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Home-Based Business Owners, You Need Insurance Coverage
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When you start a
home-based business, buying insurance may not be your first
priority, but you cannot afford to ignore it either. When the
unexpected happens -- and it will -- having insurance coverage
may mean the difference between the success and failure of your
home-based business.
You may not require
all types of insurance listed here, but taking some time now to
consider your insurance needs can save you money and headaches in
the future.
Ultimately, after
reading this article, the best way to determine your complete
needs is to consult with your insurance agent. Explain to them
the details of your home-based business and he or she should be
able to determine the best insurance coverage for you (and any
employees).
Health Insurance
Health
insurance should be the first consideration for
yourself and any employees you may have. If you have just left
your current job to start your own business, you may be eligible
for COBRA, which will provide temporary interim coverage. This
will keep you covered while you search for the best health
insurance policy.
Disability Insurance
Disability
insurance will guarantee that you have some income
should you suddenly become unable to work because of injury or
illness. Having this extra peace of mind is almost always well
worth the extra money you pay.
Life Insurance
Life
insurance will help ensure that your family has the
money it needs should you meet with an untimely death. Some
lenders require that you have life insurance before they'll issue
a loan; this guarantees that the loan will be repaid if you meet
with an untimely end.
Business Property Insurance
Business
property insurance helps protect you against loss of
inventory or equipment. If your business equipment or inventory
is damaged in a flood, fire, or other disaster, this type of
insurance will allow you to recoup your losses.
General Liability Insurance
Comprehensive general
liability insurance is necessary for your home-based business if
you plan on having clients or customers visit your home. Whether
you plan to hold meetings, allow customers to pick up
merchandise, or have members of the public enter your home for
any other reason, this insurance will protect you if someone is
injured while on your property. This insurance will typically pay
for your legal defense should you face a lawsuit as the result of
a fall or other damage that occurs on your property.
Business Interruption Insurance
Business
interruption insurance will help your business
recover from natural disasters. It will cover you for income lost
during the disaster, and will pay for operating expenses that
continue to accrue, even though your business isn't up and
running.
Workers' Compensation Insurance
Workers' compensation
insurance is an absolute necessity if you plan on having
employees working out of your home. Without workers' comp, you'll
be responsible for any medical expenses arising from injuries
employees sustain while working for you. Many home-based business
owners mistakenly believe that this type of insurance is only
required by businesses that have a retail or separate location,
but that's not the case. Another mistake is assuming that only
'dangerous' employers (such as construction or movers)
need this type of insurance. But what if your employee slips on
the stairs or their chair breaks? While those are both unlikely,
they are possible and the less risky your business, the cheaper
the insurance will be.
These insurance plans
can help ensure that you are prepared to face any eventuality
that might occur while you are running your own business.
Disasters, accidents, and crises can strike at any time. By
preparing now, you may be saving you and your company significant
financial loss, wasted time, and difficulty.
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