Home Business Insurance is different from standard home insurance.
You need home business insurance if you run your business from home. It is possible that you already have home insurance policy which covers your building. This will never in any way replace having a home business insurance policy. Working from home poses additional risks. That is why you need to ensure you obtain necessary insurance policy. Just as in any other business, the need for insurance for your home business cannot be over-emphasized. Having necessary insurance in place will limit your risks and help you protect you, your assets and the business at large. But having insurance does not mean that all areas of your business are covered. You need insurance for specific areas of your home business before you can beat your chest that your home business is adequately covered. There are different types of insurance available. Knowing the right insurance to obtain for your home business is very important.
This article will describe some of these home business insurance so that you can identify which one is applicable to you. You need to consider the risks that are associated with your home business. In case you are not sure about the home business insurance you need, you can seek the expert’s advice. Also, in order to ensure you get the right price, you can compare quotes from different insurance companies. Insurance is very necessary but you can avoid using certain insurance until they become absolutely necessary by taking a good look at your home-based workspace and dealing with any safety concerns. Below are some of the home business insurance you can consider:
Public Liability Insurance
If your home business requires that people such as customers and suppliers need to come to your home, you need public liability insurance. This will protect you against potential injury to customers, suppliers or any other business visitors. It will also cover any damages that may arise from the supply or sale of goods which have caused injury to a third party or their property.
Professional indemnity Insurance
This home based business insurance is relevant to businesses offering services and knowledge such as such as consultants, accountants, architects and surveyors etc. I want to believe that you have confidence in your expertise and trade. The truth is that, whether you are an expert or not, mistakes are bound to happen. This insurance provides protection if you receive a claim alleging a negligent act, error or omission committed by you in the course of the conduct of your professional business. Examples of such negligent acts include unintentional infringement of intellectual property rights, loss of important document or data and unintentional breach of confidence or misuse of information.
Employer’s Liability Insurance
As your home business continues to grow, you may need to employ staff to work with you and this comes with additional rsponsibility. This insurance offers protection in the event of death or injury your staff may sustain in the course of their employment. This is a legal requirement if your business employs one or more staff. The fine or penalty for non-compliance can be far more than the premium you could have paid to insure your staff.
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If you have a vehicle such as delivery van which you use for your business, you need to obtain motor insurance. This type of motor insurance is different from the standard vehicle insurance for motors which are not used for business purpose.
Home insurance in this context is different from regular home insurance. Doing business at home brings additional risk to the property and the occupants. If you already have a home insurance, you need to talk to your insurance agent to upgrade your home insurance so that you can be protected against financial losses as a result of your day to day business activities at home.
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