More and more self-employed professionals across the country are setting up shop and conducting their business from home. Thanks, in part, to the reliable functionality of high-speed internet and other means to stay connected to both remote employees and clients, this trend is gaining popularity. It’s important to protect your home-based business from the same liability risks that exist in other traditional working environments — as well as other new types of potential business liabilities that exist at home.
At Doeren Mayhew Insurance Group, we provide a personalized approach to selecting the right coverage for your home-based business. We will help you navigate the complexities of choosing a business insurance policy that may supplement or extend the limits of coverage that your existing homeowner’s insurance policy provides. There are many different options which include business property coverage, professional liability insurance, and business owner’s insurance, and it’s important to work with an experienced insurance broker to understand your business’ unique needs.
In customizing business insurance packages for our clients, we are often able to secure lower rates given the low-risk profile that is associated with working at home. Read on to learn more about the different types of insurance your home-based business may need to stay financially stable for the long term.
Business Property Coverage
Your home office is likely equipped with equipment and furniture that is necessary to run your business. From computers and printers to desks and chairs, these high-value items are not typically covered by standard homeowner’s insurance policies, in the event of theft or damage. However, a business property insurance policy would provide the coverage you need.
Professional Liability Insurance
If your home-based business provides services, you need liability insurance to minimize financial risk that may arise from third-party liability claims. Home-based businesses require the same level of protection against potential claims of negligence as traditional businesses. That’s where professional liability insurance comes in to provide a safeguard against unforeseen risks.
Business Owner’s Insurance
Standard business owner’s insurance policies (BOP) typically combine the coverage that business property and liability insurance provide to protect the entire businesses. This type of insurance often covers losses to both the structure of your home, as well as business equipment, including electronics and furniture.
At Doeren Mayhew Insurance Group, we help home-based professionals ensure financial stability with the right business insurance policies. We specialize in providing guidance to keep you and your business protected from costly liability claims. Contact us to learn more about the insurance options available for your home-based business.