Did you know that 44 percent of new private payroll in the US each year comes from small businesses, as the Small Business Administration states? Small businesses are an integral part of the US economy, including those operated outside the home. If you own a home business, having the right type and amount of Miami business insurance is necessary. It is one of the most common misconceptions that your home business's equipment, resources, and earnings are protected just because you have a homeowner’s insurance policy. Protection from the risks of doing business is critical even for a small operation.
Is Your Homeowner's Insurance Policy Enough?
It is a good idea to contact your insurance agent to discuss your current homeowner's insurance policy. Determine if the company specifically excludes your home business or if the policy provides enough protection to cover your business assets. Here are a few things to consider:
- Any assets belonging to the business may not be covered by a homeowner's policy. Theft, vandalism or other loss may mean you do not have coverage for these assets.
- If someone comes into your home to do business with you and falls, your homeowner's policy may not provide protection for that liability concern.
- If your home is destroyed by fire caused by your home business, your homeowner's policy may invalidate your policy because you did not tell the company you were using it specifically for business purposes.
If you are unsure if your business is protected or if having a business in your home invalidates your current policy, call your provider.
What Types of Policies Do You Need?
In nearly all situations, it is best for home business owners to have separate policies for their business. There are numerous types to consider as well.
- Liability coverage protects you from claims made against you or the business, such as defective products or injuries on-site.
- Property insurance will cover your assets, including your equipment, computers and other working components of your business.
- Auto coverage is necessary if you operate a vehicle as a component of your business.
- If you have employees, you may need workers compensation protection as well.
How can you afford these policies? Often, insurance companies offer packages that can protect both your home and your business thoroughly. According to Forbes.com, women, many of whom balance life and work at the same time, run about half of all home businesses. A policy like this can provide you with the protection you need for all of your needs.
Are you running a small business in your home? Contact Drexel Insurance today at 1-800-306-9231 to find home business insurance policies to protect your home and your business.