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March 18, 2014

Should You Get Insurance For Your Home-Based Small Business?

According to the International Data Corp. (IDC), the U.S. home office market will add nearly 2.0 million home-based businesses by 2015, with over 450,000 net new home-based businesses per year in 2013 and 2014.

This is completely understandable because of the practicality and cost-effectiveness of setting up home-based businesses. And if you’re a consultant, coach, freelancer or the like, you’re probably among these entrepreneurs who have ventured into the home-based business model.

But is getting your practice set up and operating all you need to smoothly run your business from home?

The answer from III

The Insurance Information Institute(III) advises that home-based business owners whether you’re selling products or services should have a business insurance policy.

This type of insurance will help protect your business’ assets and professional practice.

Like with other life events, it’s best to be ready for any unforeseen occurrences you may face during the course of your business transactions.

How to find the right business insurance

The type of business insurance you should get would still depend on the products or services you’re providing. The first step to help determine the right one for you is to answer the following questions:

Do you have a homeowners insurance policy and what does it cover?
What equipment do you use for your business (include all technological gadgets)?
If you use a car or other types of transportation for your business, is it insured as well?
Do you handle or ship important papers?
Do your customers/clients need to go to your home to get your product or service?
Is there a possibility that your customer may be harmed physically by your product?
How much is your business revenue?
Do you put up advertisements for your business (offline and online)?

The next steps

After doing this basic inventory, you can now search for the insurance you can commit to.

There are different carriers today so it’s best to get advice from insurance agents because they understand even the tiny details in business insurance policies for home-based professionals like you.

With the options available today, your policy can also have customized coverage.

If you’re in the following areas: Wappingers Falls, NY, Hopewell Junction, NY, Fishkill, NY, Poughkeepsie, NY, Beacon, NY and Lagrangeville, I can definitely help you find plans and pricing fit for your needs and budget. You can click here to contact me or visit our office and we can discuss your options to safeguard your business and income.