Home based businesses are growing in popularity. With the gas savings from not having to commute to and from work to the ability to create your own work schedule, there are many benefits of having a home business. However, just like any other company, your home based business will need to be protected with the right insurance policies. Keep these insurance considerations in mind to keep your home office safe.
- Homeowners insurance – if you have a relatively small business, your existing home insurance policy may be able to provide plenty of coverage. Keep in mind that the limits on your home insurance policy may be much lower than what you need to protect your business. Talk with your insurance agent about raising your limits or adding an endorsement to your policy to get the coverage that you need.
- Business owner’s policy – also known as a BOP, these policies are specifically designed to cover small businesses. They will combine various coverage options, such as property insurance and business interruption, into one simple policy. There are BOP’s that are meant to cover home based businesses, so make sure to ask your insurance agent if you can benefit from such a policy.
- Umbrella insurance – no matter what insurance policies you invest in, it is important to remember that they have strict limits that can easily be reached with just one lawsuit. An umbrella insurance policy will provide the additional liability insurance that you need to ensure that you do not have to dig into your savings account to cover any issues.
When looking for the right insurance policies that will give your home based business the coverage it deserves, contact the independent insurance professionals at Phocus Companies in Phoenix, Arizona.
