Just because you run your business from the comfort of your home, does not mean that you are immune to liability and do not need home-based business insurance. Many people who operate a home-based business are under the assumption that their homeowner’s or renter’s insurance policy will cover incidents associated with their home business and that their personal auto policies cover claims against business-related auto incidents. This is a myth.
In order to determine what type of home business insurance is best for you, consider the following:
- What am I selling or producing?
- Who are my customers or clients?
- Do I use my personal vehicle for business-related purposes?
- What electronics are solely used for my business?
- Do customers come to my home-office?
Working with a professional insurance agent, who specializes in home business insurance will help you to correctly answer these questions and find the right insurance for your business. You may also find there is a rider to add to your homeowner’s or renter’s insurance that will provide you with the necessary insurance coverage for your home-based business.