The difference between commercial building and home content protection often becomes challenging for people to differentiate. The two protect your properties but work differently. Here are helpful pointers to understand the most useful insurance for your situation.
Insuring your property protects you from further financial losses that you may incur when something goes wrong. If you are a homeowner, your home contents insurance plays a role in protecting your personal belongings. However, if you own a business within Australia, you will need more than homeowners insurance to protect yourself.
Your home policy works quite differently from commercial property insurance. It protects building fixtures, business property and other equipment from damages, theft and loss. Property insurance is usually coupled with liability insurance or can be sold separately. Your real estate, customer data, inventory, equipment and other properties are worth protecting at all times.
The commercial property policy you purchase will mainly protect your tangible and intangible assets from any loss, theft or damage. This keeps your mind at ease, knowing that if the unexpected happens, your policy will still keep your business open. Every business owner needs business property insurance, even if your business is a home-based or online business. If you are a home business owner, you can get protection via your homeowner’s policy; however, it typically offers limited coverage for your business.
Also, if you have an online business, you may think that business property insurance is unnecessary. Even if you lack copious amounts of physical property, this insurance covers electronic data protecting it from hacking or losses. Your computers and other electronic gadgets also fall under its protection
It is worth noting that this policy has a few things that it does not cater for. Some areas not covered under the plan include flood and earthquake damages, damage or loss of a commercial vehicle, movable property and theft by employees or business partners.