Property/Inland Marine Coverage

If your company were to experience a major loss such as a fire, a theft, or an event that would also qualify as a disaster, does your company have the proper insurance coverage to protect your company?

If your company was diligent and acquired an Arizona Commercial Property Insurance Policy, it can protect your property that the business owns such as equipment, inventory, furniture, fixtures, and improvements you have made to your space. In addition, these types of policies may also include coverage for accounts receivable and/or media and your computers. Some policies will also include coverage for lost income due to your company’s operations being suspended and unable to operate due to a covered loss and may also cover the operating and payroll expenses necessary to keep you and your company in business after a covered loss. That’s why Arizona Business Property Insurance Coverage is one of the most important investments ensuring the future of your business along with your commercial general liability policy.

A fire could destroy your building and contents. A burst water pipe could damage your important documents, carpeting, computers, and inventory. Without the proper coverage, could your company survive this type of disaster? Having an Arizona Property Insurance Policy can help your company, even if your business is operating as a farm and/or ranch. This coverage can pay to repair or replace buildings and other property, destroyed or damaged, because of a storm, fire, or other incidents covered by the commercial property insurance policy. This type of coverage may also pay to replace lost or stolen property.

Business owners can buy commercial property insurance regardless of whether they own, rent, or lease a building. Many times, property leases require that the tenant insure the building as a condition of their lease. Please review your lease for any and all business insurance requirements. If your company rents or leases a building, you should consider tenant coverage that will insure your company’s on-premises property, including furniture, merchandise, and machinery. In most cases, the building owner’s policy doesn’t cover the contents of the building that belongs to your company as the tenant.

Your company may be able to purchase a single insurance policy to cover your business with multiple locations, unless those entities have different functions and different risk profiles.

AZ Property/Inland Marine Liability Insurance can cover your company if you own a commercial building or your company rents a building and you have property to protect including:

• • Building (leased) – insures the building that your company regularly uses but doesn’t own. This type of coverage is very important if you lease or borrow a building and your landlord requires that you provide insurance coverage for the building.
  • Outdoor Signs – coverage for outdoor signs including neon and automatic or mechanical signs.
  • Computer Hardware and Software – coverage will replace your company’s computers and can also pay to retrieve your lost data.

• Stock and Inventory – if a disaster were to occur, could your company afford to replace its entire stock and inventory? Having property insurance can help your company replace these items and, therefore, you will not lose sales due to no available product.
• Furniture, Fixtures, and Equipment – this coverage will pay to replace these items so your business will be back up and running. Coverage is available for replacement cost.
• Business Interruption – this coverage will pay for the income your company would lose if your business is damaged due to a covered peril and can’t continue its normal business operations.
• Fine Artwork – if your company has fine artwork, including paintings, etchings, pictures, tapestries, art glass windows, they need to be listed, and they should be appraised by an independent appraiser to make sure your company is purchasing enough coverage should a disaster happen.
• Contractor’s Tools – coverage for your valuable tools and equipment while in transit and at job locations.
• Valuable Papers – provides limited coverage to reconstruct your company’s business records and other valuable papers that were damaged or destroyed in a covered loss.
• Extra Expense Coverage – coverage for additional costs your company may incur to continue to operate and return your business to normal after a covered loss while your property is being repaired or replaced.
• Equipment Breakdown – coverage for a loss due to an electrical or mechanical breakdown of most types of equipment. It may also help with the repair or replacement of the equipment.
• Inland Marine Coverage – insures goods in transit by land, air, or inland waterways. It also covers projects under construction and transportation and communications structures, such as bridges, tunnels, and communications towers.
• DIC – Difference in Conditions – this type of insurance can provide coverage against causes of loss normally excluded in standard property forms, such as flood, water damage, and earthquake.

As you can see, there are several types of property and inland marine coverages available on your AZ Property/Inland Insurance Policy. If your company would like to explore what coverages would benefit your company in the event a disaster were to occur, please contact the experienced professionals at PJO Insurance Brokerage.

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