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3 Types of Insurance Your Home-Based Business Needs

March 30, 2021

Whether you’re a contractor or operate an online store, running a business from home can keep costs to a minimum. However, most homeowners insurance policies won’t cover business losses or protect you from client lawsuits, so you’ll need to purchase additional coverage. Below are a few types of liability and property insurance policies you’ll need if you’re running a business out of your home.

What Insurance Policies Do Home-Based Businesses Need?

1. Business Property

Depending on the nature of your business, some assets could be excluded from a standard homeowner's policy. For example, if you're selling and shipping physical products, or you're a landscaper with equipment and tools to provide service, these items will not be covered under home insurance. To protect your belongings from fire, severe storms, or theft, invest in additional business property insurance. A commercial policy will pay to repair or replace items destroyed or damaged in a covered event, which could keep you in business after a disaster.

However, if you have an online business with no physical goods other than your computer, you may be endorsed by a homeowner's policy—verify with an agent.

2. Liability

If you meet clients in a home office, you could be held responsible if someone trips on the walkway or gets injured while visiting the property. Home insurance policies normally protect you from these costs, but your insurer may deny a claim if someone was visiting for business reasons.

If a visitor gets hurt, business liability insurance will pay their medical expenses and the associated legal fees. A comprehensive policy ensures they get the care they need and spares you the frustration and expense of a drawn-out lawsuit.

3. Commercial Auto

Many home-based entrepreneurs use their own vehicles to deliver products, meet with clients, or visit job sites. Like homeowners policies, personal auto insurance plans typically exclude accidents that occur while you’re working.

Commercial auto insurance will cover the other driver’s repairs if you cause an accident. Collision coverage will pay to repair your own vehicle, while comprehensive insurance covers theft, hail, and other damage that might occur when you’re not on the road.

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If you run a home-based business, let the agents at Phil Taylor Insurance Agency ensure you’re protected against whatever life throws your way. They offer a wide range of policies, including liability and property insurance, that can be tailored to your unique needs. Visit their website for an overview of their business insurance services, get tips and advice on Facebook, or call (479) 754-2616 to request a quote from their office in Clarksville, AR.

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