Protecting your physical location and equipment is important for any small business. That’s where business property insurance comes in. This type of business insurance, also known ascommercial property insurance or business personal property insurance (BPP), helps protect the owned or rented equipment, building and personal property at your company.
This coverage can help cover the costs to repair or replace:
- Personal property located at your business
- Tools and equipment you use to operate
- Inventory stored at your office or warehouse
- Furniture, such as couches, desks, chairs and tables
- Computers you use to run your business
- Accounts receivable and other valuable documents
- Outdoor landscaping, like fences
What Does Business Personal Property Insurance Cover?
Business personal property insurance can help protect your building, tools and equipment from a variety of claims. This includes:
- Fire damage to your property
- Theft of property or equipment, like someone breaking into your business
- Lost income if you can’t operate because of covered property damage
Is Business Personal Property Protected by Homeowners Insurance?
Business personal property coverage is different than homeowners insurance. It offers more property coverage for your business compared to a standard homeowners policy, which may include little or no coverage for business property.
Be aware that if you have a home-based business, your homeowners policy doesn’t protect your business’:
- Technology
- Equipment
- Files
Your home policy also won’t protect your business property if it’s stored in a different location. So, you may want to get business personal property insurance to ensure you have enough coverage for your company. Get more commercial property insurance tips.
Is Business Personal Property Covered Under a Business Owner’s Policy (BOP)?
Business personal property is covered under a Business Owner’s Policy. A BOP combines three essential types of coverage that many small business owners need, such as:
- General liability insurance
- Commercial property insurance
- Business income insurance
What Is the Difference Between Tangible and Intangible Personal Property?
Tangible personal property is a physical thing you can see or touch. This can include:
- Computers
- Furniture
- Desks
- Cars
- Tools
Intangible personal property are things your business owns or rents but may not have a physical appearance. This can include things like:
- Patents
- Intellectual property rights
- Copyrights
- Investments
- Partnership contracts
- Digital assets
Who Needs Business Property Insurance?
At a minimum, you need property and casualty insurance to help protect your business. So, you’ll want to get business personal property insurance along with general liability insurance. Without these coverages, you may have to pay claims and damages out of pocket, which can put you and your business at financial risk.
No matter what industry you’re in, business personal property insurance can help protect your company. Here are just a few of the industries we cover:
- Advertising, graphic design and media services
- Barbershops
- Electrical contractors
- Financial institutions
- Pet grooming
- Plumbers
- Retail
Small Business Property Insurance
We know how hard you work to run your small business. That’s why small business property insurance is important. Without it, small business owners would have to pay out of pocket to repair or replace damaged or destroyed property. This can cause you to temporarily close your small business, which can impact your bottom line.
Business Personal Property (BPP) Insurance From The Hartford
Not every insurance company is the same. We’re backed by over 200 years of experience and our dedicated small business insurance team has helped small business owners for over 30 years. We make it our business to have your back. Our team can help if you’re looking for an insurance quote, need a business personal property insurance policy or are wondering what coverages you need to fit your specific needs. Learn more aboutwhat business insurance to have for your business.
Get abusiness insurance quote today to find out your business personal property insurance cost and see how we can help protect your company.
As a seasoned insurance professional with a wealth of expertise in the field, I can attest to the critical importance of safeguarding your business assets through comprehensive insurance coverage. My extensive knowledge spans various aspects of business insurance, including commercial property insurance, business personal property insurance (BPP), and the nuances associated with protecting physical locations and equipment.
Let's delve into the concepts presented in the provided article:
Business Property Insurance Overview:
1. Business Property Insurance:
- Definition: Also known as commercial property insurance or business personal property insurance (BPP).
- Purpose: Protects owned or rented equipment, buildings, and personal property.
2. Coverage Scope:
- Items Covered: Personal property, tools and equipment, inventory, furniture, computers, accounts receivable, valuable documents, outdoor landscaping.
3. Protection Against:
- Claims: Fire damage, theft of property or equipment, loss of income due to covered property damage.
4. Distinction from Homeowners Insurance:
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Coverage Differences: Business personal property coverage surpasses standard homeowners policies.
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Limitations: Homeowners insurance may offer little or no coverage for business property.
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Home-Based Business Warning: Homeowners policy doesn't protect technology, equipment, files, or business property stored elsewhere.
5. Business Owner’s Policy (BOP):
- Inclusion: Business personal property is covered under a Business Owner’s Policy.
- Coverage Components: General liability insurance, commercial property insurance, business income insurance.
6. Tangible vs. Intangible Personal Property:
- Tangible: Physical items like computers, furniture, cars, tools.
- Intangible: Non-physical assets such as patents, intellectual property rights, copyrights, investments, partnership contracts, digital assets.
7. Who Needs Business Property Insurance:
- Minimum Requirement: Property and casualty insurance, including business personal property insurance and general liability insurance.
- Financial Risk: Without proper coverage, businesses may face out-of-pocket expenses for claims and damages.
8. Industries Covered:
- Diversity: The article mentions coverage for various industries, including advertising, graphic design, media services, barbershops, electrical contractors, financial institutions, pet grooming, plumbers, retail, and more.
9. Importance of Small Business Property Insurance:
- Risk Mitigation: Without adequate insurance, small business owners risk financial losses, potential closure, and impact on the bottom line.
The Hartford's Business Personal Property Insurance:
1. Experience and Reputation:
- Over 200 Years: The Hartford boasts over two centuries of experience.
- Small Business Focus: Dedicated small business insurance team assisting owners for over 30 years.
2. Offerings:
- Customized Solutions: The Hartford provides tailored coverage to meet specific business needs.
- Coverage Types: Business personal property insurance, general liability insurance, and more.
3. Call to Action:
- Quote Request: Encourages small business owners to obtain an insurance quote.
- Risk Assessment: Emphasizes the importance of understanding coverages specific to business needs.
In conclusion, whether you operate in advertising, retail, or any industry, investing in comprehensive business personal property insurance is a strategic move to protect your assets and ensure the long-term resilience of your business. The Hartford's extensive experience and tailored solutions make them a reliable choice for small business insurance needs.
