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Property coverage protects design professionals against loss of business personal property, such as valuable papers and equipment as well as the business property of employees of the firm.
What types of property are covered by the property policy?
Although each policy is different, generally the policy will cover the following:
Valuable Papers/Media
Businesses rely upon paper and other forms of media to provide professional services. A property policy covers the cost of replacing papers held off-site at a storage facility. For example, if a water main breaks and floods the office, damaging papers printed and assembled for bid distribution, the policy would cover the cost of replacing those papers. Accounts Receivable
Your business also relies upon timely invoices to make sure that you receive the money your clients owe you. Assume the water main break discussed above damages the majority of your accounting department's files. Your property policy would cover the loss of outstanding accounts that are not collectible due to lost or damaged records. On-Premises Business Property
Your property policy also covers the replacement of business property such as computer equipment, furniture, and other items that are damaged or lost due to a covered event. Off-Premises Business Property
A property policy also provides limited coverage for business property employees use offsite, including cell phones and laptops that one of your employees may use when working from home. Depending on the value of off-premises property, a separate type of policy, called an inland marine policy, may offer you more complete coverage. Specialized Equipment
Because of the nature of the design profession, your business may own specialized drafting equipment or models, some of which can be costly to replace. All of this equipment that is purchased for business purposes would be covered by the policy. Personal Effects
Schinnerer and CNA's property policy also covers the loss or damage to the personal effects of officers, partners, and employees of the firm that are on the business premises during a covered loss. Employee Dishonesty
If an employee's dishonest acts - such as theft - cause your business loss or damage, your policy will offer coverage, even if the loss is to money or securities. Other Covered Property
The policy provides limited coverage for trees, shrubs and plants, money and securities, signs, and other types of property that are not addressed in this publication. It is advisable that the insured read the policy to become familiar with the types of property covered and the coverage limits.
Next step > Preventing Claims
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