Home Business Insurance - Part II
As discussed in
there are many reasons why you should take getting insurance for your home based business seriously. There are
many risks to consider. There are also ways to reduce those risks a lot too however.
One of those is to get your company incorporated. In many cases an LLC - Limited Liability Corporation - is all that you will need. You can talk to a lawyer about setting this up. Depending upon the state you live in it may not be that expensive either. Your liability is limited with this type of corporation, as the name suggests. Your home owners insurance may cover less things though if you are a corporation rather being a sole proprietor.
Once you have some insurance if you get a policy with a higher deductible you can save some money too.
A home business endorsement will usually cover injuries someone may have at your office and also may cover office equipment. This can even be useful for someone who has an employer but works at home for many hours.
A Businessowners insurance policy would be best though. It should cover most of what you would need as they tend keep small businesses needs in mind. Some may not cover all types of home businesses, but check around because a different insurance companies may be better able to cover your business. They are not necessarily expensive either - some are as low as $300 a year!
If your business is a franchise, many franchisers have insurance policies they offer. They tend to be very good for what they offer, but may not have all the coverage you need. In the case it would probably be best to still get some advice elsewhere about the insurance to see if it will do all that you need it to. You may very well still need to get some sort of additional insurance coverage.
If you belong to some sort of professional organization they may offer different types of insurance plans also. There are also other benefits of being a member of a professional organization. This may very well be the best option for some people in some types of industries - at least for part of your coverage.
Many Chambers of Commerce also offer insurance policies to its members.
It can also be a good idea for many business owners to pay a professional for advice about business insurance. Find an insurance agent who is an expert in home businesses if possible. If may also be helpful to use the same insurance company for both your business and personal stuff, especially your home. In the case of a major disaster you will only have one company to have to deal with and avoid a situation where neither company wants to pay what they should.
Some people even recommend paying someone as a risk manager. This may even cost you less than $1000 a year. A manager can help you get better deals on insurance, help you to reduce your liability risk and coordinate all your insurance needs and policies.
At any rate, take some time and learn more about the risks involved with running your specific business and find insurance policies that meet your needs - and don't hesitate to pay someone who is an expert in insurance to help!