Have you thought about whether you have the proper insurance coverage to include your home business and your business activities? Insurance is one of those things that is easy to overlook…until it’s too late. Here are some suggestions for evaluating whether or not you may need additional insurance or need to upgrade your home owner’s policy…
Your business insurance needs will depend on they type of business you operate. Of course, if you have a home day care or provide care for seniors in your home, you will need adequate insurance to cover injuries, accidents and other potential mishaps. Additionally, if you keep a substantial amount of inventory with a high value in your home or on your property, you will likely want to make sure you have enough of the right kind of insurance to cover the value if there is theft or loss.
But, what if you are a caterer, wedding planner, or someone who does special events? Your insurance needs will depend on how you operate. You may need a business insurance policy or you may be able to get riders on existing insurance policies to cover one-time or special events. Your best bet is to check with your insurance agent for advice on how best to keep yourself covered without over-insuring.
For a home business owner who operates more as a consultant or freelancer, you might not need any additional insurance at all, you’ll just want to make sure that the value of your business equipment is included in your current policy.
The important thing is to put some time and energy into evaluating your insurance needs. Check with an insurance agent or a small business consultant to go over exactly what your home business operation entails so you can make sure that you have the coverage you need. And, if you are solely in business for yourself, you might want to look at other insurance products–such as health and life insurance–while you’re at it.