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Protecting Your Home-Based Business

posted by TrueNorth Risk Management on Wednesday, January 4, 2017

If you conduct business in your home, insuring your business properly is part of a solid risk management plan. Common coverages for home-based businesses include business property, professional liability, business income, person and advertising injury, loss of business data, crime and theft, workers' compensation and auto coverage. Depending on the type of home-based business you have, not all coverages apply, and other coverage options may be available. 

What's Your Risk?

While most homeowners insurance policies do cover a limited amount of business equipment, it's likely that what you own is worth more than your policy's limits.

Also, your homeowners' liability insurance probably won't cover any injuries that may occur to the employees or clients that you have on the premises. TrueNorth can review your property value and business exposures. Based on that information, we'll help you select a coverage package that's as unique as the product or service you provide. 

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Protect Your Livelihood and Your Home

Just because you operate a business in your home doesn't mean your exposures are covered - purchasing the right insurance coverage today may be the difference between success and failure. A homeowners insurance policy is designed to cover personal exposures, not business exposures. Here's what you need to know to make sure you've got all your business insurance bases covered. 

To understand your exposures, it's important to review your property value and business exposures. To get you thinking, here's a list of questions to consider: 

• How much is your equipment worth? Conduct an inventory, listing everything you use to operate your business.
• Does the service or product that you provide create extra liability? For example, what if you made an error or omission? Do you serve alcohol? What if your product is defective? Do you take possession of your customers' property?
• Do you stock inventory? If so, make a list of the materials and products that you sell and, if you do any of the manufacturing, the materials used to make them. 
• What about vehicles? Any vehicle used for business purposes must be insured, even if it's personally owned. 
• Do you, or your employees, perform work in customers' homes? If so, a third-party fidelity bond will pay for losses due to fraudulent acts, such as theft. 
• Do you have employees? If so, you need the appropriate workers' compensation coverage as required by the state. 

TrueNorth Protects the Things and People You Value Most

Helping you avoid claims is just one of the many value-added services we provide. Call TrueNorth today to learn more about all of our personal risk management solutions for your auto, home, and life. You can call us at (319) 364-5193 and a personal insurance agent will gladly add the right coverage to your plan.  For more information, please visit www.iTrueNorth.com.