As a food service professional you need Commercial Property Insurance as you rely on your commercial space, equipment, inventory, fixtures, and furnishings to run your business. Property insurance shields your business assets against loss or damage caused by fire, windstorms, theft and certain other events. It compensates you, the business owner, for the cost of repairing or replacing your business property. This policy can be tailored specifically to the needs of your business. Adding Food spoilage coverage is an example of the customization offered.
Commercial Property policies can cover the following:
- Buildings: If you own the physical location of your business this would cover the building in its entirety. If you are leasing, you can insure your contents along with the betterments and improvements made to the premises.
- Personal Business Property: This coverage provides protection for your business furnishings, inventory, supplies and equipment. Coverage may also extend to the business property while it is offsite.
This coverage is available with replacement value or actual cash value. Replacement value coverage may cost more, but it covers the cost of purchasing brand new replacement items. While Actual cash value coverage means your payout will be based on the depreciated value of the items.