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It is estimated that 61% of home-based businesses in America lack adequate business insurance. One reason small business owners forgo business insurance is because they may think that their in-home operations are already covered by a homeowner's or a renter's policy. But most home-businesses have little or no coverage from a homeowner's or renter’s policy. If you file a homeowner's (or renter's) claim for losses sustained by a previously undisclosed home-based business, your insurer may refuse to cover it or could cancel your policy.
For example: If a business delivery person comes to your home’s door with a business package in hand and slips on an icy walkway and gets hurt, there is no coverage for that injury in a homeowner's policy.
If you’re doing business at home, it’s good business to have insurance. You can choose from one or more of these three basic types of insurance, depending on your business's complexity and type.
1. Rider to a homeowner's or renter's insurance policy
The most inexpensive home-based business insurance is an add-on or rider that expands a homeowner's or renter's policy to cover the company. Such riders are not expensive, but the protection they provide can be critical.
This type of insurance may be appropriate for a one-person business without a lot of equipment or inventory, who would be unlikely to suffer a major loss if unable to operate for a while as a result of fire or another disaster. Such coverage may work, for example, for an accountant who works at home preparing customers' taxes and delivers the returns via email. But it could still leave you exposed and liable if a delivery man with a business package slipped on the walkway.
2. In-home business policy
An in-home policy covers a broader spectrum of contingencies, including loss of critical documents or theft of funds being taken to the bank for deposit. An in-home policy, protects against injury or theft covering as many as three employees.
An in-home policy will cover business equipment and liability for injury, which is important if clients, employees, vendors and/or delivery people are coming in and out.
3. Business owner's policy
A comprehensive policy is what brick-and-mortar retailers tend to use. Such a policy usually covers damage to or loss of business equipment and other assets, liability for customer injuries, loss of critical records, malpractice or professional liability claims, and loss of income or a business interruption in the case of a power outage or a natural disaster. Such a policy might also protect you when driving a personal vehicle for business purposes.
As your company grows, it may require additional coverage not covered by a business owner's policy, such as life insurance, workers' compensation, and business-vehicle insurance. But for most small businesses, the business owner's policy can provide a suitable basic safety net.
If you have additional questions about the right kind of insurance for your home-based business, Call us! We’ll be happy to help you understand your options.
Peace, love and Gumbo!
Contact us today and we'll be happy to talk with you about your home-based business needs.
I wish you peace, love, and gumbo!
Marvin LeBlanc, LUTCF, CNP
615 Central Ave, New Orleans, LA 70121
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