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.
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|