People who work out of their home commonly believe that their homeowner’s insurance policy will protect them from business losses. They find out too late this isn’t the case, such as when a client is injured, or they lose their inventory in a fire. If you are a home-based entrepreneur, taking the time to research different types of business insurance is essential to your financial well-being.
Adding a Rider
If you have no employees, don’t see clients in your home, or don’t keep products on hand for resale, you can probably get by just adding a rider to your existing homeowner’s or renter’s insurance policy. The cost is typically minimal, and you have the assurance of at least some protection against business losses that occur in your home.
In-Home Business Policies
This type of business insurance policy is appropriate for people who transport cash, handle critical documents for others, or a variety of other scenarios that increase risk. You may want to consider an in-home policy if you have between one and three employees since it covers their actions as well. The most typical claims under this type of business insurance are for employee injury or theft. However, it’s most common among those who operate a part-time or low-revenue business.
Traditional Business Owner Policies
You may want to consider this option if you desire to have more than $10,000 of insurance coverage. A business owner policy guards against losses like those faced by companies operating in a traditional setting. These may include professional liability or malpractice claims, business interruption income, customer injuries, damage to equipment, or loss of essential business records.
Helping You Find the Right Policy for Your Home-Based Business
As an independent agent with Oyer, Macoviak and Associates, I contract with several Florida insurance companies offering a wide range of business insurance products. Please contact us to start the process of finding the financial protection you need.
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.
