If you’re fortunate enough to operate a business from the comfort of your own home, it will be essential that you take the necessary steps to protect it. While you may have assumed that your basic renters, homeowners, or car insurance would cover the cost of your business endeavors and assets, this is not always the case. Whether you’re a one-man (or woman) show such as a blogger or you have a few other remote writers that you work with, making sure that you’re protected should be a top priority.
What Does Property Insurance Cover?
Since your workspace and your home are one in the same, you will need to review your existing property insurance policy to determine if your home office, equipment, and business endeavors are covered financially. Though general renters insurance, for instance, will cover the cost of damage to your home in the event of unforeseen circumstances like fires or burglaries, you may need to purchase additional coverage to protect your home office.
Some insurance providers will limit the amount of coverage you get for your business contents. Before making a decision, you should review your policy to determine whether more coverage is needed. Another thing to check when reviewing your property insurance policy is the liability protection.
What Type of Insurance Should You Get?
The biggest thing when it comes to insurance and protecting your business is liability. You want to make sure that should something happen to you, someone conducting business with you, or your office space, that you have the financial coverage to protect you. You don’t want to have to pay out of pocket for damages or circumstances you weren’t in control of (i.e. a slip and fall, fire, or house leak).
You’ll need to talk with an insurance provider to find out things such as:
Better Safe Than Sorry
It’s a pretty common assumption to believe nothing will happen to you or others while in your home office, but you can never be too sure. It is always better to have several financial protections in place than it is to have to recuperate from a serious blow to your budget – or reputation. If your general renters or homeowners insurance won’t cover the costs of your business operations, it is best to purchase a separate business liability insurance policy to be on the safe side.
Whether you’re starting a blog, selling cosmetics, or running a consulting business out of your home, it is important to take the proper precautions. Don’t get wrapped up in the misconception that smaller businesses or entrepreneurs don’t require both property and liability insurance, as this could be one of the biggest mistakes you ever make. When it comes to protecting something you worked so hard for, it is always best to be on the safe side and review your policy. From there, you can talk with an insurance provider to determine what other policies you might be able to purchase to provide you with more protection.
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I had once considered doing crafts, and I did think about getting liability insurance. Anyone can sue, some do it just to see if they can get you to settle, they go around to small businesses to make trouble. So being very careful does not exempt you from needing it. I would simply not start up an enterprise without making sure you have the proper permits, insurance, clearances, etc.