Liability and auto policies protect you from claims by other people. Property coverage protects the things you own that keep the business running: your shop, yard structures, salt storage, inventory and office contents.
What Business Property Coverage Typically Includes
- Buildings you own, such as a shop, garage or salt dome
- Tenant improvements if you lease your space
- Contents, including shop tools, office equipment and computers. See tools and contents.
- Stock, especially bulk salt, sand and liquid de-icer, which can represent a large investment going into the season
Salt and Sand Storage
Salt inventory is valuable and vulnerable. Fire, collapse, theft and contamination from moisture can all cause loss. Tell your broker how much material you store, where and how it is covered. Some municipalities and provinces have environmental rules for salt storage that also matter to insurers.
Yard Security
Contractors' yards are common theft targets. Fencing, lighting, cameras and locked storage can affect both your risk and your premium. Mobile equipment stored in the yard is usually insured under equipment insurance rather than property coverage.
Business Interruption
If a fire or storm damages your shop mid season, property coverage repairs the building but does not replace the revenue you lose while you cannot operate. See business interruption.
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Frequently Asked Questions
Is bulk salt covered by business insurance?
It can be covered as stock under a business property policy when declared. Tell your broker the quantity and storage location.
Are my plows covered by property insurance when stored in the yard?
Mobile equipment is usually covered under an equipment policy rather than building and contents coverage.