Is Your Home-Based Business Protected?
Did you know that more than half of all small businesses in the U.S. are based out of the owner’s home? This is a country full of hard-working dreamers!
But, it’s also estimated that nearly 40 percent of those home-based businesses are underinsured. And the biggest reason is so many assume a homeowners policy covers their business too. Unfortunately that’s typically not the case.
All businesses, including home-based, need extra coverage personal policies just can’t provide. Even if you think your business is too small for insurance, you still need protection from all the risks that come with running a business.
What You Need
The right policy can protect you from the risks home-based businesses can face. Here are just a few of the coverages to consider:
Business property can help protect the equipment and other tools-of-your-trade, including computers, merchandise and other business-related property.
General liability can help protect you and your business from a lawsuit due to an accident, injury or a negligence claim.
Business interruption provides income in the event your home-based business operations are interrupted by a covered loss.
There are several other types of coverage available for home-based business owners. Talk to your agent to get the details you need to protect your hard work.
Why You Need it
The best way to illustrate the reasons your home-based business needs extra protection is to provide a few real-life scenarios. Take a look:
Delivery drop. If a delivery driver drops off a business package at your front door and falls down your front steps, your homeowner’s policy won’t cover you, but the right business insurance policy will.
Unforeseen threats. If you experience the unfortunate impact of a security breach or technology failure, your business data, printed or digital, could be compromised. And that could mean lost income or lawsuits. Business insurance can help protect you from these unforeseen threats.
Protect your name. If a client sues you for negligence, your business and your reputation could be in trouble. But the right policy can keep your company, and your good name, protected.
All home-based business are different. They come in all shapes and sizes and have their own set of coverage needs. Your American Family agent is ready to help you find the right coverage for your business dreams.
Related Topics: Small Biz Smarts