How to Insure Your Home Business

By John Scott Team Archive Comments Off on How to Insure Your Home Business

Insure Your Home Business

If you run a home business, you may not have enough insurance to protect your business equipment.

A standard homeowners insurance policy provides only $2,500 coverage for business equipment.. This is likely not enough to cover all of your property associated with your business.

As a Home business, you will need coverage for liability and lost income. You put blood, sweat, and tears into your business so insuring it is important for its livelihood.

Regardless of what insurance policy you choose, you need professional liability insurance.

Here are the three basic kinds of liability insurance you should consider.

1. Homeowners Policy Endorsement

You may not need to take out an entirely different policy. A homeowners policy endorsement just adds protection to your already existing homeowners policy.  It doubles your standard coverage for business equipment like computers and printers.

2. In-Home Business Policy

An in-home business policy provides more comprehensive coverage than the homeowners policy endorsement. In addition to the protection for your business, this policy could reimburse you for the loss of important papers and records. It may even pay for the income you lose if your home is badly damaged from a covered peril and you have to temporarily pause your business.

3. Business Owners Policy (BOP)

If your home business is on the bigger side of things, homeowners insurance and add-ons won’t exactly cut it. It covers business property and equipment, loss of income, extra expenses, and liability, on a much grander scale.

Contact the experts at John Scott Insurance for all of your small business insurance coverage needs.

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