How to Get Small Business Property Insurance

A property insurance policy for a small business usually protects the company's assets in the event of disaster or destruction. You can typically get insurance coverage for equipment, inventory, office furniture and fixtures, computers, electronics and personal property kept at the business site.

Instructions

Difficulty: Easy

1. Make an inventory of the property you need to insure. It is often easier to purchase insurance protection if you can clearly lay out which equipment you need to cover. Such a list can also give you a better idea of the sum of money you would need to recoup in the event of a disaster.
2. Contact the insurance agent or broker who handles your small business insurance needs. If you do not have a relationship with an insurance professional, you should select such an individual with a solid reputation. Keep your other insurance needs in mind when picking out an agent or broker.
3. Compare the coverage offered under the various policies of your insurer. Most insurance companies offer three types of policies: basic, broad and special.
4. Choose a basic policy to cover vandalism, riots, smoke damage, fires, explosions and sprinkler leaks.
5. Select a broad policy to cover the same situations as basic policies, but add coverage for water damage, falling objects and damage from broken windows.
6. Buy a special policy to cover all risks that are not specifically included in the basic or broad policy.
7. Check with your agent or broker to learn whether there are any ways to lower your costs for insurance, without reducing your coverage.
8. Select the insurance policy that best meets your needs after you have shopped around and checked prices with the various insurance companies in your area. Also, check the different policies available through local agents and brokers.
9. Update your inventory and insurance information if you get any new equipment or other assets for your small business. Depending on the size of your new purchase, you may need to purchase more insurance as well.

Tips & Warnings

• Some insurance companies offer policies specifically intended for certain types of small businesses. Check with your agent or broker to see what is available in your industry.
• Don't assume that one policy will do it all. Basic insurance policies may not cover theft, and most property insurance policies simply do not cover floods or automotive property. You can get separate flood insurance, however, as well as automotive insurance.

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