Did you know that almost half of all businesses in the US are based out of the owner’s home? Just because you operate your business from your home doesn't mean you can forgo having high-quality, comprehensive insurance for it. While your home insurance may cover some of your needs, it generally will not provide for all of your business risks and needs.
Does Your Home Insurance Protect Your Business?
If you believe your home insurance could help cover a loss related to your business, take a look at your current policy. In nearly all cases, these policies will exclude businesses that operate from within the home. They may cover some equipment, such as your laptop or tools, but it probably won’t cover most types of equipment, lost income, disability or lost data.
What Business Insurance Do You Need?
Like any other business, to determine the best type of insurance protection, start by considering your risks. Which assets and liability risks does your business face? Here are some considerations to keep in mind:
- Ensure your business equipment is protected. Your home insurance will rarely cover much equipment. A business property policy helps cover you.
- Consider liability risks. There are various types of liability risks most businesses face on a regular basis. Liability insurance can protect you from lawsuits, whether they are related to slips and falls on your property or product liability risks.
- Do you carry inventory? These assets will also need coverage.
- Do you operate a vehicle as a component of your business? It’s often necessary to purchase a commercial auto insurance policy here rather than relying on your personal auto plan.
- Do you have employees? You may need to have workers compensation in place to protect your business from employee-related injuries or illness.
Whether you are a real estate agent, consultant, delivery person or another type of at-home business owner, you need insurance to keep your company and your personal assets safe from risk. Customized insurance policies can help to reduce many of the risks you face and give you an affordable plan that minimizes risks associated with operating your business.
Protect your business, wherever it’s located. Call Salzberg Insurance Agency at (877) 757-6081 for more information on Norfolk business insurance.