Business Personal Property insurance is required if the total market value of business assets exceeds $10,000. This insurance only covers equipment purchased in the business's name and stored at the commercial location.
This document should include:
Business Name and Address: The policy must reflect your business name and address (personal names are not acceptable)
Coverage Amount: The insurance coverage must equal or exceed the total value of your physical assets at the business location
Bank Listed as Lender's Loss Payable: The bank must be named as the lender's loss payable on the policy
Bank listed as certificate holder as well