What You Should Know About Home-Based Business Insurance
Did you know that 50% of small businesses in the United States are home-based? That's around 15 million home-based businesses.
Are you one of the many businesses operating entirely from your home office or home workspace? You should consider protecting your at-home business by purchasing home-based business insurance. If you don't know anything about this type of insurance, we will discuss what is included in a policy and who should consider it.
What Is Home Business Insurance?
No matter what kind of business you are running from your home, whether a coaching business or an artisan food one, you should protect yourself, your business, and your assets from liability. After all, you've worked hard to start your business. You don't want to potentially lose your profits by having it drained away in legal fees.
That's where insurance for the home business comes in. Home business insurance can provide coverage, even if you have homeowners or renters' insurance. There could be gaps in both a homeowners or renters' policy that does not protect a business located in a residence.
With HomeHQSM from PolicySweet®, you could obtain three of the following coverages combined into one policy! General liability, business property, and inventory coverage are included. It could make it easier to buy one policy rather than purchasing three separate ones.
More details on what each of these coverages consist of are below:
Business Liability Insurance
If you have people coming in and out of your home business, you might want to obtain business liability insurance. This could protect your home-based business against third-party bodily injury, associated medical costs, and legal claims filed against your business.
Business Property Insurance
In this world, you can never be sure about anything. And that includes harm to your business equipment and tools due to random occurrences.
With home-based business insurance in place, you may be protected against loss due to fire, wind, and more.
Business Stock Insurance
You can't keep an eye on your inventory at all times. When you go on vacation, or you are away from your home, there is the potential that your inventory could become damaged.
Insurance for a home-based business could protect you from several losses and helps reduce the financial risk to your business.
Why You Should Consider Home-Based Business Insurance
If you are an entrepreneur who works from home and feels your business isn't big enough or warrants home-based business insurance, think again. There are many reasons why you should think about getting home-based business insurance.
Customer or Client Visits to Your Home
Even if most of your business is conducted through Zoom calls or on the phone, there might be some occasions when your client or customer visits your home office. It could be only for a few hours a week or a month.
Or you might hold many in-person meetings and have customers visit your home business regularly.
Whatever the case, a home-based business insurance policy could protect your business from lawsuits involving third-party injuries while conducting business at home.
There's no way to predict when such a scenario might occur, but it can be a good idea to help protect yourself just in case. This way, you can worry less about paying out of pocket for claims or legal costs.
Your Business Operates From a Mobile Space
Do you perhaps sell your products from a cart or kiosk on weekends? Whatever the case might be, mobile spaces can also be protected by a home business insurance policy.
Business Equipment Should Be Protected
You probably have tools and equipment stored and used in your home office for your business. Some of these could be quite expensive and hard to replace. That's why a home-based business insurance policy can be helpful in this regard.
It may cover your general partnership business if you need to replace or repair equipment. Sometimes the cost of replacing or replacing equipment could be enough to cause your business to fail or go under.
Don't hesitate to consider purchasing a home-based business insurance policy like HomeHQ.
Your Business Carries Inventory
Some home businesses rely upon and sell physical products, like clothing, shoes, or other items. If that's the case for you, then a home business insurance policy could cover you if your general partnership inventory gets lost or damaged.
Other Coverage to Consider
If you have a home-based business, then it is likely that you could be the only employee of the company, especially if your business is new. But as you grow your business and become more successful, your need to hire employees could also increase.
You might want to consider purchasing Workers' Compensation coverage in that case. With this coverage, you can protect your employees if they are injured while on the job.
Get a Quote on Home Business Insurance Today
There's no need to delay any further. Get a quote on a home-based business insurance policy for your general partnership today and get covered ASAP.
Don't assume that just because you own a home business, you don't need to be covered or that you can do without home-based business insurance. You can figure out what it could cost to obtain a home-based business insurance policy in just a few steps, so start a quote with us today.