Did you know that your homeowner’s insurance policy may not cover your home-based business?
If not then you are among the majority of people who don’t realize that their homeowner’s insurance policies may not cover losses incurred with their home-based business. With that said, you can secure additional insurance to protect your business from nearly anything from theft and property damage to employee protection and liability.
Your home-based business should not rely solely on your homeowner’s insurance policy, so it is important to consider commercial insurance to protect yourself, your employees, your business and your assets from a variety of misfortunes.
As a small business owner with a home-based business, here are a few types of commercial insurance policies to consider:
- Business interruption - If you are unable to operate your business due to a natural disaster, commercial insurance may cover your losses for a specific length of time.
- Crime - If your home-based business is affected by criminal activities, such as theft, vandalism or even computer hackers, your losses may be covered under a commercial insurance policy.
- Disability - If you have an employee who can not work due to an injury, your commercial insurance policy may pay a portion of his or her salary.
- Product Liability - If you sell products then it is probably in your best interest to carry product liability insurance. Product liability insurance can protect you and your business from negligence claims that result from your products.
- Property and General Liability - General liability coverage protects your business and your assets from natural disasters, as well as bodily injury, medical expenses and legal costs.
- Internet-Based Business - Internet-based businesses can take out coverage that protects their business from damages incurred by hackers and electronic copyright infringement, among other things.
Don’t let your home-based business become jeopardized because of a lack of proper commercial insurance. Talk to your insurance agent about the extent of your homeowners insurance and get the appropriate commercial insurance to protect yourself, your business and your employees.
