If you are a business owner, protecting your company’s assets with commercial insurance is essential. If your business is located near Richmond, VA, our team at the Bacon Insurance Group can help you select the best insurance policies for your business. Since 1997, we’ve been working with companies like yours to provide reliable coverage and peace of mind.

How Is the Amount of Your Property Loss Determined?

If a weather event or other type of disaster damages your business property, you’ll want to resume operations as quickly as possible. One common question is how the amount of compensation for a property claim is determined. According to the Virginia State Corporation Commission, the type of commercial property insurance you purchase plays a key role in how your property loss claim is calculated.

There are two main types of property insurance: “replacement value” and “actual cash value.” A replacement value policy provides compensation based on the cost to repair or replace your property without factoring in depreciation. On the other hand, an actual cash value policy pays the cost to repair or replace the property after deducting depreciation. To determine which option is best for your business, speak with one of our knowledgeable agents.

Call Us Today to Schedule an Appointment

Our agents are committed to helping you explore your insurance options and find the coverage that best suits your business needs. At the Bacon Insurance Group, we offer a wide range of affordable insurance solutions tailored to businesses in the Richmond, VA, area. For over 25 years, companies have trusted us to protect their assets and provide exceptional service. Contact us today to schedule an appointment and experience the difference our team can make.