Your business needs physical assets to run – whether it’s a printer or an excavator.
Property Insurance provides coverage for the physical assets of your business including the owned property at a jobsite, all contractors’ equipment, tools and materials awaiting installation, the contents in/or around the office/warehouse/shop, as well as the actual building, if necessary.
Limits of Liability: The limits of liability are tied directly to the replacement cost of the building(s) and property that needs to be insured. Limits should be set based on the cost to rebuild the “sticks and bricks” of the building or replace the equipment with “like kind and quality.” In the case of multiple buildings, a blanket limit may be applied to provide one limit for all buildings in the portfolio.
Deductibles: Deductibles vary and can be as low as $250 and as high as $100,000 or more. Catastrophic Perils deductibles can be represented in a percentage of the Total Insurable Value (TIV) i.e. 5% of TIV. Business Income deductibles are often times represented in number of days or hours – i.e. 24 hour deductible or 5 days.
Benefits
- Protects the physical assets of your company.
- Can provide owner with a payment for loss of income.
- Leased and rented equipment coverage can reduce the cost to lease or rent equipment.
- Provides coverage for property in the course of construction and will protect the profits of the company in the event that there is a covered loss during the construction phase.
- Fulfills property and equipment financing obligation.
Property Policies
- Contractor’s Equipment: Physical damage to owned or rented equipment.
- Installation Floaters: Property at jobsite, in transit or stored offsite.
- Builder’s Risk: Property in the course of construction. (Master policies available).
- Ocean Marine: Imported or exported goods by vessel.
- Catastrophic Perils: Acts of nature including floods, windstorms, or earthquakes.
- Electronic Data: Computer hardware, printers, phone systems, and proprietary software.
Protect your assets with a Property policy designed by TSIB to meet your specific needs.