When a person starts a business from inside their home, or they have a home based business, you may be surprised to learn you need insurance. Every business needs to have some kind of insurance policy to protect and ensure the longevity of the company. There are many different types of insurance policies that aid different types of business. There are “Home Based Business” insurance policies that are designed just for those who run a business from out of their home. InsureWise LLC would like to share what a home based insurance policy covers.
What Types of Insurance Do Home Based Businesses Need?
For those who decide to begin and run a business from their home, you will need to have an insurance policy to protect your business. Just like a homeowner’s insurance policy that protects the home, a business insurance will protect the business. Depending on the nature of your business, you may find you have certain elements of the business that needs to be insured. For example, many people who work out of their home will need protection for:
• Data and Files
• Professional Equipment
• Commercial Auto Insurance
• Liability Coverage
• Workers Compensation
Does Business Insurance Protect Personal Assets?
When you are self-employed, you will need to protect your assets and your business assets. Business insurance is essential even when you run a business from your home. A business insurance can help protect you and your business from legal claims. If your business is being sued, you will have to pay the cost of the claim and or lawsuit out of pocket yourself. There is no cookie cutter insurance policy for a home based business. When you want to find the right insurance policy, you will want to ask yourself some key questions.
• Do you have clients or customers come to your home?
• Do you have employees working inside or outside your home?
• Do you require someone to drive or have drivers to operate your business?
• Do you have supplies or equipment in your home or on offsite jobs?
• Will your business suffer if there was any damage to your home?
If you answered yes to any of these questions, you will need an insurance policy that covers these elements of your business. Some of the basic coverages you will get from a home based business insurance are:
• Commercial Auto: Covers a business that has drivers and vehicles on the road for the purpose of the business.
• Professional Liability: Covers the business from claims filed against negligence of the business. Professional liability is also referred to as errors and omissions insurance.
• General Liability: Covers a home business in the event there was a third party injury or damages.
• Workers Compensation: Even if you alone run and operate a business, you will want to have workers compensation. If you or your employees become ill or injured, workers compensation can pay for medical costs and loss of wages.
Commercial Business Insurance Policies & More in Las Vegas, Henderson, Reno, North Las Vegas, Summerlin, Paradise, Spring Valley, Sunrise Manor, Enterprise, Sparks, Carson City & State of Nevada
There are many reasons why it is important for a home based business to have insurance. If you run a business from your home and need a home based business insurance policy, call InsureWise LLC today or click here to fill out this quick and easy quote form.