What is Business Personal Property?
Business personal property (BPP) includes any items owned by a business that are not part of the building itself but are crucial for its operation. This can include office furniture, computers, machinery, and inventory. These assets are mobile and can be relocated, unlike real property, which refers to the building or land a business owns.
In the context of business insurance, business personal property is typically covered under a commercial property insurance policy. This coverage protects a business from losses due to damage, theft, or destruction of these items. For example, if a fire damages a company’s office equipment, the BPP coverage would help replace or repair the affected items.
Business personal property is an essential part of commercial insurance as it protects businesses from unexpected events that could disrupt their operations. Maintaining accurate records of BPP and ensuring they are adequately covered under an insurance policy are crucial for business continuity.