A small business owner’s main asset is frequently his or her real estate holdings. As a result, evaluating potential dangers to your property and developing a plan to handle such threats is critical for the long-term security of your small business. To evaluate how a loss can affect your business and how much coverage you need, start by compiling a full inventory of all your assets. Property insurance can take many different forms to meet your individual needs, but most policies will cover the replacement cost of your structure and the real cash value of your business property.
You’ve already got a lot on your plate, so don’t make the mistake of planning for the “worst-case scenario” when it comes to property insurance. Underinsuring your small business is a risk you can’t afford to take.