As a business owner, the insurance policies that you have in place to protect you and your business are essential to your success. You want to know that you are covered under any circumstances. This is one of the ways that you can ensure your business and assets are safe. What some people may not think about is business personal property (BPP) insurance though. InsureWise LLC is here to talk about what BPP is and how your business can benefit from it.
What is Covered Under Business Personal Property?
Not all BPP policies are the same, just like the needs of every business aren’t going to be the same. However, most BPP policies are going to cover your transportable items that are used for your business. All of the tools and equipment that are used to keep your business going as long as it can be picked up and moved. It is important to note that BPP only covers physical property. It won’t cover ideas, trademarks or other things like that. Some items that might fit into this category include but are not limited to,
– Office Supplies: this includes pens, books, paper, markers and more
– Furniture: couches, chairs, tables, shelves and more
– Furnishings: pillows, lamps, artwork, blinds and more
– Electronics: laptops, printers, tablets, PCs and more
– Tools: drills, saws, paint sprayers, vacuums, lawnmowers and more
Does Homeowner’s Insurance Cover My Business Property?
For the most part, your homeowner’s insurance isn’t going to cover any of your business property. Even when you run your business mostly from home, your homeowner’s insurance isn’t going to cover the equipment used to run the business. This is also true for the business property you own in a different location like an office.
Importance of Business Personal Property Coverage?
For most business owners, they wouldn’t be able to get the job done if they didn’t have specialized equipment to help them do it. When you are transporting items around with you, like a laptop, there is a greater chance that it could be misplaced or stolen. You need coverage to make sure you don’t have to pay for replacement or repair for your business property out of pocket.
What is the Best Way to Manage Inventory?
The best way to make sure you can take full advantage of your BPP is to make a detailed inventory of your business property.
– Save receipts & attach them to the inventory list
– Take photos or video of your property
– Write down any serial numbers
– Keep a hardcopy of your inventory in a safe place
Commercial Property Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada
If you own and operate your own business, you want to make sure you have the insurance coverage you need to ensure your business is protected in case the worst case scenario happens. At InsureWise LLC, we can help you find the policies that are needed to make sure this is the case. Call us today or fill out this form for a quick and easy quote.