With millions of people operating a home-based business, it is surprising to see that nearly 60 percent of these businesses are not protected by business insurance. Slip and falls from delivery men, injuries to customers from product usage and lawsuit settlements from cases in which businesses are negligent happen all the time.
If you don’t have business insurance, then you should consider purchasing a policy to increase your chances of surviving financial losses stemming from injuries as a result of operating your business. The following are three options you have for securing your business operations and finances.
Use a Homeowner’s Insurance Rider
Many people assume that their homeowner’s insurance policy will cover their home-based business, but that assumption could be wrong. Although some home insurance policies provide coverage for losses associated with a home-based business, the indemnity is minimal. Instead of relying on the coverage included in your homeowner's insurance policy, you can add a rider that specifically covers your business’ property. This option is typically for individuals who operate a part-time home-based business since the coverage is limited.
Secure In-Home Business Insurance
An in-home business insurance policy is a policy dedicated to your home-based business. It offers you protection from an extensive list of perils that your insurance provider defines. Policies often include larger coverage limits. Additionally, you do not have to worry about jeopardizing your homeowner’s insurance policy as a result of operating a small business when you purchase in-home business insurance.
Purchase a Business Owners Policy
Business owners who are interested in purchasing insurance with significant limits may want to speak to their insurance agent about purchasing a business owners policy (BOP). With a BOP, you get different types of coverage conveniently packaged together, which helps protect your home-based business from many different risks for a reasonable price.
Although your home-based business has limited coverage through your homeowner’s insurance policy, you can still purchase extra protection to ensure you can survive lawsuits and injuries as a result of operating your business. There are many business insurance products that can increase your coverage limits and protect your business from many different types of risks that threaten your business.
Protect your home-based business today. Call Owen & Associates at (770) 422-0456 for more information on Marietta GA business insurance.