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Friday, December 1, 2017

Home Based Business Insurance Needs

Home based business owners need to be aware of special insurance needs to protect their business from potential legal issues due to gaps in coverage from a standard homeowners insurance policy.

Generally, a standard homeowners insurance policy will not cover business operations out of the home.

They also will not cover business equipment and machinery operating out of the home.

This is why owners of home based business generally need to obtain special business insurance to cover business operations from a home.

Below are a common insurance policies home based business owners need to consider:

1-A Liability insurance policy to provide protection if a client or customer is injured while visiting the owners home.

2-An Equipment and Machinery insurance policy to provide protection if these items are damaged, destroyed, or stolen.

3-A Product Liability insurance policy to protect the business owner from product defects and the injuries they may cause a client or customer.

As a home based business owner, you will want to contact your insurance company as soon as you begin your business to insure the appropriate policies are in place to cover potential risks from operating out of a home.

Proper insurance can protect you and your business from various risks when operating your business from your home.

Working with your insurance company can help you obtain the appropriate insurance at the best possible price.

This article was written by Donald M. Scherzi, CPA, CFP, LLC
Mike Lupo, SCORE Counselor
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