Working From Home, I Don’t Need work from home insurance, Right?
Your homeowner’s policy is just that: a homeowner’s policy. Even if you operate a basket or craft business from you home, your homeowner’s insurance will cover minimal, if any, losses to business assets.
Once you have a small business in operation, even before making your first sale, you have greatly increased your risk.
Suppose you are starting a home-based business and have inventory stored in basement, garage, or additional room in your home. Most homeowner’s policies have limited, if any, coverage to protect those business assets.
What would happen to your start up business if you had to replace the entire inventory a second time before generating a penny in revenue?
What could happen if you were to injure a third party and their vehicle or other property while driving for your business? If you are using your vehicle for business you will need commercial vehicle insurance to protect you in situations like this.
Again, your personal coverage may offer limited or worse yet, no coverage. Then, the injured party may go after your assets such as your home, which you claim is the office or address of your business and therefore, even though your homeowners doesn’t recognize liability, a judge in fact just might.
It is far simpler to contact a commercial insurance agent and make business insurance a part of your initial start up cost.
Discuss with your insurance professional all aspects of your business model and follow the recommendations to protect not only your business assets, but your personal assets too. You’re working from home, starting a new business venture, congratulations.
Let’s make sure you are covered all around.