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When you start a home-based business there are many things to consider, and while insurance generally isn't a priority, you can't afford to ignore it.
What many home-based business owners don't realize, is that their homeowner's insurance policy doesn't cover their business – despite the fact that it's run out of the home.
Business property insurance helps protect you against loss of inventory or equipment. Your homeowner's insurance will only cover items such as computers and electronics to a certain degree. If your business equipment or inventory is damaged in a flood, fire, or other disaster, it may not be covered.
Be sure to speak to your insurance agent about the options available to you. Many insurance companies will offer a rider, or policy endorsement, to cover business equipment; however, deepening on your coverage needs, a small commercial policy, or business owner's policy may be the way to go.
Business liability is also a necessity that may not be covered as part of your homeowner's coverage. Even if you have liability coverage on your home, it is essential that you have additional liability for your home-based business if you plan on having clients or customers visit your home.
While it may seem like your homeowner's policy should provide coverage for your home-based business, it's not save to assume. Business coverage, even in the form of a homeowner's policy endorsement, can help ensure that you are prepared to face any eventuality that might occur while you are running your own business. By preparing now, you may be saving yourself, your home and your business significant financial loss, wasted time and difficulty.
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