Home Based Business Insurance and What You Need To Know!

Home Based Business Insurance and What You Need To Know!

Having your own business is a great reflection on you. This means you had a goal, worked diligently, and achieved your dream of business ownership. Many people choose to run their business out of their homes. It’s conveniently located, cuts down on overhead costs, and is a comfortable place to be. However, when operating your business out of the home, there are certain risks that need to be addressed. One issue that is often overlooked is that of business insurance for your home-based operation. While you may have your homeowner’s insurance, that will not suffice for the business.

Most people do not plan for emergencies – or even expect them, until it’s too late. Understanding home based business insurance and what you need to know! Preparing in advance for the unexpected mishaps that could occur will save you money and added misery in the end.

What if your home catches fire?

Did you know that the National Fire Protection Association reported there’s an average of 358,300 home-based fires per year? Fortunately, many fires are brought under control before people are hurt. Yet, the physical damage to the home often takes months to repair. If you have a business in your home and a fire occurs, you not only risk damage to the home, but loss of important business equipment. That’s why it’s so important to have business insurance coverage that will protect your assets in case of a fire.

What if your home gets robbed?

No one likes to think about someone robbing their home, but the Bureau of Justice claims that, on average, 3.7 million burglaries occur every year. This number is startling especially when your entire livelihood is contained in your home. We typically think of someone breaking in the home when we’re not there or at night, but theft can occur in other ways too. For example, if you have employees working for you and accessing financial data, embezzlement is a concern. Thieves may also steal equipment you have on your property such as business vehicles. Business insurance helps protect what means so much to you.

What if your home gets damaged?

Many things can potentially damage your home. Ferocious storms often cause tree limbs to fall on homes. Fierce winds or tornadoes result in damaged or lost roof shingles, and torrential rainfall sometimes causes flooding. You cannot predict the problems weather or other accidents may cause. That’s why it’s best to have business coverage before anything occurs.

In short when it comes to understanding home based business insurance and what you need to know! Accidents occur everyday but you can be prepared by investing in business insurance for your home. Don’t let your home-based business be at risk. At Waitte’s Insurance our team has written numerous home based business policies and can advise you on what type of coverage is need.

If you have a home based business and would like to discuss your insurance options please contact our agents by clicking here.

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