There are many things to consider in running a home-based business and one of them is insurance. Basic coverage for things that can be considered both home items and business items such as your computer, if your family uses it besides you, or furnishings that share common space might be included in your homeowners insurance plan. A separate home business insurance plan would be needed for such things as special equipment or products. You will also need to look at liability coverage if your business takes care of others such as a daycare, childcare or elderly care. These and other unique insurance exposures need to be addressed for your protection, the protection of others and to satisfy any applicable laws.
Home biz insurance discounts can be found through your current homeowners insurance or through other associations that you might belong too. If you are over 50 and are a member of AARP you can find valuable coverage at surprisingly affordable rates. They are the largest U. S. organization and can acquire lower rates based upon their vast membership. Their basic plan covers:
- $100,000 Home Business liability protection, which pays medical bills, defense fees and court judgments for business related law suits.
- $10,000 Home Business property- on premises, which pays on a full replacement basis.
- Unlimited income and relocation expenses, which pays for up to 12 months, reimburses your for loss of income and extra relocation expenses if a fire, or other covered disaster causes you to suspend operations.
- $2,500 Home Business Protection for valuable papers, which pays your costs to research, replace and restore valuable papers and information, whether on paper or disk.
- $5,000 Home Business Accounts receivable, which reimburses you for the income you lose if your accounts receivable records are destroyed, and for the cost of reconstructing those records.
The coverage is underwritten by The Hartford Financial Services Group, Inc. You can find out more about their insurance rating by the proceeding link. Another great source of information on insuring your home business is Insurance Information Institute. They have answers to such questions as:
- How do I find the right agent?
- How can I save money on my business insurance?
- How do I insure my home business?
- Do I need workers compensation insurance?
- Can I insure the life of a key employee?