4 Insurance Tips for Small Home-Based Businesses
Planning to start your own home business? Or, perhaps you’re already gearing up for a launch. No matter what stage you’re at, it’s an exciting and often overwhelming process. Of course, starting a business can also be incredibly stressful, especially if you don’t have the proper safety net in place for unexpected situations that could ruin all your hard work.
One crucial part that every home business needs is the right insurance coverage. Without it, you could face lawsuits and financial strain that could force you to close or heavily alter your operations. Here are some insurance tips for small home-based businesses to remember.
Liability and Product Liability Insurance are Must-Haves
Liability insurance is one of the most important features to have in your coverage, and it’s something you should become familiar with. This will protect you in case a client or customer is ever injured while visiting your property and ends up suing you and your business. If you have products or plan to sell products in the future, you’ll need product liability coverage for that too. Overall, these will protect you if a customer decides to sue you.
If Something Changes that Could Impact Your Insurance, Tell Your Broker
Any changes to your activities and business at home could impact your coverage. Even if you’ve initially decided to sell a few baked goods from your home and it’s morphed into a viable source of income, be sure to speak with your broker. They will help you ensure that you have the right protection in place for any changes that occur during the course of your business venture.
Ask About Bundling
In some cases, it might be possible to bundle your existing home insurance with the added home-based policy. That said, this will be based on a variety of factors including your type of business and how it is staffed. Always consult with a broker to learn how you can bundle and save more.
Additional Coverage for Doing Business Abroad
Do you plan to work abroad? If so, you’ll need a commercial policy since you won’t be able to qualify for home-based business insurance. Tell your broker about your plans both here and elsewhere in the world so they can take them into account when finding the proper coverage.
To get the right coverage to safeguard your home-based business, reach out to our team today at Rowat Insurance. We will go over all the details and find the right policy to suit your needs and operational specifics.