Property Insurance for Tax Preparers
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Property Insurance for Tax Preparers

Whether you own or rent your office space, your tax preparation business has assets that need to be insured. And if you visit clients' homes or offices, you'll also want to carry insurance to pay for any property damage that you or your employees might accidentally cause while on-site. Property insurance covers both.

For example, if an electrical fire breaks out in your office and destroys your electronics and furniture, or if someone should break in to your office and steal your property, you'd have a hard time replacing everything that was lost. Property insurance would pay you these items' full replacement value in the event of a covered loss, so you could get back to business fast.

Property insurance also covers your client's property that's in your care, custody or control, so if you need to borrow a client's laptop to get access to the business's books, you won't have to worry about it being damaged or stolen—it will be covered as if it 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 tax preparers because it's very affordable, and it's often required by landlords who rent office space.

If you think that as a tax preparer 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, with no deduction for depreciation. This lets you replace the property quickly and get back to business.
  • A BOP's property insurance covers other people's property as if it were your own, if you are legally responsible for it being damaged, stolen or lost. So if your client's property should be stolen or broken while in your care, 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 protected.