Have You Insured Your Home Business?
Nobody doubts that having a home based business has a lot of benefits! Home based business owners do not need to spend extra money to rent office space, drive a long way to work, or limit their schedules.
Home business owners have to think about the same sorts of risks that other business owners consider. You have to consider protecting your assets with insurance. Insurance is all about managing risks. Consider some common risks that every business, even home businesses, face today.
Of course, lots of new home business owners rely on their personal insurance. This is especially true if they start small, do not have other employees, and only perform their business duties on a part time basis. Sometimes this works out, but sometimes it can be a very big mistake. Let us look at some typical types of coverage that a home business may need.
Heath Insurance - Many home business owners are married to an employed spouse. They rely upon that spouse's insurance for coverage. Some choose to buy private health insurance. If the business does employ other workers, the owner may decide to pass on a medical plan. Others may find that a small group medical plan is an affordable solution to help them keep good employees.
Vehicle Policies - Do you rely on your personal car insurance to cover your auto. You really need to check on the coverage and limits of your current policy. If you use your vehicle for business a lot, you may be taking a big risk. You may want to consider buying commercial car insurance or adding more coverage to your current personal policy. Sometimes it is very simple to add business coverage to an existing policy.
What other risks does your business take? Your own need for insurance protection will vary by the type of business you run.
If you provide professional services, you may need professional liability coverage. Many accountants, lawyers, and insurance agents work out of a home office today. They still need to purchase the same sort of professional liability policies that they would need if they worked out of an office.
Most business that produce physical products need to have some sort of liability insurance. Customers could claim that the product caused them damage, and it would be very important to have an insurance company helping to fight that claim.
If you need expensive equipment and supplies to operate, you should consider the limits of your homeowners policy. Sometimes the personal property protection is not very high. What if the essential things you need to use to run your business got stolen or damaged? How would you replace them? You may need to add more coverage to your personal policy or take out a business policy.
One custom solution that many small business people choose is called a business owners policy (BOP). It provides a package or business protection the same way your current homeowners policy provides a package of property and liability coverage.
Every home business is different. Each business will have a different number of employees, type of equipment they need, and of course, the essential types of coverage they need to be safe. You can consult with an experienced insurance agent to help you find the right solution. You can also start looking for coverage, policies, and prices by using free online business insurance quotes.
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