Home-based businesses are popping up everywhere! Tons of people have found home-based businesses to be an excellent option in response to rocky economic times. From generating some extra money, to being a full-time job, to allowing a parent to stay home with the kiddos and still work….home-based businesses can be a great option. Often home-based businesses rely heavily on web-based transactions. As convenient as this work option can be, it can also present exposures for you and your home. Check out some of these points of insurance coverage options for home-based businesses!
What Protection Does it Offer?
Common coverages for home-based businesses include personal business property, professional liability, business income, personal and advertising injury, loss of business data, crime and theft, workers’ compensation and auto coverage. Depending on the type of home-based business you have, not all coverages apply, and other coverage options may be available.
Based on your business needs, you have three basic coverage options to choose from, depending on your level of risk:
- Homeowners Policy Endorsement. This provides the least amount of coverage and, therefore, is not ideal for most home-based businesses (depending on the level of risk). While it may provide enough coverage for a freelance writer with one computer and no business foot traffic, it’s not enough for someone who employs others, has clients visiting his or her home or has valuable business equipment and/or inventory.
- In-home Business Policy. More comprehensive than a homeowners policy endorsement, in-home business coverage is a stand-alone policy that provides higher amounts of coverage for business equipment and liability.
- Business Owners Policy, or BOP. A BOP bundles property and liability insurance into one policy. Created specifically for the small- to mid-size business, a BOP covers your business property and equipment, loss of income, extra expense and liability. It is the most comprehensive property and liability option. It does not include workers’ compensation, health or disability insurance, which are available as separate policies
What’s Your Risk?
While most homeowners insurance policies do cover a limited amount of business equipment—computers, copiers and printers, to name a few—it’s likely that what you own is worth more than your policy’s limits. Also, your homeowners liability insurance probably won’t cover any injuries that may occur to the employees or clients that you have on your premises. What’s a home-based businessperson to do?
We’re Here to Help
Properly insuring your home-based business is crucial to protecting both your business and your home. At The Choice Insurance Agency, we understand the small business owner’s personal and business needs, and can help you tailor coverage that’s as unique as the products and services you provide. Contact The Choice Insurance Agency Team today at (757) 452-4563 to learn more about how we can help you insure your livelihood. Our team of professional agents are happy to help with your business, home, financial planning and Life Insurance needs!
The Choice Insurance Agency. We’re on YOUR side. 757-416-5100.
The Choice Insurance Agency’s mission is to help you get from where you are to where you want to be financially by planning, achieving your plan and protecting your plan from unexpected events. In the process, our goal is to deliver insurance services in a manner that exceeds your expectations. See what The Choice Insurance Agency can do for you today. Give us a call at 757-416-5100 to speak with one of the licensed, professional members of our team or request a contact here. The Choice Insurance Agency. We’re on YOUR side. 757-416-5100.