FRIDAY, FEBRUARY 26, 2021
Is Your Home Based Business Properly Insured?

A lot of home-based businesses aren’t properly insured. If you’re running a startup, are an entrepreneur or are extending your commercial dealings to the household—you should know a few things. Even if you’re preparing tax returns in the kitchen, you still need insurance coverage.
A homeowner’s policy might offer some protection. However, a full business insurance policy usually secures much more effective coverage. According to the Independent Insurance Agents & Brokers of America, roughly 40 percent of home-based business owners never bought business insurance. Another 30 percent figured their business was too small to need insurance. Twenty percent couldn’t give a reason for lacking coverage.
Home-Based Business Insurance
You’re in luck. You can buy a home-based business insurance policy. This policy will protect your home business’s property and equipment alike. Your agent can likely help you tailor your coverage specifically to your needs. Just make sure you’re updating your business’s value every year. Make sure you’re adjusting your policy’s limits, too.
What Options are Available?’
You have a few home-based business insurance options available. In some cases, you can even attach a home business extension policy onto your home insurance plan.
Most home-based business policies often offer liability and business property coverage. These plans are custom-tailored, too. They take your services, spatial requirements and transportation needs into account. You should take care in securing the following coverage options, too:
If an incident forces you to cease operations, business interruption coverage will lower the costs of ceased—or halted—operations. It can also cover any costs surrounding lost revenue. These might include outstanding utilities, lost wages and other costs.
A lot of home-based businesses are computer-reliant. If you face a cyber-attack—like a virus—or even a minor data breach, cyber risk coverage can protect you. While cyber risk coverage might not seem important, it’s likely vital to your business’s success.
You should protect your business from crime, too. Even if you’re at home, you’re still at risk from:
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Vandalism
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Fraudulent acts
Get Assistance Sooner, Rather Than Later
Home-based businesses deserve time and attention. Talk to your broker about getting a home-based business insurance policy. They’ll give you advice about the different insurance options available. Make sure you can provide information about your business’s services, your home and any non-standard business needs.
You might work from home, but you’re still running a business. Today’s home-based business insurance policies are often effective, giving entrepreneurs and remote workers great long-term protection.
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It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
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