Home Business Personal Finance Property and Liability Insurance Business owners have a need for both property and liability insurance.
Property insurance protects against such occurrences as robbery or fire.
Liability insurance provides protection in cases where someone gets hurt using their product or services or suffers an injury on your business premises. It usually doesn't cover business-related liability, for example, if a customer or supplier is injured on your property. Your homeowners policy also doesn't insure your inability to collect your accounts receivable if your business records are damaged, and it won't replace lost income if you cannot operate your business due to damage to your home . Depending on the type of business you operate, you may be able to add an endorsement to your existing homeowners policy. For example, some insurance companies offer a home day care coverage endorsement for people who operate a home day care service for pay in their home.