You may think that home-based business owners don’t need to worry about business insurance, but you would be wrong. Home-based businesses are at risk for many different types of lawsuits and other problems – especially in today’s litigious society. You can reduce your risks by purchasing a small amount of liability insurance to cover the costs of any accidents or injuries that occur on your property while someone is visiting your office space (or vice versa).
Business Insurance for Home-Based Businesses.
What is home based business insurance?
Home based businesses are sometimes considered lower risk than other types of businesses due to their smaller size or limited scope. However, home-based businesses may be even more at risk for lawsuits than their larger counterparts. Home-based businesses are home to many accidents and injuries that, if they occurred in a different type of business setting or location, would not be the home-based business’ responsibility. For example:
An employee injures his hand while using your home office printer – even though you require him to use proper safety equipment when operating machinery in your home office. An attorney files a lawsuit against you for not being properly insured – even though the injured party was an invited guest to your home and home-based business, not an employee or regular visitor. A customer slips on ice while walking from her car to your front door–even though she has never entered your home office before.
A home-based business may be liable for accidents or injuries that occur on their property – even if they are not directly at fault for the incident. This is especially true if someone was invited to enter your home office (or vice versa) and it can be proven that you did not take proper precautions to keep them safe.
Home based business owners need home-based liability insurance to protect themselves against lawsuits and other problems that can arise from accidents or injuries occurring in their home office (or home).
The Importance of a Good Policy.
A home-based business liability insurance policy should include:
Liability protection. This will reimburse you for medical expenses and any other associated costs if someone is injured on your property during a home office accident or incident. Property damage coverage. If an object such as a piece of heating equipment malfunctions and causes accidental fire, this part of the home-based business home insurance policy will reimburse you for the cost of replacing damaged property. Home-based business owners should also consider purchasing additional home-based liability coverage to protect themselves against lawsuits for bodily injury or other damages resulting from their home office accident.
How to Find the Right Coverage for Your Needs.
When shopping for home-based business insurance, home-based businesses should:
Check with their homeowners’ or renters’ insurance provider. Many homes and renters’ insurers offer additional coverage to home based business owners at a reasonable price since it is in the insurer’s best interest to reduce claims related to home office accidents. Compare multiple providers online before making a home-based business home insurance purchase. You can use free online home-based business home insurance comparison websites to find competitive quotes for home office liability coverage in minutes!
Find the best home-based business insurance policy that meets your individual needs by comparing home or renters’ insurer quotes, reading customer reviews, and getting help from a trusted agent who specializes in covering home-based businesses.
What is Covered by a Typical Policy and What Isn’t?
Home-based home business insurance policies typically include liability protection for home office accidents, property damage coverage if an object malfunctions and causes a fire or other accident and coverage to protect against lawsuits relating to bodily injury or damages resulting from home-office related incidents.
A typical policy does not cover:
Personal injuries incurred by the home-based business owner while working in the home office. Damages related to home-based business equipment that is stolen or damaged by natural disaster (unless additional home insurance coverage for this type of incident has been purchased).
Tips on Saving Money with Your Plan.
Finding the right home-based business home insurance policy doesn’t have to be difficult – especially if you’re willing to put in some research time. Here are a few tips on finding an affordable home-based business home insurance plan:
Combine your home and renters’ or homeowners’ policies for savings. Ask about bundling multiple home related policies into one home-based business home insurance plan. This will help save home based businesses time and money when shopping for home office liability coverage. Locate discounts that can reduce the cost of your policy (such as a safe driving record, claims free discount or other financial incentives). Shopping online is one of the best ways to find multiple quotes quickly. Work with a home-based business home insurance specialist (or an agent who specializes in home-based businesses) to find the best policy for your needs.
Why You Should Consider Additional Coverage Options.
Home-based home businesses are at risk for all kinds of accidents and incidents, not just those that occur in the home office. If you work from home, it is especially important to review your existing liability insurance policy or consider purchasing additional coverage options – including business property insurance if equipment is stolen or damaged by fire or other natural disaster.
If you want to discuss options for home-based business insurance, please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:00 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
Robert Macoviak is the President of Oyer, Macoviak and Associates. Oyer, Macoviak and Associates is the oldest independent insurance agency in Boynton Beach and has been in business since 1953. Oyer, Macoviak and Associates are vested members of the community who are committed to doing business face-to-face and being your insurance advocate in times of need.