do you run a business from home? Do you know that your home-based business, regardless of its operating base, needs insurance coverage? This post will help you discover business insurance companies that you can contact for your home-based insurance needs.
Most businesses and start-ups started as home based businesses and this is not a new thing considering the cost of having to get a property for your company or staff. It will benefit your budget more if you stick to running your business from home.
If you have a business idea, you have trained and discussed and you are skeptical of running it because of the cost of securing a premise for your business business, stop your skepticism and start your business from your home.
Amazon and Apple which are now big companies and giants in online shopping and electronic niches respectively all started as home businesses. They first grew to become industrial giants much later.
Starting your own business at home is not a limitation. One advantage is the cost efficiency it provides. Your home business prevents you from worrying about paying for rents and other bills that come with having a property that is specific to your business.
But there is something you have to worry about and that is insurance. Your business, even if it is domiciled and operates from your home, must be covered by insurance.
A business insurance policy usually protects you, your personal assets and business assets from lawsuits, fire outbreaks, natural disasters, property damage, product loss and other unexpected disasters.
This is necessary because even if you run a home-based business, it is not an exception to such unfortunate events. Whether your business operates on a large scale or on a small scale, the threats are no different.
Quite a handful of start-ups and small businesses, especially those starting from home, are often vulnerable to threats and in most cases when they are hit by unexpected events that they can not survive and continue to do business.
So if you are already running your home business or want to start one, consider getting a business insurance policy. This will help you and protect your business from being adversely affected by particular business threats, challenges and risks.
Types of Business Insurance Policies for Your Home Business
The following are some business insurances that you should get for your home business. .
first General Liability Insurance
This insurance policy covers and protects your home business from financial losses resulting from defending litigation, copyright infringement, property damage and personal injury.
It is an insurance policy that has a provision for all types of companies regardless of business size, nature and scope.
2nd Product liability insurance
Product liability insurance may not apply to your home business if you do not trade in products.
When your home business is about manufacturing, distributing and retailing a product, you need insurance coverage to protect your business products from theft, loss or damage. It will help you mitigate the effects of any of these events.
3rd Business Owners Policy (BOP)
Business Owners Policy (BOP) is an insurance cover that covers all the necessary insurances that every business should have. It combines the general coverage options for all companies.
4th Insurance Interruption Insurance
An insurance interruption insurance covers the expenses that your home business may incur when an event prevents you from continuing your business.
For example, a fire or burglary may cause you to pause your business for a certain period of time. This temporary stop can cost your business some expenses that your business break insurance policy will cover.
After knowing the business insurances of your home business, these are some of the best business insurance companies that offer insurance coverage for home based businesses.
Top 5 Home Insurance Companies in the United States
1. State Farm
State Farm is one of the leading insurance companies in the United States located in Bloomington, Illinois. State Farm is ranked 36th on the Fortune 500 list of largest companies based on revenue. State Farm has been the No. 1 home insurance company in the United States since 1964.
They offer car insurance, life insurance, health, liability and function insurance, small insurance, home and property insurance.
For your home business, you can get both small business insurance coverage and homeowners insurance coverage. This will protect your home based business from natural events like lightning, snow or sleet, storm, etc. And from events such as a fire outbreak, vandalism, explosion and riots in your home. Policies that usually cover the general insurance needs of your business.
2nd Nationwide Insurance
Nationwide Mutual Insurance Company is a group of large US financial and insurance service companies headquartered in Columbus, OH.
They offer insurance, pension and investment products that protect your home-based business by offering commercial, life, car, pet and homeowners insurance.
In 2017, Nationwide Insurance had a total asset of $ 230.6 billion and a net profit of $ 520 million. They are a great option for getting general liability insurance for your business.
3rd Liberty Mutual
Liberty Mutual Insurance is the third largest property and accident insurance company (USA). It is ranked 75th on the Fortune 100 list of the largest companies in the United States and is headquartered in Boston, Massachusetts.
Liberty Mutual is popular with business insurance companies in the United States because they provide a variety of commercial coverage from real estate and personal injury and employee benefits.
They would effectively cover all losses incurred as a result of property damage and damage.
Like Liberty Mutual Insurance, Hiscox Insurance offers insurance to companies with a special interest in small businesses. Coverage from Hiscox includes general liability insurance, Business Owners Policy (BOP), short-term liability insurance, cybersecurity insurance and employee compensation.
When it comes to small business, Hiscox USA is the insurance company to trust. It was founded in 1901 and has since provided insurance solutions to small business owners in over 14 different countries as part of the Hiscox Group.
Based in Chicago, Illinois, Hiscox Insurance has a presence in all of the 50 states that make up the United States of America including the District of Columbia.
5th Travelers Insurance
The last but certainly not least on our list of best business insurance blogs to get insurance coverage from your home business is Travelers Companies Inc., often known as Travelers.
Travelers is a New York-based insurance company that is ranked 2nd on the list of largest insurers of American non-life insurance for commercial real estate. The insurance company raised sales of $ 31.58 billion in 2019 alone.
This puts them ahead of Liberty Mutual as the preferred choice of coverage and non-life insurance coverage.
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It does not matter if you have a home business or a large company, insurance coverage is important for your business.
With these five business insurance companies, you can be sure of getting the best insurance coverage for your home business.