Sep
12

Is my Home Insurance Enough for my Home-based Business? By Kirk Borg

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If you have a home based business, you may be relying on your home insurance to cover you. Think again. While your house is protected, your important business files, equipment and operations may not be.
- Borg Agency / Kirk Borg, September 12th, 2012

Published September 12th, 2012


Is my Home Insurance Enough for my Home-based Business? By Kirk Borg

Is my Home Insurance Enough for my Home-based Business?
By Kirk Borg

If you have a home based business, you may be relying on your home insurance to cover you.  Think again.  While your house is protected, your important business files, equipment and operations may not be.
Consider, too, that using your home for activities your home insurer isn't aware of (like operating a business out of your home) may invalidate your homeowner’s policy, leaving not only your business, but your home at risk.
There are several types of insurance you should consider.

General Liability Insurance:
This protects against third party claims.  For example, if you are in a meeting at a client’s office someone trips over your brief case, you can be sued.
Also, a general liability policy protects you against claims of personal injury, which includes libel and slander.  It also protects you against damage to another’s property or premises rented to you, such as a temporary office space or training/conference facilities.
The good news is that when you work at home, there is less opportunity for clients to visit, thus less risk of problems.

Professional Liability Insurance:

Generally called errors and omissions insurance, professional liability coverage can help protect you against being sued for negligence, which can occur even if you haven’t made a mistake.  This coverage can be customized to the specifics of your business.

Business Owner Insurance:

This policy can combine general liability with protection for your equipment and furniture, such as computers, printers, etc.

Workers’ Compensation

This covers statutory and legal obligations for employee expenses that are resulting from on-the-job injuries and/or illnesses.

Please know that one size does not fit all.  This kind of insurance is highly dependent upon your type of business and your specific circumstances.  

Your business is your source of income, so please consider protecting it.

Kirk Borg is a licensed insurance agent with the Borg Agency.  He specializes in educating his clients on how to use insurance for personal and business security and asset protection.  He can be reached at 623.561.0445 or by email  KirkBorg1@allstate.com or visit our website at www.borgagency.com.

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