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Does your Home Business need Business Insurance?

Many of us start working out of our homes, figuring our personal insurance provides enough protection for us. Businesses usually consider the following types of insurance, and your personal policies may not be enough.

Business Property Insurance

Your homeowners insurance policy may have limitations that won’t cover the replacement of computers, important documents, or other expensive resources your business uses. Some homeowners insurance policies will only cover your poperty up to the current value, and not the replacement value, even if your business items are covered. Consider how you would cope if your property was destroyed or stolen. Could you afford to replace it? If not, then you need to find a small business property insurance policy.

You need to understand your homeowners policy, or get together with an insurance agent to find out how you are covered. Some homeowners insurance policies can be expanded to include a business insurance endorsement, or you may need to purchase a seperate policy.

Business Liability Insurance

Again, your homeowners insurance probably protects you in case somebody slips on a banana peel and wants to sue you for negligance. However, you will not be protected in a customer claims damages in connection with a product you make, or a service you perform. You need business liability and/or professional liability insurance, depending upon the type of work you do from home.

Business Owner Policy

One convenient product for small business owners is called a Business Owner Policy. It combines business property and business liability insurance in one package. Many home business owners, and small business owners, will be well protected with an affordable Business Owner Product.

Commercial Car Insurance

We’ve discussed commercial car insurance in a previous post. If you use your personal car for work, and most home business owners do, then you need to find out if your personal car insurance policy will cover you if the accident is connected with a business related function. If you use your car to meet a client for lunch, you may be fine. However, if you haul business supplies in your pickup, and that causes a wreck, you could be in trouble.

Business Health Insurance

If you have an individual health insurance plan, and you (or family members) are the only company employees, you are probably fine. However, if you do hire other emplyees, you may want to consider a group health insurance plan.

We have already posted on Group Health Insurance Here!

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