Running a business from home can save you a lot of money in the long run. However, you can’t rely on your home insurance policy to cover your business assets if they are damaged in an unfortunate event. Many home insurance policies offer some coverage for your losses, but this coverage is minimal and likely won’t be enough if you have expensive tools or store a lot of business inventory at home. Furthermore, suppose you have a building on your property that you use primarily for commercial purposes (i.e., a detached garage or storage shed). In that case, your home insurance may not cover it at all.
What Types of Coverage Will a Home-Based Business Need?
The types of coverage you need to run a home-based business will depend on the nature of your business. If you hire employees, they’ll need worker’s compensation coverage. If you use your car for commercial purposes, you may need to switch from a personal to a commercial auto insurance policy. Liability coverage is in order if you sell items online and want to protect yourself from injury, false advertising, and other types of claims. Business property coverage will protect business assets on your property in the event of an unfortunate incident.
Contact United Insurance Services Inc. in Bluffdale, UT for More Information
At United Insurance Services Inc., we understand that each business is unique and thus has unique coverage needs. We specialize in helping Bluffdale, UT business owners understand their options and pick coverage that meets their long-term needs. Contact us today for more information about our insurance policy options or to get quotes on the policies of your choice.