Do you need business insurance working from home? If you operate in an office space separate from your home, almost everything contained in your house is protected by your home insurance and property insurance, even if it is your only workplace. But when that space becomes your main working place, things change and you need some type of home-based business insurance.
There are many types of small business insurance policies that are available based on your personal business needs. If you have a small home office, you may want to consider the Small Business Administration (SBA) Office Options for working from your home. This is a federal-level business development program that was created to help small businesses protect themselves from liability claims related to their home offices. This type of policy offers many of the same protections that large businesses have, such as employee self-employment benefits, property protection, professional liability and business interruption coverage. This is a great option if your small business consists of you and your wife, or you work at home for your entire family.
If your small business consists of you, your wife, two or more employees, and other workers, there is another type of business insurance to consider. This type of coverage is called “Employee Retirement Income Protection”, better known as ERIP. This type of coverage can be found through a variety of sources, including your own employers, as well as third-party companies that offer this type of insurance to their employees. Usually you will have to go through certain processes and paperwork before you are granted this coverage, such as filing the appropriate forms with your state or county. Of course, if you feel as if you would benefit from this type of insurance for your business at home, you should always talk to your employer first.
Homeowners insurance is another very important factor to consider when it comes to purchasing home business insurance. There are many different policies available to choose from, depending on your personal situation and budget. For instance, some policies only cover your home, while others provide coverage for any building and property owned by your small business. There are many options when it comes to insuring your small business from the liability side, so you want to always take the time to explore all of your options before making any final decisions.
Finally, theft protection is another thing to consider when it comes to insuring your business in a home setting. This type of insurance is very similar to general business insurance, except it specifically deals with theft from your business. If you rent out space to use for your business, you should check into whether or not your landlord's insurance covers you if something were to happen. If the coverage on the building is inadequate, or you do not own the building yourself, you may want to look into a separate type of insurance to protect your business assets.
It is very easy to forget about business insurance when you are operating a home-based business from your own home. However, accidents can happen at any time. Even when you are just getting started, you should make sure that you have adequate protection. Although you may think that you are covered as a working mom and home business mom, nothing is ever black and white. You need to keep in mind that you will need to consult with an insurance specialist to determine what kind of coverage is right for you based on your unique home-business situation.
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