Will you make this common mistaken that 60% of all home business owners are making? Do you run a home business? Are you thinking of starting one? Read closely so you do not fall into the trap that 6 out of 10 home business owners make, which could cost you a lot of money later on.
Did you know that a National Study Finds Nearly 60% of Home-Based Businesses Have No Business Insurance Coverage?
YIKES! Here is the thing, instead of investing in a BOP, many small business owners that work from home mistakenly believe that their standard home insurance policy will protect them. For example, did you know that a typical homeowners insurance policy usually will provide no more than $2,500 to replace damaged or stolen business equipment?
With that said, what business equipment do you have?
- Apple/PC desktop
- Apple/PC laptop
- Copy machine
- Fax machine
You are easily over the $2,500 with just an Apple desktop computer alone! But, that is just the tip of the iceberg. A standard homeowners policy will not provide the following:
- Business liability
- Business income (also known as business interruption) coverage
- Professional liability
What if an employee or customer falls and gets hurt at your home? If you think that your standard homeowners liability policy will cover you, then think again. Don’t get stuck with hospital bills or a potential lawsuit. You are responsible for 100% on your own without business liability coverage.
Business Interruption Insurance
What if an accident or fire causes you to close your home office for an extended period of time? How will you conduct business? Who will pay for your business rent?
Professional Liability Policies
These protect you from financial losses derived from lawsuits filed against you by your clients. If liability is limited to acts of negligence, the professional liability insurance policy is known as an errors and omissions policy.
Examples of this could be:
- Reputation damage
- Missing deadlines
- Lost income
Can you see why it is important to build a relationship with your broker and why it is important to have a business insurance check up annually?
Please don’t rely on your own judgment in this regard. If you have a small business that you run from your home you owe it to yourself, your family and employees to talk with your broker today. That is exactly why we have built insurancehub.com: a one-stop-shop for the small business owner.
Why not contact us today for a commercial insurance policy for your home-based business?