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Protect your In-Home Business

Protect your In-Home Business

Having a home based business has many benefits, including allowing you to make your own work schedule, and spending more time with your loved ones. However, there are many important details that can easily be overlooked when starting your home based business, including making sure that you have the right insurance policies.

When looking for the right insurance for your home based business, there are three major categories to consider. These categories include:

  1. Your equipment. Make sure you know how much your business equipment is worth before investing in an insurance policy.
  2. Liability. You will be liable for any injuries or damage that are caused by your products or services. You will also be liable if a client comes to your home and is injured in any way.
  3. Business specific risks. Make sure you know all of the risks that are associated with your specific business, and invest in the right insurance coverage to protect yourself from the risks.

The type of insurance that you need for your home business depends on many different factors. Typically, there are three main options to choose from when insuring your home based business, including:

  1. Adding your business to your homeowners insurance policy. If you have a very small business, you may be able to buy an add-on, also known as an endorsement, for your homeowners policy. Endorsements will typically provide enough coverage for business that bring in less than $5,000 worth of profit each year.
  2. Get an in-home business policy. In-home business policies were specifically designed for in-home businesses, and provide coverage for business equipment, general liability, and lost income.
  3. Buy a business owners’ package policy. There policies are designed for in-home businesses that are full time, bring in a lot of revenue, and require clients to visit you at home. A package policy can provide coverage for businesses that bring in $3 million each year.

For all of your in-home business insurance needs in White Plains, NYor Westchester/Putnam/Rockland County areas, contact the Scavone Insurance Center.

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