Running a company out of your home is one of the best ways to be able to save money. When you work out of your home, you reduce the need for any outside expenses, such as storage, retail rent, and more. Working from home also means that you can easily work whenever you need to, which makes things easier on creating personal and family time. If you do work out of a home office or a part of your home, business insurance will be vital for a number of reasons. Here are three reasons why you need business insurance for your home office.
Homeowners insurance may not cover your business products
When it comes to business products, such as inventory or the computers that you use solely for your business ventures, you should have business insurance on these items. Homeowners insurance will often cover items that are used in and for the home. If you stock clothing, accessories, or items that you make from home, you may not be able to collect money to replace these in the event that something happens to your home. This could spell disaster, especially if your home business is your only means of income.
Businesses being interrupted can have negative effects
Working from home has its privileges and it has its issues. One thing that can affect a home-based business is something happening to or with the home. If an issue happens with your house, such as the roof caving in or a natural disaster, your ability to do business may be interrupted. Business interruption insurance through a business insurance policy will make sure that you can collect money during this time of forced income loss. If your very home and mortgage rides on your ability to run a company, business interruption insurance is a must-have.
Employees getting hurt won't hit your home insurance
Typically, if someone is hurt inside of your home, they would need to file a claim through your homeowner's insurance in order to take care of the problem. If you have employees and business partners who work for your home based business, their injuries on the job will not be covered through your homeowner's policy. You will need to have a policy that specifically covers employee claims for the business that you run out of your home. This will keep your employees safe and compensated, plus it will leave your low homeowner's policy premiums intact.
To get business insurance, contact a company like Welsh Insurance Agency Inc.