Necessary Property Insurance Coverages

Necessary Property Insurance Coverages
Necessary Property Insurance Coverages

First coverage will be property coverage that provides coverage from fire, theft, wind of your building, equipment, products, inventory, supplies from inside your building.  There is no coverage for this for flood.  There is flood insurance that can be purchased separately to cover your building and property. This does not provide coverage for your equipment or product that leaves the building.  The coverage that provides coverage for your property off premises is called Inland Marine coverage.

  1. The second important coverage is Business Income which is under the property policy and needs to be added.  This provides coverage for your ongoing expenses after an insured loss and the loss of sales due to this insured loss.
  2. The third important coverage is Inland Marine coverage. This provides you with coverage for your property that leaves the premises. If you go off premises to a trade show, set up your equipment at a jobsite, you will need this coverage.  The perils that are covered are fire, theft, vandalism, water damage.

Since you have made a large financial investment for your business it would be financial ruin if someone stole your property, leaving you without a way to create income.  The cost is relatively inexpensive, and provides you the ability to continue operating your business.

Author: Larry

Larry Cossio has been insuring the entertainment industry for over 30 years.

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