In any case, property insurance is not an expenditure but a necessity that you should consider if you want to protect your property from both natural and man-made calamities like floods, storms, theft, burglar, etc.
Given that property involves a huge investment, considering property insurance just as an expenditure is a mistake.
Common sense says that if you consider property insurance only an expense, you can make a big mistake. What if something lost or damaged happened to your property or item? Any of these items could leave you poorer as you would have to struggle to pick up pieces by starting repair or replacing the damaged items. In such a situation, a property insurance policy could play a crucial role.
Here are some of the ways through which property insurance can help you=
It provides protection against natural calamities
You can’t control nature’s flurry. The best thing you can do is buy property insurance and protect your property from the aftermath of a disaster. It means, if a natural calamity strikes and your property is affected, only property insurance is an instrument that would help in covering all the losses or damages occurring to your property.
Read more: Five Mistakes That Businesses Make While Buying Commercial Property Insurance
It safeguards against man-made perils
Did you know, one shop was gutted and 30 were damaged in a fire at Chandni Chowk, Delhi, in 2017? Even if you have installed various safety mechanisms, you can’t completely protect your office from perils like theft, fire, riot, etc.
Moreover, irrespective of how many safety precautions you have adopted, fire can happen and damage your goods and services. Therefore, it is indispensable to buy comprehensive fire insurance (which is part of property insurance) to shield your office from man-made perils.
See: What is Property Insurance and How to Buy It?
Further, if you have a fire insurance policy, the insurer will cover all losses or damages which may arise due to fire. Moreover, in certain situations, the insurer also arranges for alternative accommodation when the accident happens due to an insured peril. It means, you can continue doing your business at another place and the insurer will cover charges for the alternative accommodation.
It covers the content as well
Another important benefit of having property insurance is that it not only safeguards the building but also covers the belongings and content of the house.
It means, if you have taken your property on lease, you can purchase property insurance for covering the content instead of the building structure. When you have property insurance for your content, you get a financial guarantee against various risks and damages which may occur due to mishaps or calamities.
It gives peace of mind
Sometimes, sympathy is enough to deal with the biggest problem. When you have property insurance, you can be rest assured that in case an accident happens, you can rely on the insurer to deal with the financial loss. This protection in the form of insurance can give you peace of mind and let you concentrate more on your business.
It is affordable
There are some property insurance policies, like motor fleet insurance, which cover all the vehicles of the company in a single insurance policy. It means, you only need to buy one insurance policy to cover all your company’s vehicles on a single policy and thus, it reduces paperwork and premium.
It can be customized
A property insurance is an umbrella term that includes various types of insurance policies. It ranges from a marine insurance policy, engineering and burglary insurance, fire insurance policy, etc. A property insurance policy covers buildings, heavy machinery, equipment, etc. It means, as per your business requirements, you can buy a suitable policy and customize it as per your needs.
Now once we have analyzed all the benefits of a property insurance policy, we can say it confidently that property insurance is not an expense but a necessity that should be purchased by every property owner.
How can SecureNow help you?
Looking for property insurance for your office but confused about available options? It is time to come to SecureNow which promises to extend you all the help in choosing the right property insurance.
Known as a leading corporate insurance advisor, SecureNow can provide you with deeply researched insurance quotes that you can compare to find the right property insurance for your business. Not only at the time of purchasing the insurance, but SecureNow can also help you at the time of claim settlement as well.
Get your insurance queries answered by experts of SecureNow who are only one call away!
About The Author
Shivani
MBA Insurance and Risk
She has a passion for property insurance and a wealth of experience in the field, Shivani has been a valuable contributor to SecureNow for the past six years. As a seasoned writer, they specialize in crafting insightful articles and engaging blogs that educate and inform readers about the intricacies of property insurance. She brings a unique blend of expertise and practical knowledge to their writing, drawing from her extensive background in the insurance industry. Having worked in various capacities within the sector, she deeply understands the challenges and opportunities facing property owners and insurers alike.
