Just as homeowner's insurance protects a homeowner from the full cost of repairing unforeseen damage to a house, commercial property insurance protects your business in the event property owned by your company is lost, damaged or stolen. In most instances, it covers the cost to repair damaged property and to replace what you've lost.
Property insurance policies are often customized to meet the needs of a particular business. However, there are two general types: named-peril policies and all-risk policies.
As the name implies, a "named-peril" policy will protect your business against losses resulting from only those perils named on the insurance policy.
The "all-risk" policy offers a more broad coverage and protects against all perils with the exception of some that must be specifically named on the insurance policy.
For most business owners, the all-risk policy is a better choice because it helps to eliminate the need for item-by-item coverage that may require separate policies. To get started, take a complete inventory of all your business property, determine its value and decide what you wish to insure. Then, contact any one of our fine agents at Olweiler Insurance Agency for assistance in tailoring a property insurance policy to meet your individual needs.