You need to think about your risks and insurance needs if you are running a home-based business. If you are going to start a business, or have been running one without the proper insurance, you should make this a priority. What type of business it is will determine what your insurance needs are. Here are some questions about your business that your insurance advisor will ask:
- What type of business do you run?
- What is the value of your business property?
- Does your business have employees?
- Do customers or contractors visit your business at my home?
- Do you use your car or other vehicles in the course of your business operations?
- Does your business store customers’ financial and personal information on a computer or through a cloud computing service?
The answers to these questions will guide your insurance advisor for which types of insurance you'll need. The types of coverage you may need:
- Property and Liability Insurance - Is there an endorsement available to add to your homeowners policy? Maybe you will need a Business Owners Policy (BOP) which combines property and liability coverage, with many other coverage options.
- Business Auto Policy - Maybe your personal auto insurance policy will allow and provide coverage for business use? Or if the vehicle is titled in the business name, you'll need a Business Auto Policy.
- Workers Compensation Insurance - If you have employees, your state (like New Jersey) may require you to have Workers Comp. This insurance pays lost wages and medical benefits to employees that are injured in the course of employment.
- Other types of insurance may be needed. Consult your insurance advisor, or give The Schenck Agency a call.