Property is the material thing that makes up your office or business. This includes the product to be sold to the public, materials used in your business to make the product the related equipment.
Keeping receipts in order as to where your income is derived can help your agent comprise the exact cost of replacement of your business assets in the event of loss.
All purchases from the business must be reflected on the business property policy. A second location must be included on the application or within 30 days of purchase/lease for your policy coverage to be extended and any additional items included in the second location to be added to the existing policy.
Certain items will need to have the year, model, make and serial number to have the coverage extended to the property. To have proper coverage you will need to complete a property schedule of all property/equipment. Items over $1,000 must be listed on the form for the property to be properly covered under the policy. If you have included mobile equipment on your property schedule an Inland Marine Policy will need to be issued for the coverage in transit.
Article Submitted by:
DAWN FISLER LUTCF,
LICENSE INFO:DAWN MARIE FISLER, LICENSED IN AZ, NV,