Home based businesses are one of the fastest growing segments of the commercial market, but as a home-business owner you may not realize that your Homeowners insurance may not adequately cover you in case of an emergency.
If you are running a business out of your home you have unique needs. If you’re already working out of your home or if you’re thinking about starting a home-based business here are some questions to ask your agent:
• Ask what the state, county, and city requirements are for a home-based business.
• Depending on what type of business you operate you might be able to get an endorsement on your homeowner’s policy that has higher limits or covers specific perils or risks.
• Will your home-based business insurance cover your lost income or ongoing expenses if your home is damaged?
• Are there bundles or packages available for homeowners who run a business out of their home? This might lower your rates or save you money over time.
• If you have any staff you’ll need to get worker’s compensation insurance. Many home-based business owners mistakenly believe that this type of insurance in only required by businesses that have a retail or separate location, but that’s not the case.
These insurance plans can help ensure that you are prepared to face any eventuality that might occur while you are running your own business. Disasters, accidents, and crises can strike at any time. By preparing now, you may be saving your company significant money over time. Talk to your agent today.