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Starting a new business is always exciting, especially when it allows you to work from the comfort of your home. However, before you even open your doors, you’ll want to make sure you have the right business insurance in place to protect your new operation. Even the best coverage can leave gaps, exposing business owners to risk what otherwise shouldn’t be there. There are a few common coverage gaps you need to be aware of when searching for commercial insurance coverage.

3 Business Insurance Coverage Gaps to Avoid at All Costs

1. Not Enough Insurance Coverage

Business insuranceIf you’re renovating your home to add on a dedicated home workspace, the addition may change the overall square-footage and value of your home. This directly impacts your homeowners’ insurance policy and could leave you with a gap in coverage. Before you start the renovation, discuss the changes with your insurance agent, and make sure you have enough coverage to protect your entire home post remodel.

2. No Life Insurance

Many employers offer life insurance as part of their benefits package. However, when you’re self-employed, it’s up to you to find the policies you need. For this reason, many small business owners, whether they work from an office or home, often neglect to purchase life insurance. Without this policy, your company may not have the financial strength to survive should you pass away.

What’s worse is you may also leave your loved ones with the burden of repaying your business debts, as well as struggling to find a way to supplement their income. Purchasing a policy will ensure that your beneficiaries receive the funds they need to keep your legacy alive.

3. Liability Is a Major Concern

While you’ll have less to worry about if you’re the sole proprietor and only see clients outside of your home office, liability can still be a big concern. Business liability insurance will protect you financially if one of your clients get injured on your property during the course of business. Your homeowners’ insurance policy’s liability coverage only extends to personal guests and residents in the home. If your client is injured on your property while visiting you in your home office, you’ll be liable for their medical expenses out-of-pocket.

 

If you’re starting a home business, let the experienced team at Michael E. Glick Insurance in Boerne, TX, find the right business insurance policies for your needs. Their dedicated agents will get to know you and your business and create a unique commercial insurance policy for your operation. Learn more about their coverage areas onlineand call (830) 816-9488 to schedule a free no-charge insurance review.

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