When There’s No Sign On Your Door

Sep 16, 2020, 2:20 PM

How to recover your costs if your business property is damaged.

While it might be an exaggeration to say you’re used to the way you have to operate your company these days, you can at least acknowledge that the way your business works is different than it was before the pandemic. Changes are often very challenging. The last thing you probably want to do when your building, property, or inventory is damaged is try and figure out how to pay for it all.

Hastings Mutual's Deluxe Property Coverage Extension supplements your Businessowners policy with specific coverages that apply to your business inside and out — literally.

If you have a sign outside your shop, factory, or other building and it gets damaged, we’ll pay for up to $25,000 in repairs, depending on what kind of damage it suffered. Note that the sign needs to be permanent. This isn’t for the A-shaped chalkboards that have restaurant specials written on them; it’s for the beautiful artwork that displays the restaurant’s name across the front of the building.

Deluxe Property Coverage Extension

We can also cover your property (including your stock) that is temporarily at a location you do not own, lease, or operate. That happens more than you might expect, like:

  • When you’re displaying products at an exhibition, fair, or convention
  • When you have materials in or on a vehicle — whether it’s moving or in storage
  • When your sales staff is using or is responsible for your products

Rent is a small portion of annual expenses for many businesses (in 2017 for sole proprietorships, it was 7.87% for clothing retailers and 4.09% for machinery manufacturing, according to BizStats). But it can be an enormous cost if your building is damaged or your business doesn’t attract as many customers as it used to. This is one reason we offer business income and extra expense coverage.

The Deluxe Property Coverage Extension also offers a lot of what you find in some of our other insurance, like coverage for rented machinery, outdoor property, and even arson and theft. It’s a great way to add to your existing business coverage for those special needs your building has.

Questions? Let us know in the comments. 

The Mutual Understanding blog and Hastings Mutual videos are made available for educational purposes only. The information referred to is not an official company statement, corporate policy, or offer of coverage. Refer to your insurance policy for specific coverage. There is no representation as to the accuracy or completeness of any information found by following any link on this site. Please contact your local independent insurance agent with further questions and for more details on any insurance policy-related information you read here.

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