Whether you’re working exclusively for yourself or engaging in side hustles from home, it’s a good idea to review your insurance documents and consider upgrading. Coverage for yourself and your equipment may not be included in your homeowner or rental insurance.
Cover Yourself
Perhaps you have a home baking or gift basket business. The risk of injury to yourself may not be covered by your homeowner’s insurance or even by your personal health insurance if you are injured during your working time. It’s a very good idea to block out your hours of work so you can protect yourself with your business insurance coverage.
This insurance can also cover your equipment should it be damaged during the work day. Those with home baking businesses are unlikely to have two ovens. Before you start your business documentation, make sure you review your homeowner’s insurance policy to note any risks. In the event of a catastrophic event that occurs during business hours, you want to make sure your household is protected.
Cover Contractors and Employees
You may have a separate room in your home where you run your business. If you have a handyman visit your home office to update the lighting, any injuries or damage that result from that update will likely not be covered by your homeowner’s or renter’s insurance.
Again, it’s a good idea to talk to your insurance provider. They may be able to recommend a simple, low-cost business insurance for your new venture that will take those worries and concerns away. Once those risks are covered and insured, you can get busy building your business!
Cover Client Concerns
If part of working out of your home includes client contact, you must pay careful attention to your insurance requirements. Perhaps you’re a counselor or a massage therapist and have clients in and out all day. One stumble and fall in your home or on your driveway could lead to serious liability exposure for your business. Getting your insurance in order before you hang out your shingle is critical to protecting your household from risk.
Those who have client contact in their home, even if that contact is in a separate part of the house from the living area, may also need to reconsider access and security. It’s not necessary for your home to provide wheelchair access to your visitors, but it may be a requirement for your business to provide this access for clients.
Don’t Panic
You don’t need to be an insurance expert to find a policy that works for your business and being able to work from home. Talk with a small business insurance professional about a policy for your home-based business. They can likely provide you with a great deal of financial protection for a manageable fee.
Starting a business is a terrific way to build up a new income stream and lessen the risk of financial devastation should you lose your job. Protecting your household from financial risks is a crucial first step in the building of your business.
