Many aspiring entrepreneurs make a wise decision to run a business from their home, or in their garage, to keep their business overhead costs low when they first get started. Right after making such a very good decision to save money by not renting office space, the majority of them then make a huge mistake.
Over 60 % of home-based business owners do not have commercial insurance. Why is this a huge mistake? They rely on their homeowner’s insurance policy and this extremely dangerous. Homeowner’s policies do not cover any commercial operations at all. If you check your home insurance policy, you will likely find a specific exclusion that says it does not cover any commercial activities.
Imagine this nightmare scenario. The equipment that you use for a home-based business has a short circuit. The electrical short starts a fire. Your house burns to the ground. Since this was caused by equipment used for your business, you may lose everything!
Be one of the smart ones who start a home-based business with proper commercial insurance for it. Consult with your agent at Tim Huber Insurance, serving the St. Augustine, FL area, to get a comprehensive commercial insurance review and a quote. You may be surprised how reasonable it is to protect yourself and your business. It is certainly unwise not to protect yourself with adequate insurance.
The basics of commercial insurance include worker’s compensation if you have any employees, commercial liability insurance, and property/casualty insurance. You will also need commercial vehicle insurance if you use any vehicles in your business.
Call your agent at Tim Huber Insurance in St. Augustine, FL to discuss the types of commercial insurance that are appropriate for your new home-based business. Then you can sleep well at night knowing your business and your home are both protected properly.