How To Properly Protect Your Business Contents With Insurance

Whether you’re providing a service or selling goods to your customers, it’s important to protect your business contents from theft, damage, or loss. After all, your contents are your livelihood. Imagine trying to operate a book store without books.

Of course, insurance is the answer. Insurance provides comprehensive coverage over your business contents and ensures that you sleep well at night knowing that. So, how can you start?

1. Understand what is “content”. Business content includes all of your company’s physical property located inside your place of business. Not only is your office furniture, supplies, computers, equipment, and machinery considered content, it also includes inventory or stock.

So if you own a clothing retail establishment, for instance, the apparel and other items held for sale would typically be viewed as contents requiring protection.

2. Determine its value. To protect your content, you’ll need to know how much it’s worth. That means you’ll need to record how much you paid for everything, as well as how much you’d receive if you sold the finished goods.

3.Location, location, location. Where do you keep your supplies? In a store? A warehouse? Is your store in a safe part of town? The location of your contents will affect how safe they are and how much protection you’ll need to keep your business going if they are damaged or stolen.

4. Estimate your business’ growth. The value of your business contents will also depend on how much your business is projected to grow. If, based on your current sales, you plan to expand your business soon, you may need additional supplies, which will increase the overall value of your contents. However much more you add in supplies, you’ll probably also want to add that much more insurance protection.

Are you done preparing? Well then, it's time to...

5. Find the right insurance coverage. Work with your insurance agent to determine the insurance coverages that will protect your business and its contents!