I actually had this happened to me. I had a fire 2 years ago and one of the 1st questions I was asked is if I had a business. Nope, too stupid give everything away.
I lost all my sewing machines, notions, rulers, thread, only 208 yd of fabric (stash was in another room), current projects etc. Everything was covered under replacement value. Just to give you and idea, my thread alone was $1,000 to replace. The thing you need to understand about replacement value is this. When you submit a list to an insurance company they will depreciate the value of the item to cut you your check. Now, in the event that the item cost more then the depreciated cost, then receipts showing the purchase of the comparable item will have to be submitted to the adjuster for approval and then another check will be cut for the difference. If you have your own business, GET business insurance or you could really have a very sticky sad situation on your hands. Home and Business are 2 separate things and the insurance can and will find out if you have a business # on file. Its a total pain in the backside. I could not believe the $$$ amount of my goods that I lost, either could my dh! LOL Now he respects my fabric!
I was actually sort of lucky that I had taken pics of my whole house, including the outside yard a couple months prior because we were having a big hurricane coming in. Boy did they want those pics quickly.
Protect yourself financially. In the end it will pay off. Oh by the way, the fire was caused by one of those cheap brown extension cords that fried. Nothing at the time was running on it, it just fried. Get rid of them and use strips that have protectors on them.