Property, Cyber & Interruption


The Right Protection for Your Business Property


Business property insurance, including business interruption and/or continuation insurance, protects small business owners from losses due to theft or damage to physical space or equipment. For insurance purposes, business property may include all of the following, owned or leased:

If you operate a business from home, other special considerations may apply.


There are three types of business property insurance:


Basic form covers losses resulting from a catastrophic event such as fire, lightning, windstorm, hail and explosion as well as the cost of removing property to prevent further damage.


Broad form includes basic form coverage extended for other types of perils such as a roof collapse caused by snow or ice, riot and civil commotion, etc.


Special form includes basic and broad form coverage plus all other direct physical losses except conditions specifically excluded and listed in the policy.


Businesses can buy property insurance at either actual cash value, which reimburses the insured for the assessed value lost, damaged or stolen goods after depreciation, or replacement cost value which reimburses the amount needed to replace, rebuild or repair damages with materials of similar kind and quality without deductions for depreciation.


Business Interruption and/or Continuation Insurance


Business Interruption/Continuation insurance can be added to a property insurance policy or purchased as part of a package. This insurance covers lost earnings resulting from an extended business shutdown due to circumstances covered by one of the property insurance plans above. Business interruption/continuation insurance covers expenses associated with running the business including payroll and utility bills. Coverage is based on the company’s financial records.

Property and Business Interruption Insurance Tips and Considerations