A great way to supplement your income is working from home. Running a home-based business has a great many benefits, including the flexibility to be home for children and the family, saving money by eliminating the need for gasoline and cafes, and time on commutes. It can also be a great way to accommodate lives with time demands.
Something to remember is the fact that a home-based business is where business is being conducted, and therefore, it needs to be insured.
People who start home-based businesses frequently make the unfortunate mistake of believing that their homeowner’s or renter’s policy will cover any risk which takes place inside the home.
However, homeowner’s and renter’s insurance policies actually cover very few business losses. Nor do most personal automobile insurance policies cover your car when it is being used primarily for business purposes.
As always, it is important for you to consult your licensed insurance professional when you plan your home-based business, and discuss how your business operates and what sort of risks you will need to cover.
Not understanding your risks may put your home and assets in jeopardy.