What To Look For In Home-Based Business Insurance
As telecommunication and the ability to work remotely becomes more prevalent, millions of Americans are deciding to take the plunge and become self-employed. Running a business from your home has many advantages – such as the freedom to work for yourself, flexible working hours, no daily commuting, and more. Of course, operating a business out of your own home comes with its own set of unique considerations, and self-employed individuals must take these into account.
If you do decide to make the jump from being an employee to being self-employed, it’s important to get home-based business insurance. This coverage will protect your critical business files, equipment, and operations should anything happen to your home. While you may assume your home insurance would cover the business assets in your home, this is not the case. Using home insurance to cover your business activities could actually end up voiding your home insurance policy!
The circumstances surrounding home-based business insurance can be a little tricky. To make sure you and your business are adequately covered – the following considerations are key:
Business Property Insurance
Regardless of your home insurance policy – home-based businesses must be sure to have additional insurance to cover their business equipment and content. Assuming the home-based business utilizes different devices, electronics, or computer equipment, the value to replace these important tools could easily cost thousands of dollars in the event of a loss.
Product Liability Insurance
If you sell products – an important part of the home-based business insurance coverage is product liability. Such a policy is important to protect you and your business in the event of a product’s failed performance, ensuring a bad shipment won’t bring down your business’s viability.
Professional Liability Insurance
If you are in the business of providing services to people and companies, including professional liability insurance in your home-based business insurance coverage will protect you and your clients from any damages claimed through your actions and services. Again, this type of coverage will make sure your business remains viable even if something goes wrong, protecting your assets and paying for your legal defense.
Business Interruption Insurance
Another important type of coverage to consider is business interruption insurance. While your business property insurance will cover replacing your equipment in the event of a fire, flood, or other covered disasters, your business will also have to deal with interruption of services until you can get your equipment back up and running. Business interruption insurance will cover you in instances where business activities are suspended.
Want to find out more?
Schechner Lifson Corporation is an independent insurance agency that can offer you help in acquiring home-based business insurance. With experienced and caring agents, Schechner Lifson Corporation can make sure you get the right coverage at a price that may just be more affordable than you think. Contact us today to see how we can make sense of the world of insurance, providing you with the best and most affordable coverage possible.