4 Reasons Owners of Home Businesses Should Get Insurance

​Home-based businesses are booming these days. Half of the businesses in America alone operate from home. Most are under the assumption that their home insurance will cover their business. Unfortunately, it doesn’t work that way. Here’s why you should get a separate policy for your company.

1. Home Policies Don’t Cover Freelance or Home-Based Endeavors
   Most owners of small, home-based businesses expect that their homeowner’s policy covers everything that happens inside their home. It doesn’t and your insurance provider might even forfeit your policy if you make a business-related claim.
   
   
2. Higher Liability Risk
   It’s not unusual for traffic in and out of your home to increase when you work from home. You probably have clients, staff, or suppliers coming and going. This increases the odds of your property getting damaged or someone getting injured as they do business with you. Typical home insurance might not have enough liability limits to cover this. They certainly don’t cover third-party claims, especially when filed by someone who’s on your property for business.
   
   
3. Protection for Your Inventory
   You might be storing your products in your home, and they can be worth thousands. You are in danger of losing a lot of money if a natural disaster occurs and damages your house, or if someone breaks in and steals them. Your home insurance won’t cover any loss if something happens to your inventory. It’s better to get separate insurance for them so your personal funds won’t get depleted if ever you need to replenish your stocks.
   
   If you’re also using a shed or a small building on your property as headquarters for your business and something happens to the structure, your home insurance will not cover any loss you incur to your equipment or inventory.
   
   
4. Security Against Theft
   Properties with a home-based business or office are more attractive to thieves than ordinary homes. For one, you might be keeping your sales at home. You’ll also have expensive equipment, like cameras, laptops, or tablets at home. These easy to carry and dispose of belongings are very tempting to burglars. More importantly, they’re not covered by your home insurance. Protect yourself and safeguard your equipment with the appropriate business insurance.

Working from home has numerous advantages. Make sure you keep that by getting the right insurance policy.

At Desmond Insurance, we aim to provide comprehensive insurance policies that make your life easier. We want to help you get the insurance that fits your needs. You can get more information about our products and services by calling our agency at (859) 491-5100. Get your free quote today by CLICKING HERE.