One of the areas of coverage that should be considered by company owners for their business insurance in Illinois is property insurance. This type of policy provides financial protection against loss or damage to your property in such events as theft, fire, vandalism, or a natural disaster that’s covered by your policy. Insurance against earthquakes and floods is usually not included in the coverage and would need to be purchased separately if it is required.
Insurance policies for property are usually divided into two categories: those that give coverage for named perils and those which give financial protection for all perils, excluding those listed on the policy as exclusions. Once you have decided on the type of property insurance that best suits your needs, make an inventory of the items that will need to be covered under the insurance. This includes buildings, office equipment, stock, cash, furniture, and other contents.
Property insurance may be purchased separately or as part of a package of insurance coverage such as a Business Owners Policy (BOP). The BOP includes basic coverage such as property, liability, and business interruption, with the possibility of adding other types of protection. By combining insurance, business owners usually save money in comparison to purchasing coverage types separately. Talk to us about how property insurance as part of the best business insurance Illinois has around may work for you!
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