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Home » Insurance
Business Insurance for Home-Based Businesses
Category :- Insurance

Author :- Steve Davids 
* Please rate and share the article if you find it interesting *

Posted on September 22, 2017, 9:50 am
(1 Rating)

All businesses must have insurance. Things happen. That is a truth even if the business is operating out of a home. A home-based business is still a business. Although there are many benefits to working from home, such as: no commute to work, a comfortable environment, flexible work hours, etc., these comforts do not justify not having insurance.

Imagine some of the following scenarios: a fire in your home destroys your business inventory, or a fire is caused by one of your clients (smoking damages your home, for example). Another few examples: a delivery person has an accident on your front steps, a thief targeting your business breaks into your home, or the computer you use for work gets a virus while you are using it for personal use.  You will need more than a basic insurance policy to cover these losses.

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Business property insurance protects your business against loss or damages to your home that result in damages to the property you use in your business. This includes furniture, computers, and photocopiers.

When assessing your loss, the underwriter may use “cash value coverage.” This is the difference between what the lost item is actually worth and its replacement cost coverage (what it would cost to buy a new one). Check the model your insurer uses as its baseline for your assessment and, if necessary, consider different options.

Don’t forget that your personal auto insurance policy will not cover the business use of your vehicle (e.g. delivering product samples to your customers).

Liability Insurance protects businesses when damages are caused to another person or another person’s property. You will need this if anyone comes to your house for a business reason, including customers, or delivery personnel. If they are injured, your home insurance will not cover them.

Don’t forget about professional liability insurance if you provide a professional service, like massage therapy, life coaching, financial counselling, and medical services. You need to be covered if something goes wrong.

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Product liability coverage protects you if a product you sold or manufactured damages someone.

If you are not sure about the coverage your business needs, talk to an insurance professional who understands insurance. You can choose an insurance expert online to get the proper advice for what you need for your home-based business.


Site (source)  : https://insureye.com/home-based-business-insurance/
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