Home Based Business Insurance
Make Sure You're Covered
If you're not working at home yet, you may be soon. For more and more Americans, their "commute" to work is from the kitchen or living room to the den or study. By some estimates, there are as many as 18 million home-based businesses in the United States, and that number is expected to grow rapidly.
- Fact. Unfortunately, many of these home-based businesses, perhaps even most, do not have adequate home business insurance coverage.
- One study found that 60% of those who work at home might not have home based business insurance for their business activities.
- The study also found that most of those without home business insurance think they're protected by their homeowners insurance.
Actually, a homeowner's policy does offer some coverage for home-based business, but it is minimal. Most homeowner's policies provide a maximum of $2,500 coverage for business equipment (computers, fax machines, etc.) in the home.
If that sounds like it's enough, it probably isn't. If you're working from home and you are sued because:
- The company that hired you as a consultant believes your advice was dead wrong
- The computer equipment you "fixed" doesn't work or
- The cookies you baked made someone ill
Your homeowner's policy will not protect you.
Further, if you have to temporarily shut down your business for whatever reason, the homeowner's policy won't allow you to recover the income you lost because of the shutdown. There are insurance policies available to home-based businesses that do provide these coverages.
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Seeking Life Insurance?
- Term Life Life Insurance - Protect your family for a specified period of time, called a term.
- Key Person Life Insurance - Sheild your company from the consequences of big loss
- High Risk Life Insurance - Special life insurance for those who have trouble finding great rates for their life insurance
- Permanent Life Insurance - Universal life insurance is permanent and flexible
