Get Your Home-Based Business Covered

There are many successful entrepreneurs out there that started with nothing but a strong business vision. Individuals such as Steve Jobs, Oprah Winfrey, and Ralph Lauren learned this principle early in life, what it means to create something out of nothing – and really, it’s possible if you make it possible. You may be sitting there wondering how you can get your idea off the ground. It’s not that hard in 2020 with all the tools at your disposal. Whatever you do, make sure you protect your home-based business with business insurance. The right type of coverage can get you to the right places or help you avoid the wrong ones.

Many entrepreneurs start running their business from home, so they often rely on homeowners’ insurance. Homeowners insurance is meant to protect your home – it may not protect parts of your business. Thus, you may need to purchase extra business insurance. For example, protection for business property such as files, technology, and professional equipment may not be included. Self-employed individuals should consider business insurance to protect their business assets.

You should be extra careful if you are using your home for things your insurer isn’t aware of. This could nullify your homeowners’ liability coverage and put both your business and home at risk. If your business faces a claim or lawsuit, you will have to pay out-of-pocket, which can be very costly.

Some things home-based business owners should keep in mind. Do your clients come to your home? Do you keep inventory? Would you lose income if you must close your business due to damages to your property? Do you have employees that work for you whether in or outside your house, and do you keep client and employee records on your computer?  

If you answered these questions with a “yes,” maybe it is time to review your coverage and coverage limits. In this type of scenario, you may not be able to provide enough protection for your home-based business.  Without business insurance, you will have to pay for employee injuries, property damage, lawsuits, and data loss issues.

Whether for a small or large business, home-based business insurance offers a range of affordable coverage options, which include general liability insurance, and business owner insurance. General liability will protect you if you are sued for a variety of reasons such as negligence and personal injury or perhaps a defective product. A business owner’s policy will cover the structures of your property, damages to inventory, and lost income as a result of damages to your business property. A business owner policy combines liability and property coverage for your business, so it’s a good deal.  There is also a business policy with endorsements, which you can customize based on your needs by, for instance, adding data breach coverage.

Some home-based businesses that may benefit from business insurance include web design firms, interior decorators, and photographers. Get started by requesting a home-based business insurance quote here.

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