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Insuring your Home-based Business

Let’s face it. Launching and running a business takes capital, motivation and yes, even physical stamina to handle the stress and demands of a new or growing venture. And it’s risky. In fact, one out of every five businesses fails within the first five years of opening.

Handling inventory, scheduling time, purchasing supplies, handling payroll — there are a myriad of procedures every home or small business entrepreneur needs to know, but one of the most critical and often neglected is buying proper insurance coverage.

TAKING A BUSINESS INVENTORY

What would happen if a fire or other disaster destroyed your property, making it impossible for you to get back to business right away? Would you remember what property had been destroyed? One way is by taking a complete inventory of all your personal business property, determining its value, and deciding what’s worth insuring. Having an up-to-date business inventory will help you get your insurance claim settled faster, verify losses for your business’ income tax return and help you purchase the correct amount of insurance.

Start by making a list of personal business property, describing each item and noting where you bought it and its make and model. Clip to your list any sales receipts, purchase contracts, and appraisals you have.

WHAT’S THE RIGHT COVERAGE FOR YOU?

When some entrepreneurs think about how to start home businesses, the last thing they think of is "Am I insured for this?"
It’s a common mistake to assume your homeowners policy protects in home businesses, crafts or hobbies from losses. Typically, they do not.

DON’T COUNT ON GOOD LUCK TO PROTECT YOU

If you have businesses you run from home – either full-time, part-time, or as a hobby – you may be surprised to learn that many homeowners and renters policies do not cover losses from business activities. That means you could be out of luck if you have a property loss or liability claim related to your work based from home. If you take a moment to add up the amount of inventory and equipment alone dedicated to this business, it can add up very quickly!

WE CAN INSURE YOUR HOME BUSINESS PROPERLY

For peace of mind knowing your home business is insured correctly, contact us for a home business insurance quote today.

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