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Property Insurance for Accountants, Bookkeepers, Tax Preparers and other Finance Professionals
Maybe you own your accounting business's office space, or maybe you're renting. Either way, you need to insure the assets that keep your business up and running. And if there's a good chance you'll perform some work at your clients' offices, it's good policy to carry insurance that would pay for any property damage that you or someone who works for you might cause while there. A good property insurance policy takes care of both.
For instance, if there's a fire at your office and you lose your furnishings and computer equipment, or if there's a break-in and some of your property is stolen, your property insurance would help you replace it fast by reimbursing you for its full replacement value. Or, if you're working with a client's laptop while at their office, and you accidentally drop and break it, don't worry. Your client's property in your care, custody or control is also covered.
What You Need to Know
Every business that has property, such as computers or office furniture, stands to lose it all in the event of a disaster. Property insurance is one of the most commonly purchased types of insurance for accountants because it's very affordable, and it's often required by landlords who rent office space.
If you think that as an accountant you're at low risk for property losses, you could well be right. But, there's a good chance that your client contract may require you to carry property insurance regardless—especially if you'll be working on a client site or handling client property. If that's the case, there's good news: You may be eligible for an affordable combined insurance policy called a BOP.
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Property Insurance Tips
- Usually, a BOP or property policy insures damaged or lost property for its full replacement value, so you can replace the property quickly without worrying about depreciation.
- A BOP's property insurance covers other people's personal property just as your own, if you are legally liable for it being damaged, stolen or lost. So if your client's property should be stolen while you're responsible for it, don't worry—it will be covered.
- A property insurance policy will also cover your own business property when it's away from your office, so if you spend a lot of time at your client's location or on the road, the property you take with you is still covered.