Property Insurance Basics

we'll start right away with you you own a small business if you own a small business whether it's contracting whether it's retail whatever we start with property insurance you know what the key is is to look at what the the proper limit would be and that's not related to market value it's related to the cost of construction and every year you know there's inflationary issues whether it's the material and/or the labor that continues to increase so buildings have to be looked at each year so you kind of start with your buildings if you own them and/or if you're required if you're leasing a man you're required to insure them you want to get a proper limit on there so now you've got that's one division under a general umbrella for a business right buildings are one equipment is another one for contractors then the general business practice itself is a third one and is that where the umbrella policy comes in because we need to cover yeah well let me clarify the word umbrella I don't want to use it to loosely it's basically an excess policy so what you have is you have your property insurance that's on its own and then you have something called inland marine coverage and that covers your equipment when it leaves that premise so when it's in transit when it's at a job site when