Small home businesses are in just as much need for commercial insurance as larger, office-based counterparts. In some ways, insuring a small home business is even more important; it protects you from personal liability in matters that should really take their toll on your business insurance. Here are some types of commercial insurance to consider for your home business.
General Liability Insurance
The first thing that many new businesses opt for is a general liability insurance that covers a wide range of issues, such as problems with your product or service, damages to your product or business equipment, and complaints of on-site injuries from your clients. While a general liability claim may provide some assistance for a very wide range of claims, you will also want to tack on specific coverage for more specific claims so that they get covered at a higher rate.
In-Home Business Insurance
You'll also want to consider in-home business insurance if you're primarily running a business out of your home. If you can't afford to start out with a general liability insurance policy for your small business, then a small in-home insurance policy could be enough to protect you as your business gets off the ground.
Professional Trade Insurance
Many small home businesses consist of a licensed professional providing a service. If you have worked in your trade with a larger company before, then you might have been covered under their errors and omissions insurance. As a small home business owner, you will need to seek out appropriate coverage in your profession. It gives both you and your clients peace of mind in knowing that your professional services are guaranteed for liability issues.
Your home property insurance coverage likely doesn't cover claims that are based on your business. For example, if you have business equipment on your property and it's damaged, home insurance may be reluctant to pay for the damages. But many property insurance policies for home can be extended for home business coverage. Or, you could get separate property insurance for the business area of your house. It's worth discussing with your commercial insurance agent to make sure you're covered.
In short, even small, home businesses have a variety option options when it comes to insurance protection. Speaking with a business insurance partner (like Ratcliffe Insurance) can help you get a package deal that's affordable for your business when your funds are still growing.