Art objects, antiques and other unique items are usually insured at an amount agreed upon when the policy is being written. An appraiser values the goods to be insured and the business owner and the insurer agree upon an amount that the insurer will pay if the goods are destroyed due to a covered peril.
Check your policy to find out what type of coverage you have. If you prefer replacement cost coverage and do not already have it, this coverage can be added to your policy. Inflation-guard coverage that automatically increases your insurance amount a certain percentage provides protection against rising costs. Your agent can advise you of the costs involved.
Your insurance agent should fully review the types of business property you own and use to discover what kinds of property insurance you need. Your insurance agent can help you determine a satisfactory limit coverage for your specific business.