For all of us who are venturing out to start our own homebased business, we need to think about insurance, as mentioned in my previous article, Insuring your homebased business,www.examiner.com/examiner/x-13288-Toledo-Homebased-Business.What are the options we have? There are three main options. The first and the least comprehensive is ENDORSEMENT RIDERS.This is simply an attachment to the home owner's policy you already have. What this option does is modifies the coverage afforded under the policy. It can be added at any time during the term of the policy. This will give you extra protection to cover anything that may happen in relation to the homebased business.
The next option is the middle -of -the- road option, IN-HOME BUSINESS POLICY. This is its own policy. It is a separate policy that insures your business property and general liability. Some of the items covered under this type of policy will be: (1) loss of business due to home damage; (2) loss of income; (3) loss of valuable documents; (4) and, loss of off-site business property and use of equipment. Loss of income will be covered up to one year.
The third and most comprehensive option is BUSINESS OWNER'S POLICY or BOP. This can best be described by saying it is a home owner's policy for business. Some of the things included in this type of policy are: property insurance, interruption insurance, protection against liability or casualty, coverage in event of a crime, lawsuit coverage, and vehicle coverage.
The best advice you can have is to begin by assessing your needs by asking questions. What inventory is kept at home and what will it cost to replace it? What is the average number of clients/customers that come to your home? What happens in the event of a disaster? And, what is your networth?
Time to start shopping.
www.NetQuote.com/BusinessInsurance
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Comments
Terrific and meaningful information! But, there is another option, which may be also useful. Establish at, or move your 'home based business' to as close as it gets to a brick and mortar business location, which is a part-time Office Space model, like the company I company I co-founded, Office Divvy, offers: www.OfficeDivvy.com. Avoid overhead, but keep a professional image.. (I am biased of course).
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