Business personal property insurance
Business personal property insurance — or BPP insurance — protects the movable, physical assets that your business owns or rents. For example, it might cover computers, office supplies, inventory, and other goods stored on-site at your business if they're damaged, destroyed, or stolen as part of a covered event.
What is business personal property insurance?
Business property coverage is part of commercial property coverage in a business owners policy (BOP). BPP usually isn't available on its own. Instead, your commercial property insurance will include coverage for your business property.
Is business personal property insurance the same as business contents insurance?
Yes. Business personal property insurance is sometimes called business contents insurance.
What does business personal property cover?
BPP insurance covers movable assets other than buildings or properties. These include most material goods a business has, such as:
- Computer systems
- Specialized equipment
- Office supplies
- Improvements made to your office space, such as custom fixtures
- Business furniture
Even if you don't own the items — for example, rented tools or equipment — they may still be covered by BPP insurance while they're on your premises.
What isn't protected by business personal property coverage?
Business personal property insurance doesn't cover:
- Intellectual property like patents and trademarks (covered by IP insurance)
- Buildings and real estate (covered by a BOP)
- Assets stored or being transported off-site (covered by inland marine insurance)
Do I need business personal property insurance coverage?
Many businesses can benefit from BPP. It's especially valuable to companies with physical assets, such as retail stores that stock a lot of inventory or businesses with expensive equipment.
BPP insurance and home-based businesses
Even if you run a home-based business, you may still need BPP insurance. While homeowners insurance covers your personal property, it may not cover property that you use as part of your business.
Learn more about home-based business insurance.
How do I get business personal property insurance?
BPP insurance usually isn't available on its own. For many businesses, the simplest way to get insurance for business contents is with a business owners policy. A BOP is a single insurance policy that combines the most common coverages businesses need:
- Liability insurance
- Commercial property insurance
- Business personal property coverage
Learn more about the coverages you get with a BOP.
A BOP from Progressive Commercial covers the basics for most small businesses. It's also flexible so you can customize the coverages to your situation.
For example, if your business needs less coverage for your building but more for BPP, you can adjust your limits. We can also add specific protections, such as tools and equipment insurance, if they're appropriate for your business.
How much does business personal property coverage cost?
Business property coverage is usually part of a BOP, not a standalone policy. That means it's already included in what you pay for your BOP. How much coverage costs depends on factors like:
- Industry
- Location
- Risk management strategies
- Claims history
- Business personal property limits
How you value your property can also influence price. Policies that cover the replacement of your assets typically cost more than "actual cash value" policies, which pay out based on the depreciated value at the time they were lost or damaged.
If you have questions about the cost of BPP coverage or want more information about which insurance is right for your business, our experts can help. Go online or contact us to learn more and get a personalized quote.
