If a loan helped you to pay for your stuff, the lender may require you to carry property insurance.
If you own your stuff without a loan, you have the freedom to choose how much coverage to carry, or whether to purchase the coverage at all.
If you own any stuff, consider whether you want to pay to replace it in the event of a fire or windstorm. Countless other events that can devastate you and your ability to earn your living. Do you want to pay, or do you want the insurance company to pay?
In addition to your stuff, you need to protect your income.
If your building is wiped out, and you need to relocate, you will want coverage for the loss of income and the extra expense of relocating.
These coverages are called….drum roll, please….business income and extra expense!