Business Personal Property Insurance
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What is business personal property insurance?

Business personal property (BPP) insurance offers financial protection for the repair or replacement of your lost, damaged, or stolen business property. It covers things like computers, furniture, and inventories.

What is included with business personal property insurance? 

If you own or rent your workspace, business personal property insurance is included as part of your commercial property insurance. If you run your business out of your home, the items you use to run your business probably wouldn’t be covered by your homeowner’s insurance because they’re considered business property.

Business personal property, also known as business contents, includes the things you need to run your business.

Look around your business space and you’ll see the items that we’re referring to, as it includes almost everything but the building itself. Then, take a moment to consider how expensive it would be to replace these contents.

Your asset list of business personal property includes:

  • Office supplies: Pens, staplers, and calculators
  • Furniture: Chairs, desks, and tables
  • Furnishings: Rugs, blinds, and curtains
  • Computers: Desktops and laptops
  • Electronics: Smartphones and tablets
  • Heavy equipment: Forklifts and excavators
  • Machinery: 3D printers
  • Any other movable items used by your business, such as your retail

For tax purposes, BPP insurance is a tax-deductible business expense, so it makes sense for small business owners to protect their tangible property with this coverage as the premiums can help reduce your tax bill.

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What does business personal property insurance cover?

Business personal property insurance covers your real property, known as tangible assets, but not your intangible assets.

Your tangible assets are things you can physically see or touch, such as a desk or computer. For these assets, their value is easily defined and can be covered by a business personal property policy.

What are my coverage options for business personal property insurance?

You can insure your tangible business property for its actual cash value or the replacement value. The actual cash value refers to how much the item is worth.

If you filed a claim on a computer that was insured for its actual cash value, the insurance company’s valuation of the item would consider the price of buying the same type of computer, how old it is, how much useful life it had, and deduct the amount of depreciation to produce an assessed value for your claim.

If your computer was insured for its replacement value, the insurance company would cover the cost of buying a brand-new replacement.

Claims based on replacement value are going to be more costly for the insurance company, so this type of coverage has higher premiums than insuring items for their actual cash value.

What insurance coverage do I need to cover intangible assets?

Depending on your assets that need protection, you may need to look into a specific policy. Here's a short list of policies that may benefit your small business based on your industry, location, and unique needs.

Media liability insurance and cyber liability insurance

Intangible property includes things like trademarks or patents your business may own. Such intellectual property might also have value to your business, but they’re not covered by business personal property insurance, and their market value is much harder to determine. Small businesses that are looking for this protection, such as publishers or media and advertising businesses, would need to look into media liability insurance or cyber liability insurance.

Inland marine insurance

While BPP insurance covers items kept at your place of business, it does not include your business property while it’s in overland transit or stored at an off-site location. For this you would need inland marine insurance. It’s known as a “floater” policy because your coverage follows wherever your property goes.

Commercial auto insurance 

Your property insurance also doesn’t include any business-owned vehicles you may have. For this you would need commercial auto insurance, which covers property damage, legal bills, and medical expenses if one of your vehicles is involved in an accident.

Business interruption insurance

You might also consider business interruption insurance, which covers lost revenues and related expenses if your business has to close because of a catastrophic event, such as a fire.

General liability insurance

For many small business owners, general liability insurance is often the first insurance they buy. It covers common business risks like customer injury, customer property damage, and advertising injury. It’s often required by landlords and customers to lease a property and sign contracts.

Business owner's policy

A business owner's policy (BOP) bundles both general liability insurance and commercial property insurance, and may cost less than if you bought each of these policies separately. Together, they provide property and liability coverage for your small business.

How much does business personal property insurance cost?

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Your cost is based on a few factors, including:

  • Industry and risks
  • Coverage limits
  • Location
  • Property value

Business personal property insurance costs an average of $63 per month. This is based on the median cost of policies. And 16% of Insureon’s small business customers pay less than $42 per month for their policies.

Who needs business personal property insurance?

Any business with tangible assets should consider business personal property insurance, especially if a loss of property would have a significant impact on its bottom line.

Retail stores are a most obvious example of businesses that would benefit from business personal property insurance. A theft or fire that destroys inventory and equipment could put a hardware store, electronics store, or similar shop out of business.

Beauty and hair salons can have expensive equipment and products that would put the owner in a bind if she had to replace these items out of her own pocket. Likewise, consider the kind of loss a restaurant would suffer if it had to replace its tables, commercial ovens, and other items.

Get free quotes and compare policies with Insureon

Are you ready to safeguard your food service business with a business owner’s policy or another type of insurance? Complete Insureon’s easy online application today. Once you find the right policy, you can begin coverage in less than 24 hours.

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