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Whether you’re building a deck, a spreadsheet, or a personal training program, you can’t do it without the right devices, tools, supplies, and equipment.
Think about what would happen if you didn’t have your deck screws, accounting software, or kettlebells. It’s possible that your thriving small business could grind to a screeching halt.
That’s why business personal property insurance (BPP) can be vital to your small business.
It can help with the cost to replace all those important items in the event they’re stolen, damaged, or destroyed.
We can make getting a business personal property insurance quote fast and easy. And you can get started right here.
Business personal property (BPP) insurance typically covers the equipment, furniture, fixtures, and inventory that you own, use, or rent inside your workspace.
As a small business owner, you’ve probably heard about general liability insurance (GL). It’s a solid way to protect your business from the financial impact of claims against your business.
Including business personal property coverage as part of your general liability policy can mean more protection for your business and greater peace of mind for you.
Take a look around your office, shop, or workspace. The computer, coffeemaker, the tables and chairs — even the rugs and curtains. Now imagine looking around that same area and discovering all of that has been stolen, damaged, or destroyed.
Take another look around you. This time, try to estimate what it might cost to replace everything you set your eyes on. It may not take too many items for the total to get to an uncomfortably high dollar amount.
When you look at it that way, business personal property insurance can make a lot of business sense.
A business personal property policy can cover financial claims involving:
It takes only a little bit of imagination to understand the real benefits of business personal property insurance. Here are a couple to help get your started.
Paula is a professional photographer. Her photography studio is broken into one night, and when she comes in the next morning, she discovers that her photo backdrop decor is destroyed and her camera, which was tucked away under the front counter, has been stolen.
Without her camera and backdrop, Paula has to cancel several portrait appointments. On top of that, she has to buy a new camera and pay for repairs to the damaged backdrop.
Fortunately, her business personal property policy can help cover the costs of the stolen and damaged property (up to her policy’s limits), helping her to get back to business.
Jessie is an accountant who travels to customers' homes regularly for work. Her laptop is vital to her day-to-day work. Unfortunately, while working on quarterly reports at a client’s home, the client’s young child knocks over a cup of coffee, which spills all over Jessie’s laptop, bringing both the computer and Jessie’s business to a standstill.
With business personal property insurance, the cost of replacing the laptop would likely be covered. In that case, all Jessie might want to think about purchasing is a spill-proof coffee mug.
Do you own or rent equipment and other assets that you need to run your business? Would replacing it if it were lost, stolen, or damaged be an unwelcome event in your life?
If you answered “yes” to either of those questions, you may want to consider business personal property coverage, especially since the benefits can be much greater than the cost of business personal property insurance.
If something happens to the things you need to run your business, you’re looking at at least two major problems:
If you’re like many small business owners, paying for all of that out of your own pocket can be a significant financial setback.
With a business personal property policy added to your general liability insurance, those expenses could be covered, up to your policy’s limits.
Business personal property insurance is generally not required by federal, state, or local laws. However, if you believe in the jurisdiction of Murphy’s Law, you’ll know that whatever can go wrong will go wrong. And usually at the worst possible time.
Considering that, having BPP coverage in place can help you replace what has been lost, stolen, or damaged so you can keep your business running.
That’s a good question, especially with so many people having home offices or running a business out of their homes. Many people assume that their homeowners insurance will cover something untoward that happens in their home.
In many cases, that’s not necessarily true. Most homeowners insurance policies protect your personal assets — but not your business assets. They also won’t cover your business property if it’s stored at a different location.
A typical homeowners policy is designed to cover your personal property. It usually won’t cover business-related items such as your work laptop, inventory, or 7-way adjustable office chair.
If you file a claim under your homeowners policy that’s related to your business, it may be denied. And if you don’t have business personal property coverage, you may be stuck paying for everything.
This could be devastating, especially if it’s an expensive claim.
Business personal property insurance can sometimes be confused with a business owners policy, but here’s an easy way to know the difference.
With business personal property insurance, the contents of your office, shop, or store are covered. That would include items such as pens, computers, the mini fridge, and furniture. Generally speaking, if you can move it (even with help), it’s covered.
Business personal property insurance also can make sense for a home office. It can cover your business-related property that your homeowners insurance may not.
A business owners policy often covers the structure around you, such as an office, shop, or store. It also generally covers permanently installed fixtures such as sinks, lights, and cabinetry.
No two businesses are the same. Even if both businesses are in the same line of work, you may have different types and amounts of equipment, furniture, inventory, and other items.
What you pay for insurance is partially determined by how much property your business has and how much coverage you may need.
You can get business personal property coverage as an addition to your general liability (GL) insurance. And we can help you find GL policies for as low as $22.50 per month.*
Much like many business insurance premiums, your BPP insurance premiums may be deductible on your income tax. The IRS considers your insurance policy premiums as part of your business costs, which are typically deductible.
This also may be true for your state and local tax authorities, but it’s always a good idea to check with your tax preparer or an accountant. They can offer the best guidance about deducting your insurance premiums from your specific business’s taxes.
The short answer here is: fast and easy.
You can do it all online with our handy quote tool.
We not only provide business insurance — we also can help you understand the benefits of having the right insurance. And help you find exactly what you need for your type of business and budget.
We work with some of the top insurers in the country. So instead of a one-size-fits-all policy, we often can give you a choice that extends beyond just “take it or leave it.”
Also, the coverage that’s right for you today may not be right for you as your business grows and the world changes. That’s why we’re flexible with coverage. If you have changes you need to make to your insurance, we’re here to help.
It takes only a few minutes online or with one of our licensed insurance agents. They know insurance and they know small business. So they can answer questions, walk you through the process, and get you insured with a single phone call.
Just call 855-869-5183, Monday through Friday, between 8 a.m. and 8 p.m. (ET).
* Monthly payment calculations (i) do not include initial premium down payment and (ii) may vary by state, insurance provider, and nature of your business. Averages based on January - December 2020 data of 10% of our total policies sold.
This content is intended to be used for informational purposes only. It is not intended to provide legal, tax, accounting, investment, or any other form of professional advice.
*Harborway Insurance policies are underwritten by Spinnaker Insurance Company and reinsured by Munich Re, an A+ (Superior) rated insurance carrier by AM Best. Harborway Insurance is a brand name of Harborway Insurance Agency, LLC, a licensed insurance producer in all 50 states and the District of Columbia. California license #6004217.