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Insuring Your Home Based Business from LegalZoom.com

05/03/2012

Just because you are doing your business at home, doesn’t mean home-owners’ or renters’ insurance will cover you. If you are operating a home-based business you will need additional insurance.

The type of insurance necessary will depend upon both the size of your business and the industry in which your business operates. Here are a few examples of types of insurance a home-based business may require:

Business Property Insurance – If you use any kind of equipment to run your home-based business, you should have business property insurance to be insured against loss or damage to property used in your business.

Liability Insurance – If you have clients or other visitors come to your house for business purposes, then liability insurance is necessary. Liability insurance protects you and your business from being liable for damages caused to another person or property.

Professional Liability (Acts Coverage) – Professionals working inside their home need professional liability insurance. This can protect you against potential negligence or failure to deliver claims made by your clients (or patients).

Product Liability Coverage – If you run a business that makes or supplies a product, speak with your insurance professional about product liability coverage, which protects your business for damages to property or a person caused by a product you designed, manufactured or supplied.

Business Automobile Coverage – If you us a vehicle whether it be for deliveries, visiting clients or otherwise you’ll need business automobile coverage.

Again, depending on the details of your business, there may be other insurances you need outside of those mentioned above.

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