While working from home means you will have fewer outgoings in terms of monthly expenditure, as well as fewer employees to manage, it doesn’t mean that you won’t benefit from business insurance. Through home-based business insurance, you can provide coverage to a wide range of elements of your business.
Home Equipment Coverage
Your home business will undoubtedly rely on multiple pieces of equipment, whether they are machines for manufacturing small objects, computers and other technology, or valuable items that you have collected over time. Home equipment and contents insurance will protect you in the event of a fire, burglary, or other event.
When arranging your insurance, it’s important to be honest about the value of the items you use. You can choose to add specific pieces of equipment to your coverage, meaning that if you’re ever in a situation where your equipment is unusable, you can quickly obtain replacements.
Inventory and Goods Coverage
If your company is based on selling products rather than services, consider extensive inventory and product coverage. You can insure yourself against the loss of your products, meaning if your home ever incurs damage, or if you experience burglary, you will be reimbursed for the value of those goods.
Public Liability Insurance
Public liability insurance protects you against potential lawsuits form clients and customers. With professional indemnity insurance, you can ensure that you have a financial safety net in place if you ever make a mistake when providing a client with a service. Whether you offer massage therapy, or you regularly meet business clients in a home office, public liability insurance means you’re protected in any event.
Employers’ Liability Insurance
Some home-based businesses still employ one or more members of staff. If you have employees, state law may require you to have employers’ liability insurance. Whether your staff works at home with you or is out on the road during the day, this insurance will offer important financial protection. Should your employees ever experience an accident during a work day or be injured on your watch, you’ll be financially protected from liability.
In addition to insuring the contents of your home and providing insurance for your employees, you should consider insuring your house itself. When you take out property insurance, you are protecting the structure of the property. This means that if you ever experience something as damaging as a flood or a fire, your insurance will cover the costs of repair. If your house is destroyed, your claim could give you the value of your home in cash, or pay for it to be rebuilt.
Freedom Insurance Agency offers reliable home-based business insurance, which includes the above options and much more. For more information about business insurance in Maryland, don’t hesitate to get in touch.