Do You Need Business Insurance For Your New At-Home Business?

Insurance Blog

A lot of people run small businesses out of their homes, and many people are very successful with these types of businesses. If this is something you are currently working on or if you plan to begin your new at-home business venture fairly soon, you should find out if you will need business insurance. Business insurance is something that many businesses need, and you may or may not need to buy this type of insurance.

Your current home insurance might cover it

One of the reasons you might not need business insurance for your at-home business is that your current homeowner's plan would cover the business. To find out if this the case, you would need to contact your home insurance company and discuss the situation with your agent. Your agent would ask you a lot of questions about your new business and would evaluate your current plan. If your current plan offers enough coverage for the business you are starting at your home, you would not need to add business insurance coverage.

Reasons you might need business insurance

While there is a chance that your home insurance plan will cover your business, there is also a chance it will not offer enough coverage for it. One of the top things your policy may not protect you from is liability issues. If your new business will involve people coming to your home for business purposes, you will likely have to increase your liability coverage on the policy you currently have or get a new policy. This would protect you from lawsuits that result from injuries to your guests while on your property.

Inventory is another thing that would not be covered under a typical home insurance plan, so if your business will stock inventory at your home, you will likely need business insurance to cover this.

Business interruption coverage is also vital for many home-based businesses. This is a type of coverage that will compensate you for losses of income from your business if you were unable to run the business out of your home due to damage to your stock or problems with your home. This is an important type of coverage to have for almost any type of business, and you should add it to your policy if you are concerned about this at all.

There are many other types of business insurance types and products you can purchase, and you should aim to purchase all the right types for the type of business you plan on starting out of your home.


7 October 2019

Health Insurance Haze: Clarifying The Policy Information

When I lost my job, I also lost my health insurance. I've never had to buy health insurance on my own before, so when I went to my insurance agent, I had no idea where to start. The coverage options, deductibles, co-pays, and premiums were confusing. I wasn't sure how to make sense of all of the tiers and doctor's networks. I created this site to help others who've never purchased health insurance before. The posts here are full of resources for insurance coverage, and I hope that it will help you to find the policy that's right for you.