There are two basic types of property coverage:

1. All-risk policies cover a wide range of risks and liabilities. In many cases, this is the type of insurance you will purchase as a business owner, and it may be all you need.
2. Peril-specific policies cover you in the case of losses incurred by specific incidents, such as a crime or flood. You may buy this type of insurance if your business is subject to high risk in a specific area.

You may also choose to add business interruption insurance to your property and casualty policy. This type of insurance covers you in case your business cannot operate and loses income as the result of a fire, natural disaster, crime, or other event. The payout from this kind of insurance can help keep business income flowing and cover your expenses until you repair damage and get your company up and running again.

Tip: If your business is home-based, don't assume you don't need business insurance. In most cases, basic homeowner's polices don't cover your business liability. You may be able to add a rider to your homeowner's policy that covers your business, or you may consider purchasing separate business insurance.