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.