As more people develop side-hustles to supplement their incomes from their day jobs, home-based businesses are popping up in many neighborhoods. It never occurs to many homeowners that, as the business grows, their insurance needs may change. These tips from Cross Creek Insurance will help Hope Hills, NC home and business owners make wise insurance decisions.
Don’t Make Assumptions
Don’t assume that your homeowner’s insurance will cover your business too. In some cases, your business property won’t be covered in case of a claim, so a break-in, fire, or storm could leave you on the line for replacing expensive business items. Additionally, in some cases, using your home as a place of business may even invalidate your home insurance. Check with your insurance agent to develop an insurance plan that won’t leave you at risk.
Consider Limits of Liability
Look around your home office and tally up the full cost of your business related items. Computers, printers, inventory, and tools for your trade may add up to thousands of dollars invested in your business. Adding the costs these business items onto the costs of your personal property means that a total loss may exceed the maximum of liability coverage on your homeowner’s policy. A business policy or a business rider on your homeowner’s policy can help you avoid losing the hard-earned money you’ve invested in your business.
If Clients Come to Your Home Office, You Need Protection
If clients, salespeople, or co-workers come to your home office, you definitely need business liability insurance. If your visiting nephew slips on the stairs and sprains his ankle, your homeowner’s insurance will pay for medical treatment. But, if your client slips on the same stairs, it’s likely that your homeowner’s insurance will not cover his medical treatment. Protect yourself, your business and your clients by adding business liability insurance to your policy.
If you have more questions about the insurance needs of your home-based business in Hope Hills, NC, contact Cross Creek Insurance.