A liability is something your company is legally responsible for. For instance, if someone visits you at your home office, and on their way out they slip on your slick, unsalted sidewalk, you are more than likely liable for any incurring medical treatment that may arise due to this incident. Having general liability coverage helps protect your business in the event that a lawsuit is filed. Errors and Omissions Insurance is another great way to protect your business from lawsuits that may arise from mistakes, negligence, and omissions.
If you have employees working for you, it's important to have Worker's Compensation coverage to protect you in the event of work related injuries. Another good liability coverage to consider is Employment Practices Liability Insurance. This helps protect against employee lawsuits over discrimination, wrongful termination, or unpaid benefits. There are several types of liability coverage that may be important to your home-based business.
Don't Get Caught Without Property Insurance Coverage
Compiling everything it takes to run your business is expensive enough without having to start over. In the event of a fire, weather damage, theft, or an act of vandalism, having property insurance to cover the cost of physical damage or loss for your office, equipment, supplies, computers, inventory, and other business property can save you a ton of money.
While it's important to think about your stuff, you may also want to consider the potential for lost business due to such damages. If a strong storm knocks a tree down onto your office roof or tears powerlines down, you're not going to be able to properly run your business in that environment. Business Interruption Insurance covers income loss that a business suffers after a major disaster or damage. This additional policy helps to cover income that would have been earned.
When considering coverage for your at-home business, don't just assume that your homeowners policy will cover the important stuff. Be prepared for worst-case scenarios with the best insurance policy in place that covers your business liabilities and physical property. At our Osage Beach insurance agency, we work with your business and ask detailed questions as your business is like no other. We work to make sure we offer the best coverage to solve your insurance needs. For more information on coverage for your home-based business, give us a call at 573-348-2794.
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About the Author: Steve is a double back-flip insurance ninja. He was named Young Insurance Agent of the Year by the Missouri Association of Insurance Agents in 2010 and is a Certified Insurance Counselor. When he is not helping customers, he enjoys community service, Latin dancing with his beautiful wife and going on adventures with his two awesome sons.
Steve Naught, CIC
3736 Osage Beach Parkway
Osage Beach, MO 65065
Next to Golden Coral
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