Business Personal Property

School Business Personal Property Insurance

Business Personal Property is all the things you own inside your building or a leased premise that is not permanently attached. Examples are:  tables, chairs, cubbies, rugs, and education material. This can also apply to any tenant improvements or betterment you have made that are preeminently installed.

Again, all insurance is simple if you apply one basic principle:  INDEMNIFICATION, or to put you back in a position prior to a loss. How does that apply to business personal property?

80% of all our insureds over the years have undervalued the replacement of their Business Personal Property (BPP).

A replacement cost is established at today’s costs, not what you paid at garage sale, or 2nd hand, but what it’s going to cost today. We know for example a true Montessori class room will cost between $40,000 to $45,000 and up depending on the vendor.

What I can you do to get replacement cost? Photograph everything inside and keep that record outside the business. Do you own inventory? Compare with current vendor costs.