If you are a home business entrepreneur, then you should undertake all the necessary steps to protect your assets. Insurance is the most viable option to ensure the protection of your company's property. Risk is an evident factor in any sort of business and the same applies to a home business set-up. An absence of business insurance will increase the risk factor for your business.
Consider the following home-business insurance options before arriving at a decision:
1. The General Liability Insurance
Mishaps can occur even at the workplace. The employees or visiting clients can meet with an accident in your home-office. Minor reasons, such as a trip or a fall, can also lead to physical injuries. It is your responsibility to pay the compensation amount, if such an untoward incident occurs. Contact your insurance provider to include this particular cover to ensure that you do not have to pay in case of such an incident. Select an insurance provider that especially deals in home business insurance.
2. The Professional Accountability Insurance
Professional accountability insurance is required to cover the errors, if any, on your part if you offer specialized services. Mistakes are inevitable in any business. However, an unhappy client might take you to court for your professional mistake or inability to meet the deadlines. This insurance will protect your home and other assets. No legal court can order to take away your office or home. This particular insurance is also known as an "Errors and Omissions" and "Malpractice Insurance."
3. The Product Accountability Insurance
The quality of the product determines its shelf-life. Fragile products or FMCG products can undergo a considerable amount of damage during transportation. This will eventually cost you a considerable amount. Obtain coverage for the damaged products through 'products liability insurance.' Such an insurance amount helps to cover the loss caused to the products you sell. Distributed goods are also included under this insurance. Several home-office entrepreneurs also store inventory in their home. The inventory might get affected due to the climatic conditions. Seek this insurance to protect yourself from additional expenditure.
4. Auto Insurance
You might need a car for the conveyance of employees and products. You will also require a vehicle for activities like meeting clients, attending business meetings and other work-related activities. The same vehicle will also be needed for personal use. Business related auto-insurance is required to cover any damages to your office vehicle.
5. Home Office Insurance
Office insurance is necessary for small-scale business set-ups like a home-office. This particular insurance will not cover inventory stored at your home. It is a combination of business insurance and homeowners insurance. Check the restrictions before signing on the official papers. Select an insurance provider who will provide you with low insurance premiums.
6. The Employee Health Insurance
If you are going to have people working for you, you will want to consider Employee Health Insurance to protect the health of your work-force. This is a great benefit that will also strengthen the relationship between you and your employee.
Remember that accidents can always happen, even when you least expect them. Make sure you protect your business and invest in the best insurance possible!