With the advent of the internet, more and more people are working from home these days. When you can get pretty much everything done with the click of a mouse, what is the need to go to an office, or even have one in the first place? Real estate agents, writers, marketers – all sorts of people are nowadays using their homes as their primary offices.
But what happens when something happens to your home based business? Would your homeowner’s insurance policy cover any damages? Or do you need specific home business insurance? Read on to find out.
Generally, a home insurance policy provides a multitude of benefits, from protecting the physical structure to covering any damage due to man-made or natural causes, as well as any loss due to thefts, etc.
When you are working from home, a homeowner’s insurance policy is enough to cover any damage to the physical equipment you use to carry out your business – computers, fax machines, phones, etc. For this purpose, therefore, a home insurance policy is quite adequate.
However, the above policy doesn’t cover you against any damages caused by your business to a client or customer. Thus, any liabilities of the business will have to be covered by you. This can be a significant issue because as your business expands, so will the liabilities associated with it.
This is the reason why you need home business insurance. This type of insurance covers not only the physical equipment used to carry out your business, but also any business liability. Imagine that you sell a piece of hand-made toy/gadget from your home on eBay or Etsy. Now this gadget/toy causes some damage to a customer. He can easily sue your business and claim thousands of dollars in damages.
If you don’t have home business insurance, such a suit could easily set you back by several thousand dollars. Therefore, to protect yourself from occurrences such as this, you need to get home business insurance – it provides the perfect combination of protection against liabilities as well as protection for the physical equipments and infrastructure that house your business.
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