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Am I covered for storing business property off-site?

Business Insurance

By Joanne Lemna | April 21, 2017

Any business owner knows thatgood insurance coverage whether for property stored on-site or off-site is imperative to the overall health and success of their venture. Especially with off-site property having the peace of mind that comes with knowing that any and all items are covered in the event of damage theft or loss in general really is invaluable. But how do you know what’s covered? How is such inventory valued? And what type of insurance do you need? Here is a brief overview to help you better understand the ins and outs of off-site property insurance.

There are fewer options when it comes to insuring off-site inventory. Generally commercial insurancecoverage is relegated to the property equipment and belongings that are kept at the specified location at which you conduct business. But there are some off-site property policies available.

What Constitutes Off-Site Property?

Basically this would be anything that is used for business activity. For instance let’s say you have employees who work from home either full or part time. Or perhaps you travel a great deal and thus equipment is constantly in transit. Ensuring that laptops phones or any such equipment that you utilize for company purposes is covered is an important step in safeguarding your firm’s assets and making sure that should something get lost damaged or stolen you can in fact recoup some or all of your costs. It also includes things like inventory and tools that may not be kept at your office space.

How is Off-Site Property Valued?

Assigning value to any business-related property whether on or off-site is based upon whether or not you wish to get the replacement value (RCV) or what is called the actual cash value (ACV) for the item(s) in questions. Insurance premiums will vary for your off-site property depending on how you and yourinsurance brokerstructure your coverage.

Which Valuation for My Off-Site Property Should I Choose?

Again exploring your options here with your insurance broker is a great start. Understand that with RCV you will get the full replacement value of the item. That means you receive whatever it would cost for you to replace the lost or damaged piece of equipment with a brand new item; whereas with ACV you get only the cost of the item less depreciation for age and subsequent wear and tear.

So which you choose when it comes to off-site property insurance coverage is going to depend on a number of factors. For instance if replacement costs for a certain item have risen significantly over the past couple of years insuring for that full replacement cost versus a lesser amount might make the most sense. It completely depends on your needs your financial situation and what is best for your business and its off-site property. A ninsurance broker can helpyou navigate choosing which coverage is best for you and your business.

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