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 Posted: Wed Aug 04, 2010 11:34 am Post subject: Property insurance for small businesses |
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We're not looking for the generalized form of property insurance that is designed for large business houses. What we're actually looking for is a kind of property insurance which covers small businesses. Are such coverage available in the insurance market?
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Mr.hoober
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| Posted: Thu Aug 05, 2010 5:25 am Post subject: |
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| Yup, there's property insurance to cover small businesses from damages caused to equipments, physical space etc. It also protects them from theft. It's the building and it's assets that are referred to as 'property' when it comes to insurance. |
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steven
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| Posted: Fri Aug 06, 2010 8:35 am Post subject: |
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You may either get replacement cost coverage or ACV along with your property insurance. The assets are to be considered as 'business property' irrespective of whether the business is leased or owned.
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Juanita
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| Posted: Fri Aug 06, 2010 11:48 am Post subject: |
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| Quote: | | What we're actually looking for is a kind of property insurance which covers small businesses |
Commonly known as a Business Owner's Policy (BOP). Can be customized to fit your needs.
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MaxHerr
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| Posted: Sat Aug 07, 2010 9:13 am Post subject: |
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Hey Max, it's nice to know that it can be customized. But is it expensive? Please give us a clear picture about it's features.
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Mr.hoober
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| Posted: Sat Aug 07, 2010 6:50 pm Post subject: |
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If you understand Homeowner's Insurance, the concept is similar. It is simply a Commercial Property Policy and a Commercial Liability Policy combined into one form. Based on the coverages/exclusions in the standard policy, additional coverages can be added to extend the policy.
It's the property or the business that determines eligibility for a BOP. Buldings 6 stories or less with 100,000 or fewer square feet qualify (with little or no "merchantile" occupancies, or retail occupancies in excess of 25,000 square feet). Retail stores up to 25,000 square feet may qualify, as may apartment buildings of 6 stories or less, no more than 60 units, and the same restrictions on merchantile/retail occupancies.
Ineligible business types include auto repair shops, full-service restaurants, bars & taverns, manufacturing operations, schools and government buildings, amusement parks, and farms.
Most of the coverages parallel those of the commercial policies, but sometimes with broader benefits (as an incentive to smaller businesses to obtain the coverage).
Premiums vary according to the risk and the location, naturally, so there is no "average" policy to speak of in terms of cost.
Expensive? All insurance is expensive. Worth the risk? That's the question. Trade a few known dollars for the protection against losing everything one put into a business, and more? Some people just don't see the advantage in that.
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MaxHerr
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