Succeed As Your Own Boss

ENDING SMALL BUSINESS FAILURE

  • Home
  • About
  • Book Melinda
  • Consulting
  • SBL Store
    • Books/Workbooks
    • LifePlanningJournal
    • 30 Day Fast Start Program
    • Become Your Own Boss Course
    • Become Your Own Boss Bundle
    • Fix Your Business Masterclass
    • Write A Business Plan Course
    • One-on-One VIP Coaching
  • Subscribe to Podcast
  • #Smallbizchat
    • Be a #SmallBizChat Guest
  • Blog
    • Write For Us
  • Contact
You are here: Home / How to Start / What Kind of Insurance Do I Need For My Home-Based Business?

What Kind of Insurance Do I Need For My Home-Based Business?

February 4, 2014 By Melinda Emerson 1 Comment

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

What Kind of Insurance Do I Need For My Home-Based BusinessGuest Article

It’s no secret that many, if not most, new small businesses and start-ups are home-based. The days when a “virtual office” sounded new and hip are long past, and it’s practically expected that new enterprises begin as home-based businesses. It’s a great way to save money while engineering those critical first operations and gaining traction in sales. But is there a difference in insurance for home-based businesses vs. commercial office space?

You may believe that renters’ or homeowners’ insurance policies cover home businesses, but they may not – which means that if there’s a fire at your home and it consumes your home office it’s possible none of those office losses would be covered. In fact, using your home for activities your insurer isn’t aware of – like operating a home based business – could even invalidate your homeowner’s policy.

To protect your computer, fax machine, copier, furniture, and printer you may need separate small business insurance. The same holds for your automobile. Personal auto policies may not cover autos used for business purposes, so you may need separate business coverage.

So what small business coverage might you need? For those of you running a business from your home, it’s important to work closely with an insurance provider that understands small business needs and can help navigate the difference between available insurance and what your particular small business needs. You want to make sure you get coverage that’s right for you. Ask yourself these questions to begin getting an idea of what you need:

  • Does your business supply, manufacture, or create a product or food?
  • Do you provide a professional service?
  • Will clients ever come to your home?
  • Will you use a vehicle for any business purposes?
  • What kinds and types of electronic equipment do you need to do your work?

These questions and others can help identify what types of coverage your home-based business needs. As a general rule of thumb, you need professional liability insurance and general liability insurance.  Professional liability insurance (also known as errors and omissions insurance or E&O) protects you if your business is sued for negligently providing services, even if you haven’t made a mistake. A general liability policy can protect you against claims of bodily injury (libel and slander claims), damage to other people’s property, and damage to premises rented to you such as a temporary office space or training/conference facilities.

Depending on your circumstances you may want to add a business owner’s policy for home-based businesses. A business owner’s policy (also known as business owner insurance or BOP insurance) combines general liability coverage with protection for your business equipment, such as computers, printers, copiers, and office furniture.

Whatever coverage you decide to get, be sure to select a business insurance partner that really understands small business. Some, including Hiscox, may offer policy discounts for home-based businesses in certain professions.  Since you’re home-based, fewer people will visit your place of work, which lowers your risk of accidents, which may result in lower general liability premiums. The right insurance provider will also offer coverage specific to your profession.

Now that you know you need small business insurance, go out there are get it!

What kind of business insurance do you have for your small business?

Disclosure: Hiscox Insurance Company compensated the publisher of www.succeedasyourownboss.com to publish this post.

The contents of this article and the linked materials do not offer legal, business, or insurance advice related to the needs of any specific individual business. Claim scenarios are for illustrative purposes only and are subject to the terms and conditions of the policy in question. Please consult your professional advisor.

Kevin KerridgeAbout the author: Kevin Kerridge is the director of small business insurance for Hiscox, a company that provides customized business insurance for small business professionals such as consultants, IT professionals, graphic designers, and many more.

Feel free to share...Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Share on Reddit
Reddit
Email this to someone
email
Print this page
Print

Filed Under: How to Start, Starting A Small Business Tagged With: @HiscoxSmallBiz, home based business insurance, small business insurance

Fix Your Business Now!

Order SmallBizLady's new book Fix Your Business, 90-Day plan to Get Back Your Life and Reduce Chaos in Your Business. It includes the 12 Ps of Running a Successful Business and readers will finish the book with a new strategic plan to take their business to the next level.

About Melinda Emerson

Melinda F. Emerson, known to many as SmallBizLady is one of America's leading small business experts. As a seasoned entrepreneur, professional speaker, and small business coach, she develops audio, video and written content to fulfill her mission to end small business failure. As CEO of Quintessence Multimedia, Melinda educates entrepreneurs and Fortune 500 companies on subjects including small business start-up, business development and social media marketing. Forbes Magazine named her #1 woman for entrepreneurs to follow on Twitter. She hosts #SmallBizChat Wednesdays on Twitter 8-9pm ET for emerging entrepreneurs. She also publishes a resource blog http://www.succeedasyourownboss.com Melinda is also bestseller author of Become Your Own Boss in 12 months; A Month-by-Month Guide to a Business That Works. Her latest ebook, How To Become a Social Media Ninja; 101 Ways to Dominate Your Competition Online was released in 2012.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Let’s Connect

  • Facebook
  • Instagram
  • LinkedIn
  • RSS
  • Twitter
  • YouTube

Let me send my best blog posts to your inbox each week.

