Most business owners purchase insurance to provide coverage for the physical building and the assets owned by their company. This is typically done at the startup of the business or when purchasing an existing company.
Increasing Assets and Value
Over time, businesses add to their assets. This can include adding computers, office furniture, equipment, artwork, or any number of other items. In addition, in many types of companies, the inventory, raw materials, and other types of assets are gradually added over time. Many of these additions can have significant value and would be very costly to replace in the event of fire, theft, flooding, or other types of damage.
Some businesses may even expand their location. This could include building on the existing structure or upgrading or renovating the interior and exterior of the building. All of these additions and changes add to the value of the property as well as the replacement cost in the event of a loss.
Adding An Insurance Valuation
An insurance valuation is a wise decision after making any improvements, changes, or modifications to a business or after the addition of equipment, processes, inventory, or other types of assets.
This process allows a professional to complete a valuation of the business. This includes all assets in the facility that would need to be replaced in the event of total or partial loss to the business. The insurance valuation compares your current level of coverage to what you would need, ensuring the coverage you have will provide funds to rebuild or replace what is needed in the event of a covered loss.
The team at Business Name can provide a comprehensive insurance valuation for your business. To book a consultation or schedule an appointment, see us at Website URL.
