Does Your Business Insurance Cover Property at Every Location?

Your business probably owns more than you realize.

Tools. Equipment. Inventory. Computers. Furniture. Supplies. Maybe even specialized machinery that would cost thousands of dollars to replace.

You have commercial insurance to help protect those things—but there’s another question business owners should be asking:

Where is all of that property actually located?

If your answer includes a storage unit, detached garage, shed, second building, warehouse, employee’s property, or another location that isn’t your primary business address, it may be time for an insurance conversation.

That’s because commercial property insurance doesn’t necessarily protect everything your business owns everywhere you choose to keep it.

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Your Commercial Policy Is Written Around Your Business Locations

When your business insurance is written, your insurance company uses information about your operations, property, buildings, and locations to determine the coverage you need.

That means the addresses and structures associated with your business matter.

For example, let’s say your company operates from one primary location, but you also have:

• A detached building where you keep equipment
• A rented storage unit for extra inventory
• A garage used to store company vehicles or tools
• A second office or workshop
• A warehouse where you keep materials
• Equipment regularly stored at another property

Those details may need to be specifically addressed by your commercial insurance policy.

Just because your business owns the property doesn’t necessarily mean it’s covered wherever it happens to be located.

What About Sheds, Garages and Other Structures?

This is an area where personal and commercial insurance can create some confusion.

A homeowners insurance policy commonly includes some coverage for detached structures on the insured property, such as a shed or detached garage, subject to the policy’s terms, exclusions, and limits.

Business owners may assume their commercial policy works the same way.

It doesn’t necessarily.

If your business has an additional building or structure, don’t assume it’s automatically included simply because it’s located on the same property as your primary building.

A detached garage, storage building, workshop, shed, or other structure may need to be specifically accounted for when your commercial insurance is written.

Moving Your Property Can Change the Insurance Picture

Buildings aren’t the only concern.

Consider a contractor who owns thousands of dollars in tools and equipment. Those tools have historically been kept at the business location listed on the insurance policy.

Eventually, the contractor needs more room and begins keeping some equipment in a storage unit across town.

Later, that unit is broken into and the equipment is stolen.

Will the commercial property policy pay for everything that was taken?

There isn’t one universal answer.

Commercial policies can contain different limits and requirements for property located away from the insured premises. The answer can depend on the policy, type of property, location, circumstances of the loss, and coverage purchased.

The important part is that your insurance agent knows before there’s a claim.

Small Business Changes Can Create Big Insurance Questions

Most business owners aren’t thinking about their insurance policy every time they make an operational decision—and we don’t expect you to!

You might simply decide:

We’re running out of room. Let’s rent a storage unit.

Or:

Let’s put a shed behind the building for the landscaping equipment.

Or:

We can keep that inventory at our other location.

Those decisions make perfect sense from a business standpoint. But they can also change your insurance needs.

That’s why it’s a good idea to contact your insurance agent when you:

• Purchase or lease another building
• Add a shed, garage, or other structure
• Rent a storage unit
• Open an additional business location
• Begin storing inventory somewhere new
• Regularly keep tools or equipment away from your primary location
• Move significant business property from one location to another

You don’t have to figure out whether the change affects your coverage. That’s our job. You just need to let us know what’s changed.

Do a Quick “Where Is My Stuff?” Check

Here’s an easy insurance checkup every business owner can do.

Think about your most valuable business property. Where is it right now?

Is everything located at the addresses your insurance agent knows about? Have you added a building? Are you renting space somewhere? Is expensive equipment routinely kept offsite?

If your business looks different today than it did when your policy was originally written, your insurance should be reviewed to make sure it still reflects how you’re actually operating.

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Your Business Changes. Keep Blue Marsh in the Loop.

At Blue Marsh Insurance, we work with Pennsylvania business owners to help make sure their insurance grows and changes along with their businesses.

You don’t need to wait until renewal to tell us something has changed.

If you’ve added a location, rented storage space, put up a new structure, or started keeping equipment or inventory somewhere new, give our commercial insurance team a call.

We’ll help you determine whether the change affects your coverage and what, if anything, needs to be updated.

Because after a loss is the worst time to discover your insurance policy didn’t know your business had changed.

A little more about Blue Marsh Insurance…

When he founded Blue Marsh, Tom Davenport wanted to create a different kind of insurance company. One that’s built on personal relationships and a local presence. One where you, the customer, feel more like a friend.

As an independent insurance agency, Blue Marsh Insurance represents a carefully selected group of financially strong, reputable insurance companies. Therefore, we are able to offer you the best coverage at the most competitive price.

If you’re interested in starting a quote online or having us take a look at your current policies, click here!