What type of insurance do I need for my home-based business?

If you’re running a home-based business, you may not have enough insurance to protect it. Do you know if you have business coverage through your homeowners policy? Is it enough to cover your business property? You may also want coverage for liability and lost income, which is an additional factor.

Regardless of the type of policy you choose, if you are a professional working out of your home, you probably need some degree of liability insurance. In-home businesses that make or sell food products or personal care products, might need to buy special policies. Additionally, if you use your car for business activities (transporting products or visiting customers) you need to make sure your car insurance will protect you from business-related accidents.

Insurance providers offer many different programs, rates and options for small businesses, so it’s definitely wise to shop around. Our insurance specialists can help you select the best plan for your business situation.

I’m the only “breadwinner” in our home, so am I the only one who needs life insurance?

Have you seen the cost of childcare lately? Combine that with housekeeping, food preparation, home accountant, etc. A non-working spouse contributes at least—often more than—the equivalent of a full time job. For this reason it is important to buy life insurance for everyone in the household if the absence of their “income” would cause financial difficulties.

I don’t think I need additional disability insurance. Won’t Social Security take care of me?

Even if you are able to get Social Security for your disability, you will still have to wait months before you receive benefits. AND your disability must be long-term in order to qualify. First consider whether compensation will match your current salary. Odds are… probably not.