacement Cost Coverage  

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. 

Posted 1:57 PM

Tags: business, owners, policy, property, insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2023
  • 2022
  • 2021
  • 2020
  • 2019
  • 2018
  • 2017
  • 2016
  • 2015
  • 2014
  • 2013

  • insurance(79)
  • dallas(68)
  • texas(45)
  • commercial insurance(26)
  • business owners(22)
  • commercial auto insurance(13)
  • business insurance(12)
  • contractors(12)
  • general liability insurance(10)
  • builders risk insurance(10)
  • business owners policy(9)
  • jim porter(9)
  • insurance tips(8)
  • surety bonds(7)
  • workers compensation(7)
  • bop(7)
  • workers compensation insurance(6)
  • coverage(6)
  • bonds(6)
  • business(6)
  • umbrella insurance(5)
  • fort worth(5)
  • home insurance(5)
  • homeowners insurance(4)
  • homeowners(4)
  • contractors insurance(4)
  • professional liability insurance(4)
  • commercial(4)
  • policy(3)
  • directors and officers insurance(3)
  • e and o insurance(3)
  • liability insurance(3)
  • car insurance(3)
  • workers(2)
  • liability(2)
  • auto insurance(2)
  • risk(2)
  • cyber liability insurance(2)
  • owners(2)
  • construction(2)
  • plano(2)
  • compensation(2)
  • personal insurance(2)
  • independent insurance agent(2)
  • inclement weather(2)
  • water damage(2)
  • claims(2)
  • auto(2)
  • d&o insurance(2)
  • safety features(2)

View Mobile Version

Contact Us Today!
972-234-5588

Social Social Social Social Social

Resources

  • Products
  • Customer Service
  • Payment Options
  • Report a Claim
  • News
  • About Us
  • Refer A Friend
  • Our Carriers
  • Blog
  • Contact Us

Contact Us

12160 Abrams Rd, #107
Dallas, TX 75243

Local: 972.234.5588 | Toll Free: 888.246.9291 | F: 972.234.5311
© Copyright. All rights reserved. | Powered by Insurance Website Builder