by Frankenmuth Insurance | Commercial Insurance, Home Insurance
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Running a business or part-time venture out of your home? You might be wondering if your homeowners policy provides the protection you need or if you need a commercial policy.
Home businesses come in all shapes and sizes. They have different teams, different risks, and different needs. That means your coverage might look different than other home-based businesses.
When deciding on home-based business insurance, there are a few important things to consider first:
Your industry and interactions. Maybe you run an independent accounting business and you are its sole employee. Maybe you operate a home hair studio with frequent client visitors. Maybe your team meets at your house for meetings. The insurance needs for all these scenarios will look different.
Your team. In a similar way your industry or interactions may steer insurance needs, so will your team. More employees might mean more, or different, coverage.
Your transportation. Do you drive or transport goods from home? Are you, your goods, and your vehicles covered for it?
Your sensitive information. If you store clients’ personal or sensitive data at home, you’ll need coverage in case of a home fire, loss, or data breach.
Your homeowners policy may be enough. Your homeowners policy may cover elements of home-based business risks already. Don’t pay for a separate policy if you don’t need it. And, just as important, make sure your current homeowners policy provides enough coverage. Talk to an agent about reviewing your policy.
When a commercial policy is needed. When your homeowners policy does not provide adequate coverage for your business, a commercial policy may be in order, such as a business owners policy or commercial package policy. Talk to an agent about the coverage that’s right for you.
After looking at your existing coverage, consider additional home-based business insurances like:
Workers compensation
– To protect your team’s earnings when they experience illnesses and injuries.
Cyber insurance
– For added peace of mind against ransomware, phishing attacks, and other cyber threats.
Commercial auto
– For unexpected twists and turns when your company vehicles are on the road.
Now that you’ve gotten to know the basics of home-based business insurance, talk to a Huttenlocher Group independent agent about your unique coverage needs today.
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