Property Insurance

Property insurance is used to protect your business’ building. No matter what size your business is, whether you own or lease your building; you need to protect against any unforeseen circumstances that may affect your business property. These incidents include, but are not limited to:

  • Fire
  • Flood
  • Vandalism
  • Weather damage (earthquakes, hurricanes, tsunamis)
  • Problems with building integrity (foundation issues, boiler problems)

You may not have known this, but commercial property insurance provides protection for all of your property. That includes compensation for computers, files, office supplies and furniture, craftsman supplies, and merchandise.

Here are a few questions you need to ask your insurance provider:

  • What type of businesses do you insure? Some insurance companies specialize in certain businesses. Also, if you have a small business, you need to make sure that your insurance company is willing to insure you. Some insurance companies prefer to specialize in large or small businesses.
  • Do you require a property inventory? Most businesses will require a professional to draw up an inventory of your business property. Even if it is not required, we strongly suggest that you do this anyway. An inventory will let you know what your businesses is worth and helps you gain the right amount of insurance.
  • How much coverage will I receive? The value of your business will expand or shrink with the business itself. You want to make sure that you are not paying for too much insurance or too little.
  • What types of incidents are covered? Insurance companies do not always cover the same things. For instance, some companies will not cover weather related incidents if you live in a region that is prone to hurricanes or earthquakes.
  • What types of discounts are available? Ask your insurance company about what types of discounts they offer. Some companies might offer discounts based on the size of your business, your green technology or where you are located.
  • What is the claims process? Find out who and when to call to make an insurance claim, what information you need to give your agent, how long the claim will take to process, and what the next step will be.

Let the professionals here at SOGO Wealth & Risk Management help you find a company that will provide you with the right amount of property insurance for the right price.

To get started on a quote, contact us: