ALL >> Business >> View Article
What You Didn't Know About Home Business Insurance
Total Articles: 458
If you run a home-based business, you may not have given much thought to an insurance policy. After all, you have homeowner's insurance, right? Actually, your homeowners insurance may not be offering you enough coverage, and it may make sense to consider small business liability insurance. If you're doing business from your home, you need to be very smart about insurance and insure your business as soon as possible. There are three main types of insurance policies you may consider based on the complexity and type of business you operate. Here's what you need to know.
Adding on to your homeowner's insurance
One option is an add-on or rider that simply expands your homeowner's policy to cover your business. This is usually pretty affordable but it typically offers just $2,500 of additional coverage. If you are a one-person business and you do not have a lot of valuable equipment or products or very many business visitors to your home, and you are unlikely to sustain a major loss if you cannot operate due to fire or a disaster, this option may work.
Accountants who just prepare tax returns at home and deliver via email would find this option the best, for example, but many home-based businesses will be seriously under-insured. If a UPS man gets hurt delivering something to your home business, you could end up on the hook for the medical bills, which shows why small business liability insurance is so important.
In-Home Business Policy
You may also opt for an in-home business policy which covers things like loss of important documents or theft of funds from your bank account. This policies are usually issued by specialty firms and the plan guards you against theft or injury and covers up to three employees. The plan will cover up to $10,000 in losses, and this is the minimum option most home-based businesses should consider.
Business Owner's Policy
The best option for the vast majority of home-based businesses is a comprehensive business owner's policy (BOP). This is for business owners who need over $10,000 in coverage and it's the type of policy used by retail businesses.
While it costs more, this type of insurance combines business general liability insurance, business property insurance with other forms of insurance to give you comprehensive coverage against accidents, injuries, loss of profits, loss of products or documents, fire damage, equipment breakdown, damaged goods and much more.
As your business grows, you may find that additional coverage is necessary that isn't provided by your business owner's policy. Still, most small businesses based at home find this business general liability insurance offers the protection they need with up to $2 million in coverage at an affordable cost.
For more information on Anderson Jacoby and Business Property Insurance. Visit Today - http://www.andersonjacoby.com/
Business Articles1. Voluntary Administration Experts Help You Navigate Through The Financial Crisis
Author: Thomas Dawson
2. Trash Tips For Consumers
Author: Kevin Smith
3. Bulk Sms Service - Bulk Sms Provider
4. Wise Upgrade For Ip Surveillance Networks
Author: Argus Filch
5. Private Limited Company Registration
6. Learn How To Design Your Business Card Easily And Effectively
7. How About The Magnesium Oxide Used For Thermal Conducting Filler?
Author: hu Allen
8. How To Properly Ventilate Your Home Until The Smoke Cleaning Services In Canton Arrive
Author: Kevin Smith
9. Top 5 Benefits Of Buying New Office Furniture
Author: Iron Age Office
10. How To Get Accolades For Arranging A Well-managed Corporate Event?
Author: Manish Singh Khatri
11. Exclusive Online Resource For No Guarantor Bad Credit Loans
Author: Andrew Edmonds
12. Silk Laminated Business Cards And Next Day Business Card Printing
Author: Vikram Kumar
13. Professional Home Builders Can Offer The Best Home Buying Experience According To Your Preferences
14. Reasons To Hire An Marketing Company In Chicago
Author: Emilie Nicolas is the author of this article.
15. Installing The Correct Floor And Light Panels Australia For Your Home
Author: Reza Rahnamaei