3 Tips for Home-Based Business Insurance
Every business owner is aware that they need some type of insurance to protect them in case things go wrong. However, when it comes to home based business insurance, many people simply aren’t aware of what they need in order to stay protected. If you’re running a home based business, use these three tips to make sure you’re not financially liable if something does go wrong and to figure out how much coverage you need.
Evaluate Your Homeowner’s Policy
Your homeowners insurance policy probably doesn’t provide coverage for things like merchandise if you sell a product from your home and stock it in a spare room or in the garage. Your regular policy won’t cover other types of things like personal or bodily injury if somebody is hurt while visiting your home based business – something that may happen on a very regular basis for some business owners.
However, if you’re doing something like graphic design or telecommunication, you may find that your homeowner’s policy covers enough in electronics that you’ll be protected. Evaluate your policy and your needs.
Add to Your Homeowner’s Insurance
Some companies that offer homeowners insurance will work with you to provide extra coverage for your business. You’ll obviously have to pay for this, but it can be an ideal way to discuss and determine your needs.
Consider an In-Home Business Insurance Policy
Adding on to your homeowners policy isn’t always the cheapest and it may not be enough if you have clients visiting regularly or have employees. If that’s the case, you need a special home based business insurance policy that offers total coverage. Rates will be determined based on your type of business and coverage needs.
Contact Schumacher Insurance Agency for more on home based business insurance and for all of your insurance needs.
Posted on June 13, 2014, in Agency, Uncategorized and tagged Bonds for Small Business, business liability insurance, Business Strategies, Small Business Ideas, small business protection. Bookmark the permalink. Leave a comment.