Individuals that operate their own businesses need property insurance in addition to a home based business or business owner’s policy. This protects you against financial losses from lawsuits filed against you by your clients or vendors.
Property Insurance covers the buildings that you may own and inventory against physical loss or damage. If you don’t own the building, you still need property insurance for the contents in the building. This type of property insurance covers the furniture, fixtures, inventory and other supplies that may be stored at your office. You can insure these items for the replacement cost or the actual cash value. Some property insurance may have higher premiums, but it will help your company recover faster, since you can replace the damaged items with new ones. Contact your property insurance company to find out what policy works best for you and your business.