Does Your Home-Based Company Have the Business Insurance You Need?
When starting a business, your home may be the best place to maintain your office and store inventory, especially if you work online. Your home insurance policy, on the other hand, may not be the best coverage for your investments, and it usually won’t compensate you for losses of products equipment and other assets. If you run a commercial operation out of your home, it’s important to have a business insurance policy tailored to your needs.
Additional Insurance Riders
If you don’t have a lot of equipment and wouldn’t lose much income if a fire or other accident made your home unusable, you may be able to get by with adding an additional insurance rider to your homeowners or renter’s policy. A rider can be very affordable, but it will usually only get you about $2,500 in additional coverage, with no protections against liability or lost income.
In-Home Business Insurance
If your business is larger, with a couple of employees and visitors who actually stop by your office, an in-home business insurance policy may be your best bet. These policies will typically provide up to $10,000 in coverage, with liability protection in case someone coming for a meeting suffers an injury on your property. However, bear in mind that regulations differ from one state to the next, so you’ll want to check with your business insurance agent to ensure these policies offer the coverage you need.
A Business Owner’s Policy
Just because you don’t maintain a separate location doesn’t mean you aren’t exposed to the same risks as larger businesses. Business owner’s policies provide the comprehensive coverage you need, with protection against liability for customer injuries, malpractice claims, and loss of income.
If you’re operating a home-based business anywhere in the Minneapolis, MN, area, Farmers Insurance: Daniel Oliver has the expertise and business insurance products to fully protect the value of your investments. For more information and to request a quote, visit their website or call (952) 925-4454, and follow their Facebook for more tips and updates.
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