This type of business insurance, also known as commercial property insurance or business personal property (BPP) insurance, helps protect your business or rented equipment, buildings and personal assets. Business Personal Property (BPP) insurance covers the equipment, furniture, accessories and inventory that you own, use, or rent within your workspace. Basically, it covers just about everything except the building itself. Business Personal Property (BPP) insurance covers any transportable item your business owns.
Things you can pick up and carry, basically. AHP Business Personal Property (BPP) insurance covers the contents of your company. This valuable option fits the unique insurance needs of our members in the event of equipment loss due to fire, flood, theft, etc. Now turn it upside down, remove the roof and shake it.
Anything that falls is covered by Business Personal Property (BPP) and the building is covered by Building Property (BP). Business personal property insurance only covers the contents of the business space, equipment, inventory, furniture, and any improvements you have made to the space. General liability is the most common type of insurance that small business owners take out because it covers many of the basic risks that most businesses face. Most personal auto insurance policies won't cover you for injuries or damage if you're driving for business reasons.
The law in most states requires you to have commercial auto insurance if you or your employees use a business-owned vehicle. Business personal property insurance can help you replace everything if something happens in your business. If you run your business from home, the items you use to run your business are probably not covered by your homeowners insurance because they are considered commercial property. If your company is in an industry that is more prone to accidents and injuries, you'll typically pay more for insurance.
That's why, in May, when my skincare policy is renewed, I would like to remove hair coverage and add Liability BPP to my policy. Small businesses seeking this protection, such as publishers or media and advertising companies, should consider liability insurance for the media or cyber liability insurance. Claims based on replacement value will be more expensive for the insurance company, so this type of coverage has higher premiums than those of insured items at their actual cash value. To do this, you'll need professional liability insurance, also known as errors and omissions insurance.
If your computer were insured for its replacement value, the insurance company would cover the cost of buying a new replacement computer. Business personal property insurance covers your real estate, known as tangible assets, but not your intangible assets. Securing the expensive equipment and inventory needed to run your business will cost more than insuring a store that requires almost no custom infrastructure or equipment, such as a bookstore. A business owners policy (BOP) includes both general liability insurance and commercial property insurance, and can cost less than if you took out each of these policies separately.