98% of Business Owners Don’t Know Company Value, Issue in Purchasing Insurance

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There are millions of business owners who do not know the value of their business. A 2014 IBISWorld report notes that just 2% of business men and women in America know the exact value of their ventures. For the remaining 98% (about 200 million), generally small businesses, it seems they either do not see the need to value their business, or do not have the means to do so.

Knowing the worth of your business is absolutely important. Not only is the information useful when you put the business up for sale, it also helps you determine which insurance plan best suits the business. And talking about insurance, getting the right plan for your business is vital. With the wrong insurance plan or no insurance at all, you could incur huge losses should something bad happen.

While it may be a challenge to determine the value of your business, understanding property value is key when finding property coverage for your company, such as when purchasing Commercial Property insurance or a Business Owners Policy.

One of the most commonly utilized forms of commercial insurance, Commercial Property covers the physical possessions of a business; its building, equipment, furniture, etc. These assets may not directly produce money for the business but, should they be destroyed, the business may face a significant negative impact. In other words, the loss could be devastating.  

The main objective of Commercial Property insurance is to help businesses recover if they had their building and property damaged. Rebuilding the company’s edifice and replacing damaged property when disaster strikes a business are components of the insurance policy.

Are you that business owner who does not know the exact worth of his/her business and can therefore will have trouble obtaining appropriate coverage? CoverWallet is a great starting point, as we can help you understand the value of property, how limits should be set, and find you the right Commercial Property policy.

You never can tell when a natural disaster, a criminal mishap or any other event beyond your control will cause huge damages and losses to your company. To be on the safe side, go for Commercial Property insurance. It is a great way to make sure that your business continues to operate without major difficulty even after an unfortunate situation causes severe damage to the company’s building and property.

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