Home based businesses can offer the best of two worlds; working from home and earning a living. In fact, over 50% of small businesses are run from homes. But there are risks in operating your business from you home. Most home based businesses do not have the same risks as other business including buildings, employees, production machinery, or fleets of vehicles. But, home based businesses do have many risks that need to be considered.
Hidden Risks For Home Based Businesses
Homeowner’s or renter’s insurance does not cover any home based business risk; you need a separate business policy. Your homeowner’s insurer may offer an endorsement to your homeowner’s policy that adds additional property coverage and some limited liability
Your personal auto policy may not provide coverage if you use your vehicle for deliveries or ride sharing.
Your home based business will need business or commercial insurance, and may even need professional liability.
If your business has other remote employees, you might consider employment liability insurance.
If you keep any kind of client information on your computer, you will need cyber liability insurance.
If you have clients come to your home, you have a trip and fall exposure that business insurance can cover.
Business owner insurance for home based businesses, also known as a business owner’s policy or BOP insurance, combines general liability coverage with protection for your business equipment such as computers, printers, copiers, and office furniture.
Beckerman & Company is a Personal and Commercial Insurance Agency with offices in Colonia & Forked River, New Jersey. Our McCoy Insurance Agency subsidiary is located in Bloomfield