Business personal property insurance covers your real property, known as tangible assets, but not your intangible assets. Business personal property (BPP) insurance covers all the transportable items your company owns. Basically, things you can pick up and carry. Both policies provide general coverage, meaning that members don't have to submit an initial inventory list detailing the equipment and its value; some companies require this inventory in advance.
If you submit the premium for BPP coverage with your application or renewal, your BPP coverage will begin on the date of your anniversary and will expire one year (12 months) later. For tax purposes, BPP insurance is a tax-deductible business expense, so it makes sense for small business owners to protect their tangible assets with this coverage, as premiums can help lower their tax bill. Claims based on replacement value are going to be more expensive for the insurance company, so this type of coverage has higher premiums than those for insuring items at their actual cash value. If you decide to buy BPP later in your membership year, you'll have to pay the full year's premium for one year of partial coverage.
It also includes a coverage package specially designed for small business owners: a policy for business owners. While property insurance can provide protection for your company's personal assets, other common business risks, such as customer injuries found on your property, will require different types of insurance coverage. While BPP insurance covers items stored at your workplace, it doesn't include your company's assets while they're in ground transit or stored outside. BPP personal property insurance covers equipment such as the leased personal property for which you take out insurance.
Business personal property (BPP) insurance provides financial protection for the repair or replacement of your lost, damaged, or stolen business assets. The ASCP BPP policy covers assets (equipment) related to members' business activity, both inside and outside the facility. This is an important feature because many policies don't cover property once it's removed from business premises.
