Protect Your Home-Based Business with Home Business Insurance

Launching a home-based business has become the American dream. There are countless jobs you can do from home independently via freelance networking. Once you decide on a startup plan, consider the type of insurance you need. If you own valuable assets, you need to protect their value with the proper coverage.

Financial Considerations for Remote Businesses

Running a business requires an investment in time, money, and energy. The best way to protect your assets is with specific insurance plans. The location and functions of your business will play a significant role in the coverage you'll need. The more complex your operation is, the more you need to work with an attorney and a financial consultant to ensure your venture is ready for business.

Types of Work-From-Home Businesses That Need Insurance Coverage

The list of home-based business possibilities is long, especially if it involves working on a computer. Some popular remote businesses offer professional services like photography, marketing, and online businesses.

Determining Your Insurance Needs

Be aware that neither standard homeowners insurance nor a renters insurance policy covers home business concerns. An option is an in-home business policy, with provides detailed coverage. The most straightforward plan for freelancers is a homeowners policy endorsement for a home business at an extra cost.

You'll need to determine the risks associated with your business, such as potential losses. The risks your operation poses to other individuals are broadly covered under a general liability plan.

Additional Coverage

Many business insurance plans begin with a standard policy that includes general liability coverage. A Business Owners Policy (BOP) combines general liability and commercial property insurance in one plan, usually at a lower cost than if you bought each coverage separately. Once you have secured a policy with the right basics for your business, you can adjust with add-ons and extended coverage.

An example of add-on coverage will be liquor liability insurance if your business involves serving alcohol. Perhaps you throw house parties and charge admission. One thing to be very careful about is in some states. You can go to jail if you serve someone liquor when they are already blatantly intoxicated. Trouble can worsen if they leave your home drunk and cause an accident.

Having the necessary coverage in place is essential if a visiting patron gets injured. If your business involves transportation, you'll need commercial auto insurance since your auto insurance won't cover it.

Know Your Home’s Worth

Being a homeowner gives you an advantage as a remote worker because you don't have to worry as much about where you will be down the road. Another advantage is that while you're growing a new business, your home may increase in value. Keeping up with your home's market value is a good idea.

Protect Your Home Business Assets with Fuller Insurance!

The more niche-oriented your business is, it will likely need niche coverage. At Fuller Insurance Agency, our expert can help you get customized coverage for your home-based business. Contact us to get the best insurance coverage for your home-based business.