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Risk Management & Insurance for Your Business

Basics of Property Coverage

If your business is your livelihood, it should be protected against an unthinkable setback. For instance, a frozen pipe could burst and damage important documents and valuable papers or a fire could destroy your building and the contents inside. If self-insuring is not an option, it is wise to transfer the risk of loss to an insurance carrier.  


Are You Buying Enough? Are you insured at Replacement Value or Actual Cost Value?

Before purchasing coverage, take a complete inventory of all your business property to determine how much you need to insure. A typical policy will provide the replacement cost value for your building and the actual cash value for your business property.

  • Replacement cost value is the amount that is necessary to replace or rebuild your building or repair damages with similar materials, without considering depreciation.
  • Actual cost value, on the other hand, is the value of your property when it is damaged or destroyed. This amount is typically determined by subtracting the depreciation from the replacement cost value.


Types of Property Insurance Policies

A standard policy covers losses due to fire or lightning as well as extended perils such as floods, windstorms, hail, earthquakes, acts of terrorism, explosions, riots, smoke, civil commotions, and aircraft and vehicles that damage your property. Coverage for vandalism and malicious mischief can also be included.


Types of Property you may Need to Insure

  • Buildings and other structures (leased or owned)
  • Furniture, equipment, and supplies
  • Inventory
  • Money and securities
  • Records of accounts receivable
  • Leasehold Improvements and betterments you made to the rented premise
  • Machinery/Boiler
  • Electronic data processing equipment (computers, etc.)
  • Valued documents, books, and papers
  • Mobile property (construction equipment, etc.)
  • Property in transit
  • Cargo
  • Satellite dishes
  • Signs, fences, and other outdoor property not directly attached to the building
  • Intangible property (goodwill, trademarks, etc.)
  • Business contingency for suppliers
  • Ordinary payroll
  • Extra expenses as a result of loss


Read More about Risk Management Strategies including: 

Directors’ & Officers

Captive Insurance


Need Advice? 

We understand that determining your business’s value is critical, so we are here to help. Contact Arthur Grutt @ (212) 695 -7463 or arthur@camlife.com to learn more about our loss control solutions to protect your business.

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Arthur Grutt