Being able to run a business from home is a convenience that not everyone can experience. The commute is great, you get to be your own boss and you get to decide when and how long you work. But just like any other business, you should make sure that your home business is properly covered by your insurance company. While you would think that a home business would be covered by your homeowner’s insurance policy, that’s actually not the case. So before you start another workday, start educating yourself about the steps you need to take to cover your business.
Many people don’t get business insurance in Commerce, MI for their home business because they aren’t sure what’s already taken care of by their renter’s or homeowner’s policy. Your homeowner’s insurance actually doesn’t cover very much when it comes to your home business. In some cases, your insurance company may refuse to cover any losses sustained by a home business that they weren’t made aware of. Some companies will actually cancel your policy. The best thing you can do to protect your home business is to get business insurance in Commerce, MI as soon as possible.
You have a few options available to you when dealing with protecting your home business. One of the most inexpensive strategies is to include a rider or add-on to your current homeowner’s or renter’s insurance plan. While the additional coverage can cost as little as a hundred dollars a year, it can give you more than $2,000 worth of coverage. You’ll more than likely want to choose this option if you’re a one-person business and don’t have that many business guests. An in-home policy is a broader option that protects you and your business from theft of bank deposits and loss of important papers. An in-home policy also covers up to three employees and usually cost anywhere from $250 to $500 a month while protecting your business from $10,000 in losses. If you have any expensive equipment that you need to protect, an in-home policy might be your best bet. If you’re a business owner who needs upwards of $10,00 in coverage, you should look into getting a business owner’s policy. While this is usually the type of business insurance that brick-and-mortar stores have, such a plan covers loss and damage done to business equipment, injuries, loss of important papers and business interruption. This type of business insurance in Commerce, MI also protects personal vehicles used for business purposes.
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