Let’s look at the different types of insurance that a home-based businessperson may need.
Insurance is a common insurance policy for corporations and companies. No one can predict what might happen if there is a sudden dip in the stock market, if there is a fire that wipes out entire inventories, or if an employee leaves.
In the real world, anything can happen. A business can be successful one day and then go bankrupt the next. To cover for the many disasters that could occur, there are many insurance options that corporations and companies can choose from. You may want to consider insurance if your home-based company is owned or you plan to start one.
What types of insurance are you able to get? While the insurance packages offered by different companies and states will vary, there are some common patterns that can be identified in terms of insurance offerings.
It is a good idea to make sure you have adequate coverage for your home if you are working from your house. However, your home insurance might not be able to cover any damages that result from the installation of a home office. Take note of the details that are missing from your home insurance so you can quickly replace them with other ‘business insurance packages.
What insurance might you need? You might need home office insurance to cover theft and fire. Take note of the requirements for home office insurance. It is important to verify that you have adequate electrical wiring, a reliable computer at your home, and a stable residence.
Also, you will need to consider the home-based insurance policy. How much will your premiums cost? What will be your payout? Are you required to make regular payments or can you spread them out over a period of time? What damage will your home office insurance cover and what can be covered for theft?
You will need vehicle insurance if you deliver or use a vehicle to conduct business. While you can still use your car insurance, you might need vehicle insurance if an accident occurs that isn’t covered by your auto policy.
If you have the funds, purchase a separate vehicle to run your home-based company and register it as a business vehicle. The business vehicle insurance will cover you for a variety of accidents.
You may need warehouse insurance if your warehouse is used for products. This will include theft and fire protection. This is an additional insurance package and you will have to pay more.
Are you in an area that is susceptible to severe weather like tornadoes, hailstorms or hurricanes? These conditions may also require you to have insurance. Don’t be surprised if insurance is not available due to your geographic location.
These are just some of the aspects of insurance you need for your home-based enterprise. Talk to an insurance agent or someone with experience in dealing with insurance for home-based business. It is possible to manage your business with less worry if you are able account for all the problems your business might face.
