Over the last few years, many businesses had to close their doors and in turn, many people lost their jobs. As a result, there has been a surge of home-based businesses. Running a business from home has its advantages, such as lack of commuting to and from work, low overhead, and the reward of being your own boss. However, if you are considering working independently out of your home or just beginning your home-based business, you need to consider the insurance protection you may need. If you aren’t careful, you could be putting your business reputation and home-based business in jeopardy. Find out the best protection for your home-based business.
Before you begin this type of business endeavor, you need to ask yourself some important questions and discuss the scope of your home-based business operations with your local New York independent insurance agent. Having your business insured properly is essential, otherwise you could be faced with financial devastation. Below are some questions you need to answer before determining the right kind of insurance for your specific business needs:
- Will you be storing products/materials at your home?
- Do you plan to have customers come onto the property?
- How much, if any, business equipment, will you have?
- Do you plan to sell products to customers?
- If you sell products, what will you do if someone is injured by them?
- Will you have office equipment?
Types of Home-Based Business Insurance Policies
If you answered, “yes” to any of the above questions, you may need a Business Insurance Policy. There are many scenarios that can happen in the blink of an eye that perhaps you have not considered, so it is imperative you have the right type of insurance protection in place. Because there are many different types of home-based businesses, the insurance coverage can come from a variety of different policies such as:
Home Business Policy- This type of insurance policy is designed for medium-sized businesses and does afford both property and liability coverage. For example, a customer is coming to your home to discuss a job in progress and falls on the slippery staircase. His/her injury would be covered up to the limits of liability under this type of insurance policy. Also, there is coverage for situations from customers being injured by a product you sell.
Homeowners Policy- Many people may think their homeowners policy provides enough insurance protection for their home-based business, but keep in mind there may be very limited amount of coverage afforded for merchandise or office equipment.
One important factor to know is that coverage for any injuries a customer sustains while on your property (in the scope of business) is excluded. So, if you plan to have customers coming onto your property, you need to make sure you have liability insurance protection. If you do have a small home-based business and don’t plan to have customers coming and going, discuss this with your local N.Y. independent insurance agent. He/she may be able to add specific endorsements to your existing homeowners insurance policy that could give you the needed coverage.
Commercial Insurance Policy- A commercial insurance policy is typically for larger home-based businesses and provides a broader scope of insurance protection to compensate for larger amounts of office equipment and goods, along with various types of liability coverage.
Call Cameron Insurance Group so We Can Help Protect Your Home-Based Business
Before beginning any home-based business, contact us to discuss your unique situation and we will work with you to provide the best insurance protection for your specific business needs. Don’t wait! Call us TODAY at 845-627-2130.