The Property Insurance on your Grocery Insurance Insurance Policy can ensure that the buildings that you own and/or business property and inventory against physical loss or damage.
If you don’t own your building, you’ll still need to insure the contents. In most Grocery Store Insurance Policies, property insurance for business contents covers furniture, fixtures, inventory, office equipment and other supplies stored at your facility or off-premises. You may insure those items for replacement cost or for actual cash value (ACV), which pays only for the depreciated value of the property.
Replacement cost policies have higher premiums, however, they can help your business recover from a loss faster, since you can replace all of the lost or damaged property with new items. If you lease some of the equipment at your business, the leasing company may require that you insure the property at replacement value.
The Loss of Use or Business Income coverage on your Grocery Store Insurance Policy will protect your revenue stream in the event of a loss or damage to your establishment. If your Grocery suffers from a fire, water damage, collapse or any other insurable loss and you are forced to close your doors, you may be left without a revenue stream or income source. Business Income coverage can provide coverage for your lost revenue while your establishment is being repaired or even rebuilt. If you own the building and have tenants, it will cover the loss of rent you are not collecting during rehabilitation.