As the owner of a home-based business, you have unique risks and liabilities that typical businesses do not have. There is a very high chance that you do not have enough insurance to adequately protect all the equipment that your business depends on.
Many owners of home-based businesses wrongly assume that all of their business equipment will be protected under their homeowners’ insurance policy; however, you can only receive $2,500 of coverage under the standard policy. No matter what type of business you run from your home, you need a professional liability insurance policy. There are a variety of options available to you when choosing how to insure your home-based business, including:
- Depending on your home-based business’ particular needs, you may be able to add coverage as an endorsement to your existing homeowners’ insurance policy. This will allow you to increase coverage up to $10,000 at increases of $2,500.
- You can also choose to purchase a homeowners’ liability endorsement, which will provide you with protection in the event that delivery personnel are injured on your property. Chances are you will only be provided with this insurance opportunity if your business involves very few business-related visitors.
- While these types of insurance policies vary greatly among insurance companies, you may be able to purchase an in-home business policy to secure your assets. This policy will typically include broader liability insurance for a higher amount, and may protect you against legal fines.
- As your home-based business continues to grow, you may need to purchase a business owners policy. Designed for small-to-medium-sized businesses, this policy will provide your business’ property and equipment with protection. Loss of income, extra expenses, and liability coverage will also be included in this policy.
We want to provide you with a sense of confidence knowing your home-based business is receiving the necessary protection. Allow us to help you determine which type of insurance policy will best suit the needs of your home-based business. Contact Scautub Agency for all of your Scotia, New York business insurance needs.