Determining if Your Home-Based Business Needs Business Insurance

What would you do if your home-based business suffered a burglary, lawsuit, fire, or flood?  By relying on only a standard homeowners policy, which covers up to $2,500 of business equipment, you would be facing quite the battle – and that doesn’t even factor in possible business interruption or disability damages.

From the building you work to your records, business income, and fraud and liability, there are several insurance-related needs that you could be overlooking.  Perhaps it’s time to rethink whether you need business insurance.

Even the smallest home-based businesses can get great value by securing such a policy, instead of relying on the limitations of a homeowners policy.  After all, if a fire put your home-based business out of commission for a few months, it could spell a significant loss of income and further expenses to rebuild.  The difference in help from the two policies is staggering.

Whether you simply operate an online storefront from your home, or have a salon that uses a great amount of space, the right business policy could present itself well.  For the former, there could be liability concerns that could put your business into jeopardy with the law.  The latter would need some coverage for the physical space and equipment.  In both cases, a typical homeowners policy would not do the job well.

Keep in mind that this type of protection is not expensive.  In fact, it is quite reasonable and a great idea to protect the interests of your business.

Need help determining the appropriate type of insurance for your home-based business?  Contact us today to learn more about how we can help you with insurance as well as payroll, bookkeeping, and more!

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