Simply put, both types of policies are designed to protect your business against occurrences beyond your control. There are various ways to purchase property insurance. Determine what you want to insure and the value of those items. For example, computers and other high-tech equipment are definitely worth insuring, whereas the office coffee machine obviously isn t as critical. If you rent space in an office building, take a careful look at your lease.
Some leases require businesses to carry a certain type of insurance.
And don t forget the building owner s insurance policy may not cover your inventory. You will want to consult with an insurance company that specializes in the needs of small businesses. There are also policies providing additional protection that pay out in the event that your building is damaged and demolition and rebuilding would cost more than the building s value. You might even obtain a policy that offers full coverage for glass, signs and landscaping. Whatever policy you decide to get, make sure that it reflects your business needs.