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Should I incorporate my business?

Maybe. Many employers' business insurance policies cover laptops, cell phones, and other company-owned equipment that employees use off the business premises. But other companies may not insure such items, so you'll need to ask your employer to find out for sure. If your employer's insurance does cover the stolen items, you've probably got nothing to worry about. Otherwise, you should call your insurance agent to find out what coverage (if any) your own homeowners or renters insurance provides.

Unfortunately, you may not like the answer you get from your agent. Standard homeowners and renters insurance policies typically do not cover laptops and other equipment that you use mainly for business purposes. Even if your policy does cover these items, the coverage is probably limited (e.g., $250), and an out-of-pocket deductible may apply. If you're lucky, though, you may have already purchased optional coverage (e.g., a business rider) designed to protect your business items under your homeowners or renters policy. Or maybe you even bought a separate insurance policy to cover your laptop or other equipment.

If not, talk to your agent about whether you should buy one of these forms of additional protection for the future. After all, you'll probably end up using other company-owned business equipment at some point.

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