Property Insurance

Protecting your employees; protecting your business

Property insurance is vital for businesses as it provides financial protection against physical damage or loss to their buildings, equipment, inventory, and other assets due to events like fire, theft, or natural disasters. By having property insurance, businesses can recover quickly from unforeseen events, minimizing financial losses and ensuring continuity of operations.

Who needs a property insurance?

  • Office buildings

  • Retail stores

  • Restaurants and cafes

  • Manufacturing plants

  • Warehousing and distribution centers

  • Medical facilities

  • Hospitality businesses

Many businesses would benefit from carrying property insurance. Here are some common industries.

Property Insurance Inventory Checklist

Your insurance can only protect what it’s aware of. Anytime you add computers, equipment, office items exceeding your coverage limits, or vehicles, update your records and inform your Advisor.

What items need to be recorded:

  1. Buildings

  2. Equipment

  3. Inventory

  4. Fixtures and fittings

  5. Vehicles

  6. Electronics

  7. Supplies

  8. Furniture and fixtures

  9. Specialty equipment

  10. Improvements

  11. Outdoor property

  12. Business records

  13. Tenant improvements

  14. Customer property

  15. Artwork and decorations

What details are needed:

  1. Description of items: Including the name, brand, model, and any unique identifiers.

  2. Quantity of items: Specify the number of each item included in the inventory.

  3. Value of items: Provide the current market value or replacement cost of each item.

  4. Purchase date: Record when each item was acquired.

  5. Condition of items: Note the condition of each item, including any damage or wear.

  6. Serial numbers: Document serial numbers or other identifying information for high-value items.

  7. Location: Specify the location where each item is stored or used within the business premises.

  8. Supporting documentation: Include receipts, invoices, or photographs to verify the existence and value of items.