You decided to be your own boss and start your own home based business. Now that your business is settling down, it’s very necessary that you insure it- as soon as possible! Most people never think of using discount coupons to save money. Think of a home based business insurance policy as a discount coupon- it will save you a lot of money in the long run.
I already have Home Insurance; I don’t need Business Insurance!
If you think your home insurance will cover your home based business, then you are mistaking. In fact, it’s very possible that your home insurance may well be voided by your home based business. A separate home based business insurance policy is necessary to cover any damages to your business in addition to your home.
Why Should You Insure your Business?
Most people think that home insurance will cover all the damages in case of, say, an earthquake. But home insurance will often not cover the cost of all the specialized equipment that your home based office contains. Most home insurance policies don’t cover losses over $2000, and often the cost of office equipment sums up to much more than $2000.
Home based business policy also covers damages to your clients, quite literally. If a client happens to have an accident on your premises, then your business insurance will cover the damages the client has sustained.
If your business needs a vehicle to operate, perhaps to deliver products, then your home based business insurance will cover damages to the vehicle in case of an accident. An insurance that protects against product liability may also come handy. If your product does not meet expectations, then your insurance will cover any losses that your may have to sustain.
Do you provide a professional service from your home? Can it be potentially dangerous to your clients (physically or financially)? If so, you should consider buying malpractice insurance or errors and omissions insurance. It will cover damages, if any, to the client(s) and also pay for your legal expenses.
Are Home Based Business Insurance Policies Expensive?
It all depends on the kind of home based business you are running. If your business is of low liability, then your insurance policy will be cheap. For an example, I run a business providing my visitors with some psprint gift codes and diamonds USA coupon code; I had my business insured right when I started this off. The business was of low liability and it didn’t cost me much. However, if it is high liability, or if you wish to purchase multiple policies, then you may need more money. But remember, the value of the mental peace your policy will provide is immeasurable! So you must insure your home based business as soon as possible.
Cut Down on Insurance Costs
You can prepare a list of insurance policies your business might need, and buy the ones your think are of high priority. Home based insurance packages (different insurance policies rolled into one) are cheaper. You can consider buying insurance with someone you know or with an organization (for group rates). You need to research and approach several companies if you want to land the best deal.
Home based business insurance, especially in this economy, is the need of the day.
A writer with an interest in sharing gardening tips, Costea also writes about special discounts and coupon offers such as psprint gift codes and diamonds USA coupon code. She currently writes at CouponTriumph, a coupon blog that makes psprint gift codes and diamonds USA coupon code available for its visitors.