for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals
In general, Property Insurance protects businesses and business owners from the cost of property damage due to events such as theft, fire, and some weather destruction. Perhaps you own the building that houses your finance business, or maybe you rent your tax preparation office. It is essential — in either case — that you protect your business's assets from those events outside of your control. Property damage is not only costly to repair, it may also prevent your company from functioning at its full potential. As an accountant, tax preparer, or finance professional, you understand how devastating the effects of property damage could be on a small business without adequate coverage.
Learn how Property Insurance can protect your accounting, tax preparation, or finance business and its bottom line.
Property Insurance Protects
How Does Property Insurance Protect Accountants, Tax Preparers, & Finance Professionals?
Insureon understands that, for finance professionals, the chances of facing a threatening situation at the office are miniscule. But the fact is that any small business owner who owns property stands to lose money — and maybe even revenue — should that property incur damage. And no matter how carefully you run your business, you can't control the effects of weather or the actions of criminals. Consider for a moment one of these chance scenarios…
- A thief breaks in and steals your computer equipment.
- A large tree branch falls during a storm and causes structural damage to your property.
- A undetected gas leak causes an explosion in your offices.
- A fire started in a neighboring property causes damage to your firm's furnishings.
Because these contingencies are out of your hands, Property Insurance is one of the most commonly purchased policies by accountants, tax preparers, and other finance professionals. In fact, many landlords require renters to purchase this policy. Luckily for small-business owners, Property Insurance is one of the most affordable policies on the market. As a finance professional with a low-risk outfit, you may even qualify for special, combined coverage with a discounted policy called a Business Owner's Policy, or BOP, which bundles Property Insurance with General Liability coverage.
In addition to saving your money, a BOP also protects your employees who are working offsite and are responsible for your client's possessions. For finance professionals who often travel to the client and use client equipment, this type of insurance policy might be a contract requirement. A BOP insures that owned property in your company's custody or control is covered. So for example, if you or your employee is handling a client's computer and breaks it, your Property Insurance policy will kick in. Contact an insureon agent to find out whether your small business is eligible for a BOP.
Property Insurance: Key Details
Property Insurance: Key Details for Accountants, Tax Preparers, & Financial Professionals
Insureon's Property Insurance policies help you replace damaged, stolen, or otherwise unusable assets so that your business can get up and running again as soon as possible after a covered incident. But not all policies are created equal, because not all accounting, tax preparation, and finance businesses have the same needs. When you're ready, an insureon agent can help assess your firm's insurance needs. In the meantime, consider these important Property Insurance details and how they might affect your finance company:
Replacement Value vs. Cash Value
As a business owner, you can decide whether to insure your property for the amount necessary to purchase lost or damaged items at current market cost (replacement value), or to insure it for its depreciated value (cash value). How to choose? Take a look at these questions…
- How much can you spend? A cash-value policy is cheaper in the short run (i.e., you pay lower monthly premiums), but might not provide enough money in payouts to fully replace lost or damaged goods in the future. A replacement-value plan costs more (i.e., has higher monthly premiums), but will guarantee the full-cost coverage of replacing property.
- How quickly can your company recover goods after a loss? If the equipment your company uses is readily available, or tends to retain value, then a cash-value plan might be the most cost-effective decision for your small business. On the other hand, if your company needs to replace items very quickly, a replacement-value plan might be a better option.
- Does your company lease equipment? If so, your contract might require you to carry full replacement coverage.
An insureon agent can help you decide whether replacement-value or cash-value coverage makes the most sense for your accounting, tax preparation, or finance firm.
Renting vs. Owning Your Office Space
Depending on what's best for your business's housing situation, you can elect to purchase a more comprehensive policy to insure the space your own, or you can purchase a more basic policy that covers only the contents of your rented space.
What Property Insurance Doesn't Cover
As a small-business owner, it's important to understand which circumstances, exactly, a typical Property Insurance plan includes. Most Property Insurance policies allow businesses to recover losses from the most common incidents, like fire, theft, or wind damage. Depending on your geographical location, you may want to ask your insureon agent about extra coverage for floods and earthquakes, which can cause damage that may not be covered in a typical plan.
Customize Your Business Insurance Plan
Accountants, Tax Preparers, & Financial Professionals: Customize Your Business Insurance Plan
Ready to find a Property Insurance plan individually tailored to the coverage needs of your company? Contact one of our accounting, tax preparation, and financial business insurance experts today.