Property Insurance

What is a property insurance?

A property insurance is a type of business insurance that protects the company's movable assets and inventory against potential damage and loss. The insurance typically covers items such as furniture, machinery, computers, electronic equipment, and other property used in the daily operations of the business.

Property insurance ensures that the company can receive compensation if these items are damaged, destroyed, or stolen due to events like fire, water damage, burglary, or vandalism. The insurance may also include business interruption coverage, which covers losses due to disruptions in operations or temporary relocation of the company’s assets.

What does a property insurance cover?

A property insurance typically covers damage, loss, and theft of the company’s movable assets and inventory used in the daily operations. This insurance should not be confused with general liability insurance, which comes into effect when the business faces claims for causing personal or property damage to a third party.

The insurance can cover various types of damage, including fire, explosion, water damage, storm damage, theft, burglary, and vandalism. If a covered event occurs, the insurance will typically provide compensation to the company to cover the costs of repairing or replacing the damaged or lost items.

In addition to direct damage, property insurance may also include coverage for business interruptions or temporary relocation of the company's assets. This ensures that the business receives compensation for lost income or additional expenses in case the business cannot operate temporarily due to damage to its assets.

Example of using property insurance

A company experiences a severe fire in its office premises. The flames destroy large portions of the company's inventory, including desks, chairs, computers, and printer equipment. Since the company has property insurance, they can contact the insurance company and file a claim.

After assessing the damage and documenting the destroyed items, the insurance company will pay compensation to the business.

Without property insurance, the company would face significant financial losses and difficulties in replacing the necessary equipment and inventory. However, thanks to the insurance, the company can quickly rebuild and resume normal operations without having to worry about the financial consequences of the fire.

Get independent insurance advice at Söderberg & Partners

It can be challenging to predict when and to what extent damage will occur. That’s why it’s important to have an experienced insurance broker by your side who takes into account the risks and scenarios within business insurance that you may not have considered. Learn how our specialized expertise can be tailored to meet your company's specific needs.

At Söderberg & Partners, our insurance brokers have the qualifications and experience to advise your business – whether you have 2 employees or more than 1,000.

It’s important to us that you, as a company, feel confident that you are properly insured. This allows you to focus on what you do best – running your business.

Based on our professional knowledge, we are often used as a sparring partner, especially when it comes to expanding business areas and evaluating the potential impact on your company. If we notice patterns in damages and types of claims, we assist you with strategies to prevent current or future damages, ensuring that your business is as well-protected as possible. We handle the administrative tasks and equip you to make the right decisions regarding risk management and insurance coverage.