The property insurance is the insurance that protects the physical goods and the equipment of the business or home against any loss from theft, fire, and any other perils. It can be an all-risk coverage policy that gives protection against all the risks, or it can be named-risk coverage policy that gives protection against only those perils that are specified in the policy document.
Why should you opt for a Property Insurance?
Property Insurance refers to a wide category of general insurance. Here are some of the reasons as to why you should invest in a comprehensive Property Insurance.
According to the insurance dictionary, the term “Property” refers to machinery, stocks, buildings, fixtures, furnitures and equipments. Property Insurance will cover the specified property against burglary risks, fire & allied perils.
Consider the case of stocks. A large amount of goods and stocks are sent everyday through sea, air, land and rail. The business will incur a great deal of loss if the stocks are damaged or lost in transit. It becomes very important to consider your stocks are property and take a Property Insurance accordingly.
In case of properties like buildings, dwellings and shops, the Property Insurance will offer a comprehensive cover against natural and man made damages.
Any property that is important to your business must be insured. Else, in case of unforeseen damages to the property, you will not only face a major financial loss but your business will come to a standstill.