Running a home-based business allows you to be your “own boss” and have flexibility. However, ensuring proper insurance to protect yourself and your organization is critical.
Homeowners insurance often does not cover damage to business property or liability claims arising from your company’s activities. That is why having separate insurance coverage for your home-based business is critical.
What Types of Insurance Do I Need for My Home-Based Business?
The particular types of insurance you require will depend on the nature of your business. Some of the most common types of insurance for home-based businesses are:
General liability insurance:
It is a broad type of insurance policy that provides liability insurance for business risks. It’s the “first line” of coverage that a business typically purchases and covers many of the common risks that can happen to any type of business, such as bodily injury or property damage on the business premises or due to business operations, personal and advertising injury, and medical payments.
Commercial property insurance:
Protects your property from damage from natural disasters or business property such as computers or equipment. Commercial Property is carried by several industries, including manufacturers, retailers, service-oriented businesses, and not-for-profit organizations.
Business owner’s insurance:
Combines property and liability insurance by packaging these coverages into a single insurance policy. BOP insurance helps cover claims of bodily injury or property damage, and it is often a good choice for small and medium-sized businesses, such as restaurants or retail shops.
Professional liability insurance:
Also called Professional Indemnity Insurance (PII) but more commonly known as Errors and omissions (E&O) in the US, PLI is a form of liability insurance that helps protect professional advice- and service-providing individuals and companies from bearing the total cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
How Much Does Insurance for Home-Based Businesses Cost?
The cost for home-based business insurance policies varies according to several factors, including the type of business, the amount of coverage required, and your location. In general, home-based business insurance policies price is between $100 and $500 per year.
How to Get Insurance for My Home-Based Business
You can get insurance for your home-based business with Top Insured Agency. To get started, you’ll need to provide us with your business information. You can fill out the contact form or contact us at 516-472-0826
Insurance for home-based businesses is a crucial investment that can safeguard you and your company from financial loss. Finding the right coverage for your business at a reasonable price is possible if you understand the type of insurance you require.
Do you run a home-based business? If so, you need appropriate insurance coverage to protect yourself and your business.
Get a quote from us and find out what type of insurance is available for home-based businesses.
