Many small business owners find that running their business out of their home is ideal. Not only does it make it easier to juggle the responsibilities of work and home, but it can also help to keep overhead costs low. The only problem is, with the lines between work and home blurred, it can be difficult at times to determine which products and services can serve a dual purpose and when dedicated business products must be purchased. Insurance coverage is a perfect example of this. While you already carry coverage for your home in the way of homeowners' insurance, there are several reasons why you should purchase a separate commercial insurance policy for your home business. Continue reading to learn more about three of these reasons.
1. Homeowners' Insurance Exclusions
Just because your home and personal property are covered by homeowners' insurance does not automatically mean that items used for your business will be covered simply because your business happens to be located inside your home. In fact, most standard homeowners' insurance policies will specifically exclude coverage for any items related to a home-based business. If your policy includes these types of exclusions, the only way to ensure your business assets are covered is to either purchase add-on coverage for your homeowners' insurance or to purchase a commercial insurance policy.
2. Coverage In The Field
Does your home-based business require you to complete business tasks away from home as well? For instance, do you deliver your products to customer's homes or do you provide a service that is conducted at the customer's location? If your work takes you out into the field, commercial liability and personal injury insurance are a vital part of making sure that both you and your customers are protected. This type of insurance will prevent your customers from being held liable if you injure yourself on the job and it will also protect you in the event that you accidentally cause damage to a customer's home while rendering your services.
3. Professional Appearance
Just because you choose to run your business out of your home does not mean that you do not wish to be taken seriously as a business owner by vendors, competitors, and customers. Establishing a reputation as a professional in your field will require you to maintain a professional appearance at all times. This means meeting or exceeding the same standard as other companies in your field that have a traditional brick-and-mortar location rather than being home-based. One of the ways in which you can do this is by ensuring that your business is fully licensed and insured.
To learn more, contact a commercial insurance agency.
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