What is business personal property insurance

A standard business personal property (BPP) insurance policy will help to cover your equipment, fixtures, inventory and furniture that is used inside your workplace. It’s designed to cover mostly everything except for the structure of the building.

Business personal property insurance covers these types of personal property:

Inventory:

This can include your merchandise, supplies, clothing, books, jewelry, food and other goods.

Furniture:

This can include decorations, furnishings, chairs, tables, desks, lamps and more.

Equipment and supplies:

This can include tools, supplies, computers, monitors, TVs, and other industry specific items.

Upgrades:

This can include improvements that you may have made including new lighting, cabinets, and other renovations. 

How is Business Personal Property different from a Business Owners Policy (BOP)?

The difference between a Business Owners Policy and Business Personal Property insurance is the BPP will only cover business personal property within the building and a BOP will provide you with a full commercial property insurance policy with the addition of business interruption insurance and general liability insurance. The commercial property insurance portion of the BOP will cover the structure the company is working out of and the contents within the building. 

Your business personal property insurance coverage will only cover the contents of the building you work out of such as computers, furniture, upgrades and other items within the building. It does not cover the actual structure of the building. Some business owners that rent the building or work from home may choose to go with a BPP versus a BOP. 

Who needs Business Personal Property insurance?

Most small businesses can benefit from purchasing a BPP. This can include restaurants, law offices, and pretty much any business with valuable inventory or equipment. 

Some of the business that may benefit from a BPP are:

• Retail
• Restaurants
• Photo studios
• Beauty salons
• Cleaning services
• Home offices
• Lawyers
• Real Estate firms

What isn’t covered in a business personal property insurance policy?

A standard business personal property insurance policy will cover many different forms of personal business property but it doesn’t cover a ton of other risks your business may run into. 

If someone slips and falls at your place of business you will need a different form of commercial insurance coverage to be protected. 

If you have company vehicles you will need a good commercial auto insurance policy to cover your employees and the company while they are on the road. 

Most small businesses will have to consider workers compensation insurance as well due to it being one of the only forms of commercial coverage required by state law. 

How much does business personal property insurance cost?

A business personal property insurance policy can start as low as $20 per month. Although, not all businesses are the same. Some may have really expensive inventory or products which would require a much higher premium. There are a few items that will effect the rate you receive on your BPP. Some of the factors that may determine your rate are:

• The industry you’re in
• The contents within the building
• The zip code / area you’re in

Business personal property insurance quote

The best way to get a great rate on your BPP is to reach out to an independent commercial insurance agent such as Eugene C Yates Insurance Agency. Our agents have access to the top commercial insurance providers in the industry and they have firsthand knowledge of the best commercial insurance discounts available. This makes it very easy for them to get you the best rate on the best coverage for your situation.

If you would like a custom business personal property insurance quote, please do not hesitate to contact us at 916 313 6100. We have agents standing by to answer your call and walk you through the process.