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Risk of vandalism damage calls for property insurance

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When it comes to protecting property necessary for the operations of a company, property insurance is essential to make sure a business is still functioning in case of accidents or other unforeseen events. For many businesses, property such as equipment is a huge expense and costly to replace. This is the case of a small-business owner who had pieces of equipment destroyed by vandals, according to The Daily News.

Robin Winston, owner of C & R Reforestation of Aurora, Ore., discovered equipment used for maintaining a 90-acre wetland area were severely damaged. The vandals took tractors and an ATV for joy rides until they were smashed or stuck. Parts of the tractor were dismantled and taken away.

"They literally went crazy," Winston told The Daily News. "Somebody boated out there, took advantage of the situation and destroyed over $150,000 in new equipment."

Winston said the damage was devastating and he does not have equipment to do other jobs his company has been contracted for.

"It almost put me out of business - literally," Winston said. "Whoever did this, they don't have a clue how much damage they caused ... It's our livelihood."

Winston is expected to have his insurance company replace or repair the lost equipment, highlighting the fact that that commercial property insurance helps business owners bounce back from disaster and unexpected events.

What commercial property insurance covers
Vandalism is one of many risks covered by property insurance. This type of insurance also covers weather events such as smoke, wind and hail storms, according to the U.S. Small Business Administration. Another lesser known risk that is covered by commercial property insurance is damage from incidents involving civil disobedience or protests.

Business owners might also be surprised to know that the types of property that are covered under this insurance policy are broad - from buildings to lost income. If business owners do not actually own the building they are operating out of, they only need to provide coverage for the building's contents, such as furniture, office equipment and inventory. Without insurance, it might be difficult for businesses to pay to replace lost equipment or furniture and try to keep their business afloat at the same time. In the event that property covered under this type of insurance is destroyed, insurance will help pay to replace these items to help businesses avoid debt and get operations running again.

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