Insuring a Home Based Business
Today more people are choosing to work from home with a home based business. Unfortunately many people make the mistake of thinking that their homeowner's insurance policy will cover their business as well. While you can add endorsements to your homeowners policy that can provide added protection, your best bet is to review your business needs and get a separate commercial policy.
>At Petruzelo Insurance we want your home based business to be successful so we offer the following tips on how to determine the coverage you need.
Business Equipment: Even if you are running a small operation out of your basement, chance are you are using some expensive computer equipment and if you have your own servers, printers, fax machines and other equipment the total value can be a lot. Do a thorough inventory of your business equipment and find out exactly how much it is worth so you can structure a home based business insurance policy that will cover you should any damage occur to your business equipment.
Liability: If you plan on having clients in your home office, you better be prepared to defend yourself. Any accident that occurs on your business property makes you liable and this can lead to an expensive lawsuit. Speak with your local insurance representative about liability coverage. Your homeowner insurance will have a liability section but this will not cover your business or its products. If your business manufactures anything you will also want to discuss product liability insurance as well.
Specific Risks: Every business is different and each comes with its own inherent risks. When speaking with your insurance agent, explain in detail what it is your business does so they can help you understand what risks may be applicable to you and how you can protect yourself with the right insurance coverage. For instance, if you are a financial planner and give misleading advice that causes a client to lose money, you could be sued. Having professional liability worked into your insurance policy may be in your best interest depending on the type of business you operate.
For more information on home-based business insurance in Connecticut, call: 1-866-479-3327
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