A lot of people do not pay attention to getting home-based insurance unless it is already too late. Do you think that just because you own your home, the insurance will cover your home-based business too? It does not work that way.
The different activities that you do at home because of your home-based business might be the reason why your home insurance can become void. Home insurance companies like GeneralInsurance are very clear in stating that if you start a home-based business without letting the insurance company know about it, this can make your home insurance invalid.
There are different home-based business insurance that you can get from different insurance companies that may work well for you. Are you already curious to learn more about the different types?
- General Liability Coverage – This is a type of home insurance that can be used for your home-based business too. If in case a client goes to your home and the client gets into an accident while in your property, your insurance will pay for it. This is better than having to get money from your own funds to pay for the client’s hospitalization. Take note that this type of insurance may only be available to certain types of home-based businesses. You can ask your chosen company about it to be sure.
- Product Liability Insurance – This can be helpful when you are selling various products. Whether you are re-selling or you are selling products that you have made yourself, this will give the protection you need. If in case the product that you are selling gets a lot of complaints or is returned by an unhappy customer, your business will be protected from liability. This can be helpful especially if you receive returns on most of the products that you have sold.
- Business Property Insurance – In order to take this type of insurance, you need to have an estimate of the items that you have in your home office. How much do you think will be the cost of everything in total? You need to know before you contact General about this type of insurance. This type of insurance will cover all of the items that you use for your business from the computers up to the printers that you may need.
- Professional Liability Insurance – What if the type of home business that you have offers services instead of products? Is there a great insurance for that? You can check this type of insurance. This will protect not only you but the clients that you give your services to. There may be some clients who will claim that the services that you have provided have caused problems. This may still be investigated but it will give you peace of mind knowing that your insurance has got you covered.
- Business Interruption Insurance – You may consider your home to be the most comfortable place wherein you can stay especially when you are just relaxing. Yet, it may also become affected when the power goes out or your internet connection is cut off. The business interruption insurance will allow you to cover possible sales that you may have lost because of the interruptions. Take note that this is also applicable if you have experienced other disasters such as fire, hurricanes, and earthquakes.
- Errors and Omissions Insurance – This is a type of insurance that can be vital when a client complains that it has received incomplete products or services from you. If the client claims that you were negligent or that you were not paying enough attention, you may be forced to pay a lot of money. This type of insurance can be useful for this situation. This can be very useful especially when a client goes against you for different reasons.
Are you ready to choose the right insurance for your home-based business? Any of the insurance plans can work well for your needs.