Why You Need Personal Business Property Insurance

Personal business property insurance will help you recover when certain types of disasters jeopardize your business assets and real estate. You can use the insurance payouts to repair or replace your equipment.

Personal business property insurance can insure a number of different types of business property against loss and damage. This can include equipment, computers, supplies, inventory, offices, and more—anything your business needs to operate.

When you purchase personal business property insurance, it will cover any damage sustained as a result of specific events, which are outlined by your policy.

These events include things like fire, vandalism, theft, and some types of weather. This kind of coverage can help cover repair costs, replacement costs, and even cleanup costs. Some policies will even cover lost income in the event that your business has to shut down after a covered event. The insurance can even help pay your bills if your business suffers too much damage to operating at a hundred percent.

Whether your business owns or leases its operating space, you’ll want to make sure you have property insurance.

While personal business property insurance will cover your equipment and inventory in the event of fire, theft or some types of weather events, it generally will not cover things like flood or earthquakes. It is important to consult your Mesa, AZ Lifetime Investments insurance agent to find a policy that is right for you.

Contact Mesa, AZ, Lifetime Investments today to help choose a policy to insure your business assets. You can choose either replacement-value coverage or actual-cash-value coverage. The first will cover the cost of purchasing brand new replacement items while the latter will provide you with a payout equivalent to the depreciated value of the item. Costs for these policies vary, so see your insurance agent now to choose the policy that is right for your business.

Auto Insurance Requirements

One of the most significant assets that most people will ever own is a car.  Since it is such a big investment, having it covered by insurance is always a good idea.  For those that are in the Mesa, AZ area and are shopping for a new auto insurance policy, there are a variety of different auto insurance requirements that they should be aware of when selecting a policy.

Minimum Legal Requirements

Like other state in the country, the state of Arizona requires that all drivers have insurance on their vehicle when they are driving.  In Arizona, the requirements are limited to liability insurance that will protect the other party if you are at fault in an accident.  The minimum requirements include bodily injury liability coverage of at least $15,000 per person with a per accident coverage of $30,000.  You will also be required to carry property damage liability coverage of $10,000, which will cover the other party’s vehicle.  

Lender and Lessor Requirements

If you choose to take out an auto loan when you buy a car, or if you choose to lease a car, there is a good chance that you will be required to have additional auto insurance as well.  Most lenders and lessors will require that you have some level of collision and comprehensive coverage as well.  These levels of coverage will provide you with coverage in the event you are at fault in an accident or if your car is stolen, vandalized, damaged by storm, or involved in an accident with an animal.  

Due to the complexity of auto insurance, those that are in the Mesa, AZ area and are looking for a policy should contact Lifetime Investments.  Lifetime Investments will work with you to ensure you are able to get into a policy that meets your needs.