This type of business insurance helps protect your business property, whether you own or rent it. This type of property insurance is also known as commercial property insurance.
All businesses involve investments in fixed assets; capital investments. This is why the protection of one’s own investments and that of clients is of paramount interest—thus, property insurance
Property insurance is extremely important for the healthy sustenance of any organization. The following list includes the main insurance covers that we offer:
A fire and special perils policy safeguards the insured’s properties against unforeseen contingency due to fire, burglary, lightning, explosion, riot, strike, civil commotion, storm, flood, bursting or overflowing of water tanks or pipes, earthquake, etc. In the fire and special perils contract, the insurance company guarantees to pay for the loss or damage inflicted on the business property for the specified period of time which may extend to a year and which is usually annually renewed. According to the fire and special perils policy, assets are evaluated according to the market value.
Our property all risks insurance is a comprehensive cover that offers protection against all perils. Property all risks insurance covers all risks of accidental physical loss, destruction, or damage to the insured property which occurred within the policy’s validity period with the exception of war, nuclear perils, etc. As opposed to the standard fire and special perils insurance, property all risks insurance covers a wider range of risks. With property, all risk insurance, the sum insured may be either on the basis of the actual value or the new replacement value of the property.
to receive a quote for our Property All Risks Insurance, we require estimated values for the following:
Cover for standing charges that will be incurred during the period of interruption.
The increased cost of working which may be incurred to quickly revive business operation, like renting out of alternative premises/ equipment, etc.
Business property insurance is different than home insurance. A standard home insurance policy does not cover business property. Even if you have a home-based business, your home insurance policy does not cover the loss or damage of technology, equipment, or documents in your home business.
Whatever industry you’re in, you need property insurance to protect your business. Without the coverage of business property insurance, you may have to pay claims and damages which may put you and your business at risk.