If you have a home business, you should have commercial insurance. There are many different types of policies, and it’s important to find one that will cover your particular needs. Gill Insurance Agency can help Plainfield, IN home business owners choose the best policy. We have a wholehearted interest in your business.
Does A Home Business Need Commercial Insurance?
Home businesses need a variety of types of insurance to protect their assets. In addition to liability coverage, home business owners should consider professional liability insurance, also known as errors and omissions insurance. This coverage protects your business from claims of negligence in the provision of professional services. Worker’s compensation insurance is required for home businesses with employees, but different policies apply to different types of home businesses. It’s important to remember that business property insurance covers your business equipment. Homeowners’ policies do not cover business equipment, so be sure to purchase a separate policy for your home business.
Small business owners have three basic choices for their insurance needs. They can either add endorsements to their homeowner’s insurance policy or buy a Business Owners Package (BOP) policy that offers all the necessary coverage for their home-based operation. The choice depends on the nature of your home-based business and how much you’re willing to spend. Some policies offer liability coverage for visitors to your home. For smaller businesses that receive very few business visitors, this endorsement is optional.
If you run a home-based business, you’ll need to adjust your policy on a yearly basis. You’ll also need to update your policy in case something happens to your property. A home-based business policy will only cover some of the risks, and it’s important to make sure you know all the details.
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Running your own business takes a ton of time and effort. Let Gill Insurance Agency, now serving the greater Plainfield IN community, take away the headache of commercial insurance shopping today.