Do You Have the Proper Insurance for Your In-Home Business?
If you operate a business or work primarily from your home and/or visit clients at their homes, you may need additional insurance protection to safeguard against theft, damages, liability and other risk your homeowners or auto insurance policy fail to protect. A homeowners policy does offer some coverage for home-based business, but it is minimal – you may find your business underinsured or uninsured in the event of a loss. Many homeowners policies provide a maximum of $2,500 coverage for business equipment (computers, fax machines, etc.) in the home. That’s probably not enough.
What would happen if someone hurt themselves in your office? What if someone stole your computer equipment and you were unable to work for a period? What if you became sick or needed major surgery, how would you pay for care and the lose of work time? If you have to temporarily shut down your business for whatever reason, the homeowners policy is not likely to reimburse your lost income. Instead, look into insurance policies available to home-based businesses and protect your most valuable asset:
Small Business Insurance
A Business Owners Policy (BOP) offers your business property and liability coverage. Policies may replace of lost income and cover your office space from threats of fire, theft and personal liability. Hopefully a properly designed policy will eliminate gaps and duplications and the rates reflect the in-home status of your business.
Disability Insurance
This insurance provides payments if sickness, disease or bodily injury prevents you from being able to work.
Health Insurance
There are various plans available for self-employed workers which cover doctor visits, hospital services, medical tests and other health care costs. With the new Affordable Care Act provisions, home-based business owners can access essential care at an affordable cost. And be sure to speak with a financial professional about tax credits for health care expenses.
Other Insurance Coverage You May Need:
Auto Insurance
If you have a personal vehicle that you sometimes use for business or if your in-home business is the owner of one or more vehicles, you will need to purchase a Personal or Commercial Automobile Policy.
Workers’ Compensation
If you hire employees, you will need to know about this type of insurance. All states require employers to purchase it if they have employees. If you own an incorporated business, workers compensation can also cover you when you are injured.
Life Insurance
You are your business’s greatest asset. If you have dependents – a business partner, spouse or children – who rely on your income for daily expenses, then life insurance may help you protect them from debts and expenses in the event of your loss.
Protect Your Home Business with Proper Insurance Coverage at and Affordable Rate
Remember, your homeowners’ and auto insurance policies are not designed to cover your in-home business. Your best bet is to shop for small business insurance that can help you manage your exposure to loss. Speak with Atlas Plus Insurance today to close any gaps in your personal coverage and protect your home business for years to come.