Click Here to Sign Up!

Get 2 FREE Chapters of SmallBizLady’s Book,
"Become Your Own Boss"!

Become Your Own Boss Download Two FREE Chapters

Most Popular Posts

>Seven Ways to be More Profitable in Your Small Business
> 7 Ways to Attract Customers to Your Small Business
> 6 Tips for Managing Small Business Finances
> How to Run a Successful Multilevel Marketing Business
> 10 Ways to Grow Your Small Business With Instagram
> How to Sell on Facebook
> How to Get Over the Fear of Starting a New Business

Featured Videos

“12 Principles of Highly Profitable Businesses with Melinda Emerson” from Sonia Dumas
October 2020

#SmallBizChat LIVE from NYC
May 2017

MSNBC Interview
Top Tip: Never Let a Customer Down

National Speakers Association
Winter Conference 2016

Tune in to Exhale, Wednesdays at 9 pm EST, only on ASPiRE. Join the conversation at #EXHALETV

Fox Business
Five Steps to Becoming a ‘Social Media Ninja

MSNBC
The importance of job mentoring for women

#SmallBizChat Live
National Small Business Week: Q&A

Good Day Philadelphia
Expert Shares Tips on How to Become Your Own Boss

Google
Best Practice for Social Media

Testimonials

Become Your Own Boss is a must read if you’re thinking of launching a business of your own.
Jean Chatzky, Bestselling Author of Money 911 and Financial Editor of NBC’s Today Show
Great step-by-step advice for anyone looking to start their own business.
Andrew C. Taylor, Chairman, Enterprise Rent-A-Car
Melinda Emerson has written a remarkable book. It is essential reading for anyone seeking to make the transition from working girl to successfully working it, as an entrepreneur.
Cynthia McClain-Hill, Past President, National Association of Women Business Owners
The perfect companion for those planning to go out on their own. Melinda delivers firsthand practical advice on how to be the successful entrepreneur. Read it if you want to get it right the first time.
Kenneth L. Shropshire, Professor at the Wharton School of Business, University of Pennsylvania
If you are looking for a versatile speaker who can talk about how to grow small businesses or get started with social media, look no further.
Heather Van Sickle Executive Director, National Association for Community College Entrepreneurship (NACCE)
Her wit and depth of subject knowledge were entertaining and empowering. Melinda is definitely on our short list of seasoned entrepreneurs and business leaders we look to invite back in the near future.
Tennille M. Robinson Senior content & Event producer for Inc. magazine
Melinda Emerson, “SmallBizLady,” is an engaging and witty speaker and a great addition to any conference. Her terrific presentation and compelling delivery give people the information they need and want to become their own bosses and grow success… Read more
Laurie Dalton White Conference Director, Pennsylvania Conference for Women
Melinda Emerson has been a fantastic small business and social media resource for the Pitney Bowes team. Not only is she personable and easy to work with, but she also has an innate understanding of the small business audience. My marketing programs … Read more
Justin Amendola, Former VP, Global SMB Digital Strategy, Pitney Bowes

SmallBizChat

  • Twitter

Latest #SmallBizChat

The Future of the Workplace in a Post-COVID Environment Featured Image

The Future of the Workplace in a Post-COVID Environment

The workplace is shifting and evolving in some surprising ways as the response to COVID-19 develops. I know I’m not the only one who’s had to adjust and rethink the way I do business. No matter what industry you find yourself in, you’re facing some unforeseen challenges from the ongoing virus, and you’re probably wondering […]

Recent Comments

  • Bada Business ibc on 5 Tips for Getting More Online Reviews for Your Small Business
  • Justin Marble on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • sathya on 15 Mistakes Not To Make In Your Digital Marketing Approach
  • Agency Platform Ebrandz on TikTok vs. Snapchat: Which One Is Better for Marketing? [Infographic]
  • Sejal on 15 Mistakes Not To Make In Your Digital Marketing Approach

#SmallBizChat

  • SmallBizChat Archive
  • @SmallBizLady

Business Advice

  • How to Start

SmallBizLady Store

  • Products
  • Free Chapter

Get In Touch

  • Write For Us
  • FAQ
  • Be a #SmallBizChat Guest
  • Contact Us
Copyright © 2019
Quintessence Group
PO Box 280
Drexel Hill, PA 19026
(610) 352-0680
Privacy Policy · Refund Policy

Copyright © 2021 · News Pro Theme on Genesis Framework · WordPress · Log in