According to the U.S. Small business Administration https://www.sba.gov/content/home-based-businesses more than half of the $28 million U.S. businesses are home-based. Mary Kay Cosmetics, Hershey’s, Apple Computer and the Ford Motor Company all started out as home-based businesses.
Top problems of working at Home include:
- Distractions from the daily household routine
- Lack of space
- Strain on family relationships
- Privacy concerns
- Zoning or association rules and regulations
In addition to managing your business regarding items such as financing (Federal agencies do not provide grants for starting a home-based business), logistics and tax concerns, many home-based businesses are at risk for having no coverage or inadequate coverage due to the misconception that their homeowners insurance also covers the business. Should a claim occur the businessowner puts their personal finances as well as business finances at risk.
If you do operate a business from your home and work inside and outside of the home meeting clients in their homes or place of business you may need additional coverage better handled by Commercial Insurance. Generally the coverage provided under a homeowner’s policy is minimal and items such as lost income, lost data, personal injury or liability claims may not be covered. Professional Liability claims are another item of concern and should you have employees, Worker’s Compensation coverage is required by law.
To guarantee that you have the correct coverage in place to protect not only your home and personal belongings but also your business and business property and liability, give us a call and speak with one of our professional agents. Since 1881, Henry M. Murray Agency has been committed to providing our clients with quality service, exceptional pricing and the professional expertise and experience our clients deserve. Give us a call today.
Donna Baronti, AAI – Commercial Account Manager
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