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Why do I need to provide my Business Personal Property Insurance?
Why do I need to provide my Business Personal Property Insurance?
Updated over 3 weeks ago

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

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