Business Property Insurance
Your business buildings, furniture, fixtures, equipment and stock are the types of things that are covered by Business Property Insurance. Some policies extend coverage to include business income and equipment breakdown. At its most basic, Business Property Insurance generally covers losses due to lightning strike or fire. It also assists in paying the costs for removing business property when necessary for protection from further loss.
What are the types of Business Property Insurance coverage in Texas?
In Texas, there are three types of policies for Business Property Insurance. Each policy types offers protection against a different damage cause - referred to as a "peril."
Basic Form Policies: These policies cover common perils such as storm damage and damage caused by fire.
Broad Form Policies: In addition to common perils, broad form policies also cover things like structural collapse, water damage, sprinkler system leaks, and damage caused by winter weather effects such as sleet, ice and or snow weight.
Special Form Policies: These policies cover all types of perils except those that the policy specifically excludes. Usual exclusions include damages from flood, earth movement, war, terrorism, nuclear disaster, wear and tear, and insects and vermin.
How much Business Property Insurance does my business need?
Business Property Insurance may be purchased based on one of the following:
- The actual value of the property (replacement cost minus depreciation)
- The replacement value of the property (cost of replacement without depreciation deduction)
- An agreed-upon amount
Paschall Insurance Group can tailor a Business Property Insurance policy package to fit your specific needs and unique risks. Our goal is to see that your business is back up and running quickly and efficiently if disaster should ever strike.