Do you operate your business out of your home? If so, you’re among the approximately 38 million other Americans doing the same thing. Working out of your home is a convenient alternative to renting an office, especially if you’re just getting started. However, if you are operating a home-based business, you’ll want to be sure you have the right type of business insurance. People often think that if their business is in the home then they don’t need anything else because they have homeowner’s insurance, but this is usually not the case. Here are 3 types of insurance for home-based businesses.
Rider/Endorsement to your homeowner’s policy
This is for businesses that are quite small and do not expect much traffic, but still need a bit of extra coverage for their equipment. The cost is minimal and the coverage is moderate. It would be ideal for a single-person operation.
In-Home Business coverage
If your business is doing more substantial work, then you’ll want to investigate your options for in-home business coverage. This usually covers such things as theft of your funds when going to the bank to make a deposit or loss of important documents. If you have employees, then you will want to have this type of policy. If an employee is injured you are protected. Rebekah Marshall, an insurance manager at the National Federation of Independent Business says, “This covers business equipment and liability [for injury]. That’s important if people are coming in and out.”
Business owner’s policy
This type of policy is similar to what a business that’s not in the home would have. The coverage is comprehensive and includes liability issues, loss or damage to property or equipment and even loss of income in the case that your business is interrupted. Check with your insurance agent for the details.
It’s important for business owners who operate out of their home to be protected against loss, damage, or liability. At Oyer, Macoviak and Associates, we specialize in helping businesses get the insurance that’s customized to their needs. If you would to like to discuss your options for your home based business insurance please call us at 561-732-9305 our quoting hours are Monday through Friday from 8:30 AM to 5:30 PM. In addition, you can request a quote online. Please remember, We Handle All the Work, While You Save!
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Rob 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.