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Florence, AL 35630

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I Run A Small Business Out Of My Home. Do I Need To Purchase A Separate Policy For My Business?

Many small business owners run their businesses out of their homes. This can be a great way to save money on overhead costs, but it also raises some questions about insurance. Do you need to purchase a separate policy for your business, or will your homeowner’s policy cover you?

There are different options available to small business owners who operate out of their homes. McBride Benefit Solutions in Florence, AL can help you decide whether or not you need a separate policy.

Why Do You Need a Separate Business Policy?

There are a few key reasons you might need to purchase a separate business policy for your business, even if you’re running it out of your home.

1. If you have employees, they’ll need to be covered by workers’ compensation insurance. This is a type of insurance that covers medical expenses and lost wages for employees who are injured while working. Workers’ compensation insurance is required in most states, so if you have employees, you’ll need to purchase a policy.

2. If you have customers or clients who come to your home, you’ll need liability insurance. This insurance protects you if someone is injured while on your property. For example, if a customer slips and falls on your stairs, liability insurance would cover their medical expenses.

3. If you have any expensive equipment or inventory, you’ll need to make sure it’s covered by insurance. Most homeowners’ policies have limits on the amount of coverage they provide for business property. So if you have valuable items, you may need to purchase a separate policy from a reputable company such as McBride Benefit Solutions in Alabama.

4. If you’re selling products or services, you may need product liability insurance. This type of insurance protects you if someone is injured by a product they purchased from you. For example, if you sell cosmetics and a customer has an allergic reaction to one of your products, product liability insurance would cover their medical expenses.

Give Us A Call

If you’re running a small business out of your home, you may need to purchase a separate policy to insure your business. Be sure to speak with an insurance agent from McBride Benefit Solutions in Florence, AL to determine what type of coverage is right for you. Our team is experienced in insuring small businesses and can help you find the right policy for your needs.

I’m Selling My Home. Do I Need To Cancel My Home Insurance?

Home insurance is an integral part of protecting your home and your possessions. However, what happens when you sell your home? Do you need to cancel your policy? In this article, we will discuss the steps you need to take when selling your home and whether or not canceling your home insurance is one of them!

Will Your Home Insurance Policy Transfer To Your New Home?

If you are selling your home and moving into a new one, you may be wondering if your home insurance policy will transfer with you. The answer to this question depends on your circumstances and the type of policy you have. If you have a standard homeowners insurance policy, it’s unlikely to transfer to your new home.

However, if you have a particular type of policy, such as a builder’s risk policy, it may be possible to transfer your coverage. You will need to speak with your insurance agent to determine whether or not your policy is transferable.

When Should You Cancel Your Home Insurance Policy?

If you sell your home in Alabama and will no longer live there, you must cancel your home insurance policy. You should cancel your policy as soon as the sale of your home is final. If you have a mortgage on your home, your lender will require you to maintain coverage until the loan is paid off in full. Once the loan is paid off, you can then cancel your policy.

Can I Get a Refund After Canceling?

You may be eligible for a refund if you cancel your home insurance policy before the end of your policy term. The refund amount will depend on how much premium you have paid and how long it is left in your policy term. You’ll likely receive a pro-rated refund if you have paid your premium in full. However, if you cancel your policy mid-term, you may not receive a refund. That said, most reputable companies such as McBride Benefit solutions Insurance are always willing to come to an agreement with clients.

Conclusion

You’ll need to cancel your home insurance policy when selling your home. You should cancel your policy as soon as the sale of your home is final. If you’re moving to Alabama, contact McBride Benefit Solutions for a new insurance policy. We would be happy to help you find the coverage that you need.

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