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Property Insurance for Management Consultants
Whether you own or rent the office space for your management consulting business, it's good policy to insure the assets that your management consulting business relies upon. And because you're likely to be working on-site in client offices, it's wise to carry insurance that would pay for any damage you or your employees may accidentally cause while there. A good property insurance policy covers both.
If, for example, your office suffers a fire or is broken into, and your business property were to be damaged, stolen, or lost, a property insurance policy would ensure that you could replace it quickly for its full replacement value. And, if you're on a client site and accidentally drop a client laptop you're working with, don't worry—your property insurance coverage will pay to replace that too. When your customer's property is in your care, custody, or control, it's covered as it if were your own.
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 management consultants because it's very affordable, and it's often required by landlords who rent office space.
If you think that as a management consultant you're at low risk for property losses, you may be right. However, don't be surprised if your client contract requires you to carry property insurance anyway—especially if you'll be working on a client site or handling client property. Many do. 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
- In general, a business owner's insurance package policy insures damaged or lost property for its replacement value. That means that in the event of a claim, you'll receive a large enough settlement to replace the property, without any deduction for depreciation.
- A BOP's property insurance also covers other people's personal property, if you as a business owner are legally liable for damage to it. So if your client's laptop should be stolen while in your possession, don't worry—it's 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.