Home-Based Businesses,  Are YOU Covered?

Many successful entrepreneurs and small business owners operate their businesses from the comfort of their homes. But just because you can run your business wearing your PJ"s doesn't mean that it's not a real business. 

Statistics states that in the United Sates 19 million businesses are home-based. And you know what? Many home insurance policies do not provide coverage. IF they do by endorsement, the coverages offered are limited when compared with other options. 

Hopefully, you are not relying on your homeowners insurance policy. To date as many as 44% of home-business owners are aware their business is uninsured but have not secured coverage, according to a recent research study.

Post Pandemic - it is projected home-based businesses will have growth in 2023 and will continue to rise.  

Home-based businesses can be very diverse and might include: marketing, IT, tutoring, ecommerce, accounting, web design, photographers, caterers, and more. Have you checked with your insurance agent to discuss and assess your individual needs.

Here are some points to consider when working with your insurance agent:

 What liabilities exist within your business?

 Do you store inventory?

 Do you have employees? If so, how many?

 What are the unique risks your business may face?

 Do clients visit your home/property to conduct business?

 Do you use your personal vehicle for business?

 Do you store personal or financial information of clients?

 Where do you conduct your business?

There are many carriers who offer a variety of coverage and the the ability to offer protection in the name of an individual, corporation, LLC, or partnership.

Additionally, coverage can provide coverage for employees, professional errors and omissions, and off-premises liability coverage.

Home-based business insurance can include the following coverages:

 Business liability coverage  Business property coverage  Employee practices coverage  Electronic data processing equipment coverage  Loss of income coverage  Accounts receivable coverage  Professional liability (Acts coverage)  Product liability coverage  Business interruption coverage.  Workers’ compensation coverage  Fidelity coverage  Business vehicle coverage Liability lawsuits are the most common cause of loss among home-based businesses.

Don't put your new business in a vulnerable state. The financial pressure of start-up costs and generating a reliable profit is stressful. You took the plunge now protect your business from loss with the right Home-Based Business coverage.