The Best Coverage for Business Property Insurance in Havertown
Business property insurance is an important type of insurance for any business owner with physical assets. Having business property insurance gives you peace of mind when it comes to protecting important investments and safeguarding the business from suffering potentially costly financial losses. At Peterson Insurance, we understand your property is a valuable asset in and of itself. That’s why we’re dedicated to helping you find comprehensive business property insurance coverage in Pennsylvania.
What is Business Property Insurance?
Business property insurance protects the valuable physical assets of the business, such as buildings, equipment, inventory, and furniture. “Property” can include a variety of types: lost income or business interruption, buildings, computers, money, and valuable papers. This type of business insurance also helps businesses rebound from disasters quickly by ensuring they are financially protected from physical threats and losses caused by events like fire, theft, vandalism, weather, and water related claims. Lastly, having business property insurance in place can bring down the cost of repairs or replacements to key assets in order to get a business back on track more quickly.
Are Business Property Insurance Proceeds Taxable?
If your business experiences a covered property loss, insurance proceeds are usually available to replace the lost property. Depending on the type of business property insurance policy you hold, you may be able to receive up to full reimbursement for these losses. But are business property insurance proceeds taxable?
Generally, yes–proceeds are typically taxable by the Internal Revenue Service, so it’s important to prepare accordingly and factor taxes into your financial recovery plan. To avoid any potential issues with the IRS at tax time, you should track all related expenses, collaborate with your accountant or bookkeeper, and discuss all details related to potential insurance-reimbursable properties with your insurer. With careful planning and preparation, you can ensure your income tax burden is properly accounted for when facing difficult times from a property loss.
Work with an Independent Agency for Business Property Insurance in PA
Working with an independent agency for business property insurance in PA is a great way to get coverage that fits your business needs without breaking the bank. At Peterson Insurance, we will discuss and assess your individual circumstances and advise you on the most suitable policy and coverage options for your particular business. With access to over 30 A-rated insurance providers, we can provide knowledgeable recommendations and guidance throughout the process. It’s our goal to ensure businesses and their property are protected with comprehensive yet affordable business property insurance in PA.
Call Peterson Insurance for Your FREE Business Property Insurance Quote Today!
As an independent insurance agency in PA, we can help you secure business property insurance from a reliable company at a price that fits your budget. Click to get a free online business property insurance quote, or call to speak directly with one of our local insurance agents to find affordable business property insurance for your business today!
Do you own a brick-and-mortar business in Pennsylvania? If so, you may consider looking into Retail Insurance and Business Umbrella Insurance for additional coverage.
What to Expect from Peterson Insurance
Insurance can be confusing and with all of the online companies these days, a lot of customers feel that they aren’t getting the answers and coverage explanations they deserve. We make sure that we take the time to work with each of our customers on a personal level and help you get the coverage you need at a price you can afford. For us, it’s simply a matter of doing things the right way.
As independent agents, we check options from many carriers, finding you the best price available to meet your needs.
We're a family business, and firmly believe that you should be treated with the same level of care and courtesy.
We do more than just getting you covered: we ensure you understand your options to make the best choice.