Many entrepreneurs make the mistake of assuming that they don’t need insurance to cover a small home-based operation. But if something were to happen that would destroy or disrupt their home businesses, only the homeowners insurance policies would be there to protect business assets. For several types of home businesses, the typical homeowners insurance policy just won’t cover enough to be useful for business protection. Fortunately, doing price comparisons for small business insurance on in-home companies is usually just as easy as looking for competitive auto insurance quotes online. You can use the same types of online quote request forms at most of the major insurance providers’ websites.
But before you start shopping for rates, there are some basic decisions you should make based on the kind of business you operate. If you are the only employee and you have very little expensive business equipment, you might be able to get by with just an endorsement on your homeowners policy. This includes only a slight raise in your premiums and can often increase your coverage level to $10,000 more than where it currently stands. If you feel that your needs are more comprehensive, however, you should consider an in-home small business insurance policy. These policies come in many forms, so it’s vitally important to read the fine print before you purchase anything. In general, though, they cover your business equipment as well as important documents and records. Most also include business interruption insurance to replace lost income, and some have special concessions if you have employees working for you. If your business uses multiple locations, you should look into a businessowners policy or BOP, which contains even broader coverage.
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