Do you run a business or part-time job outside your home? You may be wondering if your homeowner policy provides the protection you need or if you need a commercial policy.
Home businesses come in all shapes and sizes. They have different teams, different risks and different needs. This means that your coverage may look different from other home-based businesses.
When deciding on home business insurance, there are some important things to keep in mind first:
- Your industry and your interaction. You may be running an independent accounting firm and are self-employed. Maybe you run a home hair studio with frequent client visitors. Maybe your team will meet at home for meetings. The insurance need for all these scenarios will look different.
- Your team. Similarly, your industry or your interaction can control insurance needs, so will your team. More employees can mean more or different coverage.
- Your transport. Do you drive or transport goods from home? Are you, your goods and your vehicles covered for it?
- Your sensitive information. If you store customers' personal or sensitive data at home, you need coverage in the event of a fire, loss or data breach in the home. Your homeowner can cover parts of home-based business risks already. Do not pay for a separate insurance if you do not need it. And just as importantly, make sure your current homeowners policy provides adequate coverage. Talk to an agent about reviewing your policy.
- When a commercial policy is needed. When your homeowner policy does not provide sufficient coverage for your business, a commercial policy may be in place, such as a business owner policy or business package. Talk to an agent about the coverage that is right for you.
After looking at your existing coverage, consider additional home-based business insurances such as:
Workers' Compensation – To protect your team's income when they experience illness and injury.
19659011] Cyber insurance – For increased peace of mind against ransomware, phishing attacks and other cyber threats.
Commercial car – For unexpected turns when your company vehicle is on the road.
Now that you've got to know the basics of home based business insurance, talk to one of our local, independent agents about your unique coverage needs today.