Americans have a tradition of starting businesses in their homes. Home-based businesses allow their owners to keep their overhead costs low, but all too often the owners of these businesses make the mistake of not providing adequate protection for their business as it grows. Homeowner’s insurance policies rarely cover equipment, inventory, and other items used in a business, making it necessary to purchase additional coverage for these items. If you have any of the following items for your home-based business, talk to an agent about a commercial insurance policy.
Heavy equipment. Sewing machines, power tools, and other items that you have to have for your business would be devastating to lose. A commercial insurance policy could provide funds to repair or replace these things after a criminal event or a natural disaster.
Inventory. If you have products for your retail business being stored at your home, then you need to have some coverage against their loss. The majority of homeowner’s policies specifically exclude business inventory.
Business vehicles. Odds are you use your personal vehicle for company business on occasion. While this is normally an accepted use, many vehicle insurance policies have exclusions on vehicles that are used primarily for business. As your company grows, it’s possible that your use of your personal vehicle for the business will cross this line, making it necessary to insure it as a commercial vehicle.
If you’re thinking about purchasing a commercial insurance policy or if you just need to update the coverage you already have, call the agents at Shaner Insurance Group Inc. They can help you to find an affordable policy that will give you the coverage you need.