Business Contents Insurance

Business Contents Coverage

Big or small, every business has assets they need to protect. That’s when business contents coverage plays an important role as part of a comprehensive commercial insurance policy.

What is Business Contents Coverage?

There are two key components of commercial insurance: liability coverage and business contents coverage. Liability coverage protects your business from claims from third parties due to bodily injuries that occur on your premises, such as a client slips and falls at your office, or property damage caused by your products or business operation. Business contents coverage protects all of your company assets located inside your place of business, whether you rent premises, own your own building, or operate from a home office. The types of property or contents usually protected against damage, theft or loss include:

• Office furniture
• Computers
• Inventory and stock on hand
• Machinery
• Equipment

Options for Business Contents Coverage

Depending on the type of business you’re in, there are many options that can be added to enhance this basic coverage to your specific needs. Common examples are:

• Replacement Cost Reimbursement: normally you would be reimbursed the cost of repairing or replacing your damaged items, which means their depreciated value. This option covers the full replacement cost of your items at today’s prices, although be sure to ask about some exclusions.
• Consequential Loss Coverage: this option protects you against losses due to stock being ruined or spoiled by changes in storage conditions such as temperature or humidity.
• Floods and Water Damage Protection: this covers you for damage to items caused by surface water, or water found at ground level. You need separate coverage to protect against damage caused by sewage backing up into your premises.

Talk to a Business Insurance Expert

To know more about options to fully protect the contents of your office, warehouse or company location, speak with Sean McNamara today at Mitchell & Whale Insurance Brokers. You can reach Sean at smcnamara@mitchellwhale.com or call 1-800-731-2228. I specialize in commercial insurance and would be happy to share my advice and provide no-obligation quotes.