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Is Your Home-Business Insured?
Most people don't consider getting business insurance when theywork out of their homes. For many home businesses, it may not benecessary. This article will help you decide if you needadditional insurance coverage for your home business.Insurance helps protect your business against losses from fire,illness, and injury. You should not operate without it. If youare running your business out of your home, your homeownersinsurance will probably protect you against most accidentallosses. Check with your insurance carrier to make sure that yourcoverage includes business use of your home. If not, you shouldadd the insurance you need to your existing policy. You may needto add additional coverage to include Product Liability. Thepurpose of Product liability insurance is to protect you in theevent your product causes injury to the consumer. While you mayor may not think this is necessary, you would be better safethan sorry if a consumer sued you because your product injuredthem.Disability Insurance is a kind of health insurance that willprotect you, should you become disabled and unable to work,provide for your family and meet your financial responsibilities.Auto Insurance may be necessary if your personal car is used inyour business. Most (if not all) states require that anindividual must have auto insurance in order to operate a motorvehicle. Getting caught without it usually results in a trafficticket and some pretty stiff fines.Medical Payments Insurance is necessary if someone is injured inyour home whether or not it was your fault Most homeownerspolicies include this as a standard portion of the policy, butcheck with your agent just to be sure you are adequately covered.Worker's Compensation Insurance will probably not be necessaryif you are working out of your home, however, if you haveemployees it is a requirement in order to protect you, thebusinessperson, as well as the employee from losses due toaccidents on the job.Business Interruption Insurance is not something we want toconsider, however, it is an extra protection you might wish toadd to your policy. In effect, if your business is damaged byfire or circumstances beyond your control prevents you fromoperating your business and you must totally or partiallysuspend operations, this insurance will help protect you fromtotal losses while you rebuild your business.Keep all your insurance records and policies in a safe place. Abank safe deposit box or home safe is ideal. Although we don't like to think about the unpleasant "what if's"in life, it is often better to be prepared than to face theunnecessary expense of loss. Insurance can help protect yourhome business if you take the time to evaluate your businessinsurance needs.
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