PayneWest Blog

How to Protect Your Home-Based Business

Home-based businesses are here to stay. Entrepreneurs around the country have found significant value in the ease and savings working from their home offices, basements and even garages. According to the Small Business Administration, roughly 50% of all small businesses in the U.S. are considered home-based, and that number jumps to 60% when including businesses with only one employee-owner.

But while you are enjoying the comforts of working from home, risk still exists. Making sure you have the right insurance in place will ensure that your business and your home are the foundation of a profitable and secure livelihood.

In addition to other small business policies, including liability insurance that all businesses should carry, home-based business owners should consider these additional policies depending on their type of business.

 

1. Business Property Insurance

Covers any type of equipment you use to run your business, such as computers, printers, tools, furniture, etc. Typically, homeowner’s policies do not cover business equipment losses, and business property insurance fills the gap to protect against loss or damage of property used in your home-based business.

 

2. Product Liability Insurance

Covers businesses that make or supply a product. If you’re making tools in your garage, run an eBay or Amazon store out of your basement, or run your contracting business from your home, this coverage is for you. Product liability insurance protects your business for damage to property or a person caused by a product you designed, manufactured or supplied.

 

3. Business Owner's Policy

This policy combines general liability and property insurance and includes business interruption insurance, which can reimburse business owners for up to a year following a fire or other serious incident.

 

4. Homeowner's Policy Endorsement

Consider this if your business is small, adding increased property coverage for business-related equipment and assets and some limited liability coverage. If you are working from a garage, shop or other building on your property, make sure your homeowner’s policy covers exterior dwellings.

 

Every business is different, and ensuring that you have the right insurance solutions in place for your home-based business is vital to protecting your hard-earned work, your business assets and your home. Working with a small business insurance expert who understands your business and your risks will help you obtain a solid foundation for success.

 

 

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This content is for informational purposes only.  Consult your actual insurance policy for details regarding terms, conditions, coverage, and exclusions.

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