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(2011-05-21) Starting A Business At Home – 7 Insurance Types That Can Help
Starting A Business At Home – 7 Insurance Types That Can Help
When you decide to have a home-based business, buying insurance is not at the top of your priority list, but insurance is something that cannot be ignored either. Murphy’s law states that anything that can go wrong will go wrong. Therefore an insurance coverage can be one of the most important things you need to reach business success.
You may not have the need for all types of insurance listed here, but taking some time now to consider your insurance requirements can help you save and avoid hassles in the future. An insurance agent can help a lot particularly if you lack experience in this domain. Explain to them the particulars of your business and the agent should be able to determine the best insurance coverage for you and your business (and employees if applicable).
Business Interruption Insurance
Natural catastrophes can take place in unexpected times and your business be at a standstill. For instance, you cannot operate due to disturbances in weather. You will have coverage for income lost during the natural catastrophe, and will pay for operating expenditures that continue to accrue, even though your business isn’t up and running.
Health insurance must be the primary concern for yourself and any employees you may have. If you have just left your current job to focus on your own business, you may be entitled for COBRA, which will offer temporary interim coverage. This will keep you covered while you search for the finest health insurance plan.
Business Property Insurance
Business property insurance assists in protecting you against loss of equipment or inventory. Fires and floods can create such adversities on your venture. If you obtain this type of insurance, you can have peace of mind that you’re still in secure financial shape in the face of the catastrophe.
Life insurance will help ensure that your loved ones has the finances it needs if you happen to have an untimely death. It will be much easier to get someone to offer you a loan when you own life insurance. In other words, it is a prerequisite to obtain a loan because it makes sure that the loan will be paid despite an untimely passing.
General Liability Insurance
If your home-based business entails having customers visiting your home, having general liability insurance is necessary. Whether you intend to hold appointments, allow clients to pick up goods, or have the public go into your home for any other reason, this insurance will protect you if somebody gets hurt while on your property. The lawsuits that can result in such situations will cost you money but with general liability insurance, these legal expenses are covered.
Sudden disability will cause you to lose income due to the actuality that you are unable to do work for a living. This is where disability insurance becomes useful as it will financially assist you when it does occur. Having the sense of security is well worth every penny you pay.
Workers’ Compensation Insurance
Workers’ compensation insurance is an utter necessity if you intend on having employees working out of your home. The medical expenses that may result in the event of employees’ injuries while doing tasks for you is covered by this workers’ compensation insurance. Some may assume that this is not needed because the kind of business they run is not that precarious but no matter what type of industry, workers’ compensation insurance is still extremely advantageous. Don’t be concerned; you may get cheaper plans if your business faces less risks.
This types of insurance can help make certain that you’re ready to face any possible event that might occur while you are operating your home-based business. Disasters, accidents, and catastrophes can strike at any point in time. By getting yourself ready, you may be saving you and your company significant financial loss, wasted time and effort.