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Business Briefs

Home-based business owners – do you have business insurance?

The dream of owning a business is becoming a reality for thousands of people each year.For many of these would-be captains of industry, that means starting the operation at home. From scrapbooking to software developers to online sellers, your business may be in jeopardy without the right business insurance.Business insurance is important because most homeowner policies place low limits or no coverage on business-related exposures. For instance, a copier or fax machine used for business and damaged in a fire may not be fully covered because it is considered business property.A homeowner’s policy does not cover business liability, loss of income, inventory replacement and many other important items. As an example, if a client were injured at your home while conducting business or a delivery person was injured while delivering business related items, your homeowners’ policy would not apply. Or, if you were providing the tools to scrapbook at another location and someone was injured, you could be held responsible. Anyone who operates a home-based enterprise and does not have the proper insurance coverage is putting his or her business and personal assets at risk.Business insurance may provide many or all of the following coverages:

  • Accidental direct physical loss coverage for business personal property
  • Broader off-premises property coverage
  • Loss of income
  • Extra expense coverage
  • Contractual liability
  • Liability of employees while acting within the scope of their employment
Many entrepreneurs start their businesses on shoestring budgets trying to cut corners by keeping expenses at a minimum. In many cases, a business insurance policy can be purchased for as low as 50 cents per day. When you consider what you get, business insurance becomes a tool you can’t afford to work without.

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