You may be like the growing number of people who have left their job to start a home business. When you start a small home business, you need equipment such as a computer, printer or printers, or specialized equipment. All of those items are probably covered by your homeowner’s or renter’s insurance, but there is more cost to consider. Having your computer damaged or destroyed costs time and most likely will result in lost revenue and data; homeowner’s or renter’s insurance does not cover lost profits or intellectual property. There is good news if you own a small home business, you can protect it; let’s take a more in-depth look.
An in-home business policy gives more comprehensive coverage for business equipment and liability than a homeowner’s policy. An in-home business policy can give coverage for lost income. In some policies coverage provided covers losses or damage not only from business activities at the insured’s home or rental residence but also off-site at a different place. This added benefit means the business property is covered while a business owner is in transit and gives liability coverage when at business-related activities at a trade show or a customer’s home. These policies, are also known as in-home business endorsements, can differ greatly depending on the insurer.
Another option that small home business owners have available is to increase coverage limits on their homeowner’s insurance. A homeowner’s policy could cover as much as $1,500 worth of personal property. Things like vitamin samples, tools, and office furniture may be included. The coverage basically protects the business merchandise or equipment you keep at home. It may also offer additional coverage for your business property while in your car or at a customer’s home. If this is not enough coverage, you may have the option to increase coverage with what is known as a homeowner’s policy endorsement. It would be a wise choice if your small home business meets the following criteria:
Some home-based businesses are not eligible for additional business property or in-home business coverage due to the kind of business or its annual Income. In cases such as these, a business insurance policy is the best choice. This fact is especially true if you have clientele visit your home. If a client is injured while involved in a business-related transaction or activity homeowner’s insurance or renter’s insurance may not cover the injury. Here are some additional things to consider when deciding if you need a business insurance policy:
There are a few other things to consider when deciding on what insurance options to choose for your small home business. Factors such as being zoned for business, licenses and permits, vehicles used for your business, and taxes all need to be investigated. Your agent can help you to wade through all of the regulations and help you to determine what is the best way to protect your small home business.Continue Reading
We may not get much ice in Central Florida, but many other potential hazards can cause someone to slip and fall at your house or your office. In Central Florida we also have a large elderly population who are all potential fall victims, steps must be taken to keep them from falling. Prevention is the key to eliminating slip and fall hazards and preventing serious injury from occurring due to negligence. Here are a few ways that you can make both your home or business safe from slip hazards:
No matter what type of business you run, you need to protect your interests with the right liability insurance policy. Every company needs a variety of different types of insurance; some of these policies are the same no matter what kind of business you have, while others might be specific to your industry. One of the coverage’s that remains the same across the board is general liability coverage.
Your general liability policy is one of the most important you will select as a business owner; it takes only a quick look at the news to see the array of claims consumers have made against companies in recent years. Many of these lawsuits ended in favor of the claimant. Without good liability coverage, your company could wind up paying these claims out of pocket. Take the time to make sure you have selected liability coverage that meets all of your needs and potential risks.
There are a number of different types of liability policies you can purchase to protect yourself from potential financial responsibility. General liability is one of the less specific forms of coverage and provides a generalized, overall coverage for liability claims resulting from a wide array of possible incidents. While it will not protect you from everything, a good general liability policy provides you with a solid foundation.
A general liability policy gives you coverage for defense from lawsuits and to pay out financial claims when negligence on your part can be proven. It prevents your company from facing potentially serious financial damage due to property damage, injuries, or any other claim that can be proven to be a result of your company’s actions or products.
When you select a liability policy for your company, you should first make certain that the policy covers you from all angles. If you have specific risks that are not covered by general liability, you may want to purchase additional policies to provide that coverage. It is important to understand what is covered by your general liability policy and what is not; waiting until a claim occurs is not the best time to discover the exclusions in your policy!
Be certain that a few basics are being covered by your general liability policy. You want to be sure that you have good public liability coverage-meaning that members of the general public who might sustain injury or loss as a result of negligence on your company’s part can be compensated. You also need to be sure that you have enough coverage to protect yourself properly.
Don Westerfeld 8/26/2014 8:38:00 AMContinue Reading
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Don Westerfeld 11/11/2010 6:53:00 PMContinue Reading