Arnold, Bruce & Doerfler Insurance Blog
Working at home is a great way to earn income with a lot of benefits, including no commuting and more time with family. However, running a business at home is still a business that needs insurance in case of unexpected incidents that may harm your business. Here are some of the business insurance you may need for your home-based business.
Business Property Insurance
Your home business needs this type of insurance to protect you against loss or damage to your business properties. For instance, your insurer can cover your damaged equipment in case of a fire incident, like your computer, printer, fax machine, etc. However, you must verify and secure the replacement cost coverage with your insurance agent.
You need liability insurance as it covers damages caused by your business to another person or his/her property. This business insurance is imperative for the case that a visitor comes over and is injured while at the premises of your home office. It can also include coverage for couriers that may slip or fall while delivering supplies for your business.
Product Liability Coverage
The next business insurance deals with liabilities caused by a product supplied, manufactured, or designed by your business that injured a person or damaged someone's property. If your business includes these services, you need product liability coverage to protect you against potential loss.
If you use your vehicle for business purposes, the personal auto policy will not suffice. If you deliver, pick up packages, visit clients, or do something where you use your car for business, you must have business auto insurance to protect you. It is relatively affordable and necessary in case you got into an accident while working.
As the number of home businesses rises, so do the insurers offering additional coverages, endorsements, and riders on the standard homeowners' policies. Some insurance companies provide plans that cover home and office, so assess whether which is more suitable and convenient for your needs.
Although home-based businesses may seem uncomplicated compared to larger firms, you must still abide by the regulations and terms in your insurance plan. You may also need to purchase other business insurance if you have employees working in your home, like worker's compensation coverage.
At Arnold, Bruce & Doerfler Insurance, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (503) 222-1951. You can also request a free quote by CLICKING HERE.