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Property Coverage Plan Information

Business Personal Property & Business Interruption Plan

We want to help you protect your investments. That's why we offer a plan to cover your business personal property and business income & extra expenses.

We have put together some helpful definitions for coverage included on this plan. The coverage limit is determined by how much you determine your business personal property and business income to be.

NOTE: This is not coverage for your building. This coverage is for your equipment and other business personal property.

COVERAGE OPTIONS

You decide how much coverage your business needs! If you need help deciding, refer to the definitions and information below.

Options start at $474.00 for $50,000 in total coverage value.
Choose your preferred total coverage value up to $500,000.

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WHO IS IT FOR?

This plan is designed for health or exercise clubs, including:

  • Functional Fitness Facilities
  • Gym & Fitness Studios
  • Health Coaches
  • Life Coaching & Consulting
  • Nutritionists
  • Sports Coach & Recreational Fitness Centers

*Currently unavailable for beauty and bodywork professionals. Contact us to be added to our waiting list.

HELPFUL DEFINITIONS

Functional Fitness Training Floater (FFTF)

This coverage "floats" with your business property that is not a permanent structure. This "floater" coverage protects you for total loss, damage and theft of your movable business property.

Your business property means movable items owned by your business (equipment, computers, supplies, furniture, etc.). The property could be located in your home office, office building, gym, studio, or other location you work from. In addition, your clients' property is also covered while it's under your care (such as during a training session). Coverage only applies to equipment in the United States.

Business Personal Property (BPP)

Business Personal Property (commonly called BPP) means the movable items owned by your business (such as equipment, computers, supplies, furniture, etc.). The property could be located in your home office, office building, gym, studio or other location you work from.

BPP also includes property of others in your "care, custody, and control," which basically means their property is in your possession.

Common causes of loss include but are not limited to theft, fire, water damage, vandalism, and hail.

Business Interruption & Extra Expense (BI/EE)

Business Interruption & Extra Expense insurance provides coverage when your business shuts down temporarily due to a covered loss (e.g., theft, fire, water damage, vandalism, and hail). This helps replace your income and covered expenses like rent, payroll and other financial responsibilities during times when your business is not able to operate.

The coverage amount is the dollar amount you choose that the insurance company will pay total during the time your business is unable to operate. We recommend planning for a maximum of 3 months of business income and expenses.

Tenants’ Improvements & Betterments

Tenants' Improvements and Betterments coverage is a type of property insurance for an insured who is leasing space in a building and needs permanently installed fixtures or improvements to perform their business functions (for example, mirrors and a barre installed in a dance studio).

The tenant adds those features at their own expense. However, those fixtures or improvements become the property of the landlord unless there is a loss or damage to those improvements. In that case, the tenant is responsible for repairing or replacing those fixtures and improvements. This coverage is intended for those types of repairs and replacements.

Total Insurable Value (TIV)

The Total Insurable Value (commonly called TIV) is the total you want covered on the policy! Simply add together the value of your Business Personal Property and your Business Income & Expenses amounts.

Example:
Betty's Barre Studio owns $35,000 in business personal property (mirrors, barre, flooring & audio equipment used for classes) and her monthly business income & expenses are around $15,000 (rent, income, payroll). Betty will want to plan for the following coverage amount:

3 months of business income & expenses:   $45,000
Business personal property: + $35,000
Total Coverage Needed:   $80,000

Additional Coverage Included

This plan also includes the following coverage.

  • Additional Acquired Property  

    $10,000

  • Crime - Money & Securities  

    $2,500

  • Debris Removal Additional Limit  

    $25,000

  • Pollutant Clean Up and Removal  

    $10,000

  • Tenant Glass  

    $5,000

Deductibles

  • Business Personal Property Deductible

    $500
    (for TIV under $250,000)

  • Business Personal Property Deductible

    $1,000
    (for TIV over $250,000)

  • Business Income Deductible

    72 hour waiting period
    This benefit begins 72 hours after the loss occurs.

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Earthquake and flood are excluded on this policy. Refer to your policy documents for full details.

Additional Acquired Property

This limit is for additional property that you newly acquire during the policy period. If the newly acquired property exceeds the limit of coverage selected for your policy, then the additional coverage will apply automatically for 30 days or until the policy expires (whichever comes first).

Crime - Money & Securities

This limit covers loss of business money and securities resulting from theft or destruction while at a bank or savings institution; within the homes of you, your partners or any employees with authorized custody; at your business location; or in transit between any of these places.

Debris Removal

Debris removal means removing from a covered location any debris resulting from a covered incident. The debris must be reported in writing within 180 days of the incident.

Pollutant Cleanup and Removal

This coverage will pay the expenses to extract pollutants from land or water at your covered locations if the pollutants results from a covered incident that occurs during the policy period.

Tenant Glass

This limit covers building glass at a covered rented or leased premises caused by or resulting from a covered incident. You must be a legal tenant of the property or have a contractual responsibility to insure the glass or a contractual responsibility to pay for loss or damage to that property.

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