For once, insurance-speak means exactly what it says. If you insure your property for replacement costs, it means the insurance company is going to reimburse you for the property you’ve lost, regardless of what wear and tear or depreciation that property has been subject to. If you insure for current value, the insurance company can reduce payments on lost property based on its age, perceived value, and depreciation. Replacement cost may be a better option for many.
When you’re insuring the equipment and personal property that makes up your business, make a complete inventory, including all of the items the business is using that belong to you. This list, and even a video of your business operations, can be used to certify what was used in the business prior to a loss.