Insurance For Home Based Business – To run a successful business, you have to take some risks. But taking risks doesn’t mean you shouldn’t do a little small business risk management to protect your business from losing money. While you can’t avoid all threats, some types of commercial insurance can help lessen the financial blow when the unexpected happens.
If you are affected by a natural disaster or other declared emergency, other help may be available. For more information, download our free guide to navigating disasters and emergencies.
Insurance For Home Based Business
Business insurance coverage can protect a business against financial loss related to qualifying events, such as property damage, accidents, or loss of business income. Just like home insurance or auto insurance, insurance providers reimburse you for some or all of your losses if your business is affected by a covered event.
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You can choose different types of business insurance depending on your industry and needs. The insurance you subscribe to determines what potential events your business is protected against.
Don’t wait to find out what type of insurance you need until you’ve suffered a loss. Avoid a costly disaster by protecting your business in advance.
Before signing up for any available insurance, assess your company’s most important risk factors. Next, understand the basics of what each type of small business insurance covers.
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Check out these nine types of small business insurance you may need to protect your business.
General liability (GL) insurance protects your business if it faces property damage, bodily injury or personal injury claims caused by operations. Errors in your business operations can physically harm someone or their property, damage someone’s reputation, or interfere with privacy.
For example, you own a construction company. If business operations damage a customer’s property, general liability insurance would cover the cost of the damage.
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Please note that general liability insurance does not cover all types of claims. Check with insurance companies to find out what types of claims they cover.
You can get general liability insurance on your own. Or, you can bundle it with property insurance under a business owners policy insurance plan (discussed below).
Who should take out this type of insurance? Consider protecting your business with general liability insurance if you see clients in person, have access to their property, or represent their business.
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Errors and omissions (E&O) insurance, or professional liability insurance, covers claims made by customers against your business. If you provide a service that does not deliver the promised results, a customer may sue you.
Who should take out this type of insurance? You should have E&O insurance if you provide recommendations, advice, guidance or services. Common business owners who have this type of business insurance include doctors, lawyers, accountants and event planners.
Business interruption insurance, or business income insurance, is insurance coverage that replaces lost income if a disaster (eg, storm, theft, etc.) occurs and you need to close temporarily.
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Business interruption insurance is usually part of a business owner’s insurance policy. If you’re interested in protecting your business against disasters, talk to insurance companies to see what interruption coverage is available.
Who should take out this type of insurance? Business owners with physical business locations often opt for business interruption insurance.
Cyber insurance is protection that can help protect business owners from cyber attacks and hacking threats. Note that it does not prevent cyber attacks, it only helps you with costs if you are a victim.
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Who should take out this type of insurance? Businesses that handle any type of personally identifiable information (PII) may consider cyber insurance.
Workers’ compensation is state-mandated insurance that protects businesses if an employee becomes sick or injured on the job. Most states require businesses to have this type of business insurance.
You can usually get workers’ compensation insurance through a private insurance company. However, you must obtain workers’ compensation coverage through a state fund if you do business in North Dakota, Ohio, Washington, or Wyoming.
Insurance For Home Based Business
Who should take out this type of insurance? Typically, any business that has employees must take out workers’ compensation insurance.
Commercial property insurance protects your company’s tangible assets from loss. What is tangible? These are physical assets that add value to your business, such as your building, inventory, signage, and equipment.
In business, fires, storms or other natural disasters can cause damage to your physical property. Theft or vandalism can also damage your business property.
Is Business Insurance Required For Your Home Based Business?
A home-based business insurance plan covers business losses that occur in your home. Home-based business insurance goes beyond homeowner’s or renter’s insurance to cover commercial losses.
Who should take out this type of insurance? Home businesses may consider signing up for this type of small business insurance. You can also look into business home insurance if people (eg customers, employees, partners) come into your home for business activities.
Commercial auto insurance covers the vehicles (eg cars, trucks, vans) that you use to run your business. This type of small business insurance is similar to personal auto insurance.
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Commercial auto insurance offers different eligibility options, coverage and personal policy limits. You can have many vehicles covered by a commercial auto insurance policy.
Who should take out this type of insurance? You may consider commercial auto insurance if you use vehicles frequently to operate your business. Some examples of companies that have this type of small business insurance include trucking, plowing and delivery companies.
BOP insurance does not include coverage for commercial vehicles and E&O. They are also not part of a BOP. You can add other types of insurance (like those listed in this article!) in a BOP.
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Who should take out this type of insurance? Any business owner should consider getting a business owner insurance policy. With a BOP, you get other types of insurance (for example, general liability, business interruption and property) together.
Get started with free payroll setup and free expert support. Try our payroll software on a free, no-obligation 30-day trial. Whether you’ve been running your own home business for years, just started a business, or are considering starting one, it’s always helpful to review and understand the requirements for operating your business safely.
And when it comes to having the right insurance options, understanding the specific coverage needs of your business is critical. Hopefully you already have home insurance, but depending on the type of business you run, you may also need home business insurance.
Home Based Business Insurance
In most cases, home insurance policies do not cover commercial activities. It may cover certain items, such as office supplies, but probably won’t cover equipment, stock or specialty goods. And in some cases, your insurance company can cancel your home policy if you need to make a claim and you don’t disclose that you have a home business.
Home insurance covers everything that makes a home a home; can cover the cost of repairing damage caused by flood, fire or other natural disasters, as well as replacing your personal belongings. But home business insurance can cover supplies and potential problems specific to your business.
The bottom line is that your business requires different protection than your home. From an insurance point of view, it makes no difference whether you operate a business from your home or off a place of business; you will always need specific protection for your business activities.
Home Based Business Ins Infographic
Home-based business insurance is a specific policy or add-on to your home insurance policy that can cover property and inventory, liability, tools or equipment, and even perils cybernetics Here are the coverages most businesses need that aren’t covered by home insurance:
Let’s say someone gets hurt at your business or a product/service you sell causes injury or damage to a customer or their property. In this case, liability coverage can help cover expenses, legal fees and lost wages.
If something like a theft, fire or flood affects your business, property insurance can cover the cost of replacing or repairing your workplace, computers and your stock or inventory.
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For construction or trade workers, you can get cover for tools and equipment you leave on the job site or store at home between jobs. This may also include transit floatation insurance to cover any items after they leave your property until they reach their destination.
Cyber insurance is quite diverse, but the most common cyber protection is if your business is the victim of a data breach. Coverage helps protect your business if customer information is compromised by notifying them and providing credit monitoring.
There are many different things to consider when creating the right policy for your home business. As a business owner, you want to make sure you have the coverage you need and don’t pay for any of your coverage.
What Insurance Do You Need To Run A Home Business?
At , we understand what it means to run a business in BC. Our online tool will help you identify your coverage needs, provide you with a personalized quote and purchase your insurance policy on the same day. And if you have any questions along the way, our small business insurance advisors are ready to help you online or over the phone.
If you ever need to make a claim, you’re covered by BC’s largest insurance provider with award-winning service and a local emergency claims team available 24 hours a day. Peace of mind knowing your business is protected
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