In considering property coverage, there are four main issues to think about:

• What business property should you insure?

• What perils will the property be insured against? In other words, under what conditions will you be entitled to receive payment from the insurance company?

• What dollar amount of insurance should you carry? (Obviously, the higher the amount, the higher the premiums. You don?t want to waste money on insurance but you do want to carry enough so that a loss wouldn?t jeopardize your business.)

• Should you buy coverage for replacement cost or for the present value of the property?

Excerpted from the "Legal Guide for Starting and Running a Small Business" by Fred S. Steingold
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