Property insurance covers the building and contents of a business– money and securities, accounts-receivable records, inventory, furniture, machinery, supplies and even intangible assets such as trademarks — when damage, theft or loss occurs.
We offer property insurance by named peril, such as fire and theft as well as multiple perils. The most basic multiple-peril policies include losses caused by fire and theft, but business owners can purchase additional types of coverage if they need it.
For example, a business in the Midwest or on the East Coast may want to purchase coverage for snow, ice or sleet damage, while businesses on the West Coast may consider an earthquake-insurance policy.
Businesses with good loss-control measures and claim histories often pay lower insurance premiums than companies with risky procedures and poor claims histories. Taking steps to prevent loss — hiring security personnel to prevent shoplifting, installing a sprinkler system to contain fires or using an alarm system to protect against theft — can help control the cost of property insurance.