When you're starting out with your home-based business, chances are you've got a lot on the go. But, while you're busy growing your business, you also need to protect it because your business's success can be affected by events often outside of your control.
Take control, as much as you can, with these insurance tips for home-based businesses.
- Related Read: Top 10 Myths of Running a Home-Based Business
Don't rely on your home insurance to cover your business
If your work and home share the same space, you might think that your home-based business is automatically insured under the liability and contents coverage of a typical home insurance policy. It's not, and this is a common misconception that could leave you exposed should something go awry.
Keep your home insurance provider up-to-date about your business
Your homeowner's insurance policy is meant to protect your home as a residence, not as a place of business, and when you combine the two-your home with your business-you may be jeopardizing your coverage. You'll want to give your home insurer a call and let them know that you work out of the home. Depending on the insurer, you may find you have to switch companies because some won't provide home insurance if a business is on the premises. But, it's better to know now, because the last thing you want to do is find out when it is too late that you're without home insurance.