Do you have a home-based business but are unclear on what kind of insurance, if any, you need? Well, we are here to fill you in on home-based business insurance, so you can successfully navigate your entrepreneurial journey.
What Insurance Do I Need?
The insurance you get for your home-based business in California depends on the type of business and industry you are in. Here are some of the more common home-based business insurance options to consider:
1. Business Property Insurance
If you use any equipment in the home to run your business, such as a computer, printer, or even furniture, then you want this coverage in case there is any damage to the property you use for your business. A traditional homeowner’s insurance policy doesn’t provide coverage for business equipment losses.
2. Liability Insurance
If your home-based business in California requires that customers or clients visit the home for business purposes, you need to have liability insurance.
It is coverage that protects you and your business in case there were damages done to a person or property. The homeowner’s policy you have won’t protect you against any claims filed by a business visitor.
3. Professional Liability
Professional liability or Acts coverage can protect you against potential negligence or the failure to deliver claims made by your clients.
It is coverage that any consultant or working professional needs when working out of the home.
4. Product Liability
If you make products from home, you may want to consider product liability coverage for your home-based business. This will protect you against damages that may have been caused by a product you designed or manufactured.
5. Business Auto Coverage
Do you make deliveries as part of your home-based business or visit clients? If you use your vehicle for business purposes, you need to have business automobile coverage. A personal auto insurance policy won’t cover you if the car was being used for business purposes.
Final Thoughts
This is just a small sampling of the different types of insurance you may need to have for your home-based business. Again, the right coverage really depends on the type of business you operate. For example, do you have employees that work for your home-based business? Then you may be required to get worker’s compensation insurance coverage.
Remember, your personal auto or homeowner’s insurance policies will not cover against any business-related damages, losses, or expenditures. And it will not protect against losses from equipment theft, fraud, or any crimes committed against your home-based business.
Since there are various business liabilities you may be faced with, it is important to understand your type of business and industry and research as much as you can to ensure you have the right insurance coverage in place for everything.
Contact us
For more information on the type of insurance coverage you need for your specific home-based business and industry near Northridge, CA do not hesitate to contact the experts at Panorama today to get started. Protect your business today. Call: 818-781-6630
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