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Buying commercial insurance should be easy, but with so many types of insurance, it can seem harsh. Wayne Realty & Insurance Co., Inc. wants to help you make sure your Goldsboro, NC business remains adequately covered. This blog explains how to protect your inventory and office equipment which is typically not entirely covered under a standard commercial policy.
Most companies start with a commercial property insurance policy which ensures that they get reimbursed for damage caused by covered hazards. But, what do you do if your equipment breaks down from wear and tear? What if mice get into your inventory?
It happens, and commercial insurance covers it. Be sure to ask about breakdown insurance and business inventory insurance. Breakdown insurance covers damages caused from the inside. Whether a power surge or electrical short causes the breakdown, it is covered. If your equipment’s motor burns out, this insurance covers it. Cases of general mechanical breakdowns and those caused by operator error also get included.
Inventory insurance provides for the replacement of your inventory at its current or replacement value. Current value means you will receive the depreciated value of the item. It costs you less in premiums but can result in much smaller payouts if you need to file a claim. On the other hand, insuring your inventory at replacement value means you would receive the full amount it would cost to purchase new inventory. This means a lot if one or more raw materials required for manufacturing the product has gone up in costs. It would significantly increase your outlay to get new inventory, but it is covered if you chose replacement cost insurance. That makes the higher premium worth it.
Contact Wayne Realty & Insurance Co., Inc. to learn more about protecting your business’ inventory and equipment. We can help you keep your business going, even when a disaster strikes your Goldsboro, NC business.