Business assets come in all descriptions and species, but they have one thing in common;they all need protection. Physical assets include buildings, inventory, cash equipment or EDP facilities, and intellectual property (patents, trade names, research or even lease contracts and trade agreements).
The process commonly used by our Insurance Specialist to insure business property consists of five main steps:
- Identify the property to be insured and its location.
- Establish the replacement cost of the property: not what it shows on the books, but what it would cost to replace today.
- Determine the exposure that the property faces;e.g., fire, theft, flood, earthquake, industrial accidents or espionage.
- Choose a deductible level that can be reasonably assumed by your firm.
- Discuss the following rate credit opportunities: burglar and fire detection alarms, sprinkler systems, boiler inspections, package discounts, coinsurance factors and reporting forms.
