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Working from the comfort of your home is one of the best aspects of today’s digital world. You can earn money and cut down on transportation costs as well. However, just like any other business, some risks are associated with it. Read on to know whether your homeowners insurance covers your business venture.
The Coverage
Home insurance will cover part of your property in case of natural calamities and other damages. However, there are some specific business assets home insurance doesn’t cover at all, including files, technological devices, and other professional equipment. For this reason, you could experience losses before your business picks up. For instance, you’ll pay for employee injuries, property damage, and lawsuits. Don’t forget you’ll lose data that is essential for your clients as well. Therefore, you need business insurance that can protect you from the risks.
Insurance Policies for Home-Based Businesses
The best approach is to buy separate insurance for your home-based business. Here are some of the options you can consider for your enterprise:
• Business owners policy – This type of insurance will cover your home’s structure as well as lost inventory and income. The policy also protects equipment that’s critical for your business operation.
• General liability – This type of insurance shelters you from expenses that come with lawsuits brought by your employees for issues such as negligence and injuries in the workplace. The insurance will help you cover the costs, such as lawyer’s fees and compensation claims.
Additional Insurance Plans
You can adjust the insurance coverage depending on your industry. If your laptop has confidential, sensitive information stored on it, you need data breach insurance in case someone steals it. This type of insurance is even more essential if you’ve stored important customer data, especially credit card information, on your computer.
Professional liability insurance covers losses incurred if you delete important files by mistake. Also, if you lose data due to viruses or malfunctioning software, professional liability insurance can assist you in paying for legal fees, and it protects you in the event of claims based on errors and omissions.
Product liability is another type of insurance coverage you need if you sell food, clothing, or other products from home. This way, if customers complain your product isn’t functioning properly, you’ll be financially secure and prepared in case of lawsuits.
Owners of home-based businesses need to make sure they protect themselves by purchasing the right insurance coverage. For affordable, reliable business insurance as well as homeowners, renters, motorcycle, and auto insurance Chula Vista, call on the trustworthy professionals at Altra Insurance Services. Reach out to us today at 619-474-6666 to learn how we can satisfy all your insurance needs.