Protect Your Home Office with Affordable Business Insurance
September 3, 2009 — Do you run your business from home? Figuring out how much your office equipment is worth is an important part of finding out how much business insurance you will require. Surveys have shown that 50-60% of all home based businesses are uninsured. The problem with this is that if something were to happen such as fire or theft, you would be responsible for replacing all your items that you would need to run your business. If you had been insured, your business insurance would have helped to cover these expenses.
Many entrepreneurs or home based business owners are under the misconception that if something were to happen to their business items, that their homeowner’s insurance would be enough to cover and replace them. Most often this is not the case and their homeowner’s policy is not sufficient enough to cover all losses.
Homeowner’s Policy:
• Is usually limited to $2500.00 for office equipment and $250.00 for portable office equipment, ie: laptop.
• Will not cover items that should be covered by a business liability policy.
• Will not cover damage or loss brought on by Cyber crime.
• Will not cover damage or loss of any type of business records.
• Will not cover damage or loss sustained by an interruption of your business.
Many individuals that work from home have a very well put together home office. Most of these home offices have a computer, printer, desk, phone, fax, scanner, and other accessories that total way more than $2500.00.
There are several different ways to insure your home office.
1. Homeowners Endorsement: Some companies now offer this option which adds an endorsement for the home office onto the homeowners policy. It raises the coverage amount and may cover other losses such as documents and data.
2. Separate Business Insurance: You can buy a separate policy specifically for your business to help against uncovered loss and damage associated with your home office.
3. Business Owners Policy: This policy was intended originally for small businesses and will cover property and liability associated with your home business equipment and visitors that arrive for business dealings.
4. Home Office Insurance: This is a upgrade of the business owners policy and endorsement. This policy will cover destruction and loss of business property and data. This is usually a package deal that involves homeowners insurance and automotive insurance.
Your first step should be to assess your risk of loss and the amount of coverage you will require to be able to keep your business up and running.
www.businessinsurancespot.com
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