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Do IT this week: Layering
But nearly 60 percent don't have coverage for financial losses
Published on Monday, Nov 03, 2008
Operating a small business from home can free entrepreneurs from the costs of leasing space and commuting. But too many shortchange themselves when it comes to insurance.
A survey commissioned by the Independent Insurance Agents & Brokers of America (IIABA) found that nearly 60 percent of the nation's 11 million home-based businesses do not have insurance coverage. Of those entrepreneurs, nearly 40 percent thought some other type of coverage already protected them. Another 30 percent said their businesses were too small to insure.
The IIABA says home-based business owners are at risk for significant financial losses associated with theft, accidental damage, natural disasters, vehicle accidents and liability, if an employee is injured on the job or a business guest is hurt while visiting.
Homeowners' insurance normally does not provide protection in these situations, the IIABA cautions. Investing in the appropriate insurance provides security and peace of mind as a business grows and produces more income.
To protect home-based businesses, IIABA offers the following tips:
• Check your homeowners' policy.
Homeowners' insurance was never meant to cover business exposure. Coverage for certain business items is limited and provides no liability insurance for home-based businesses. Additionally, a homeowners' policy affords no business interruption coverage in the event a loss causes the business to cease operations. A home-based business owner, however, might be able to obtain an endorsement to add this coverage to an existing homeowners' policy.
• Check business insurance policy options.
There are several options for home-based businesses. They include incidental business endorsement, a business owner's package policy or an in-home business owner's policy. Coverage and premiums depend on the risk associated with each business.
• Protect yourself.
If a home-based business is a full-time occupation, business owners must consider such protections as life, health, disability and workers' compensation. An independent insurance agent can be a big help in identifying risks and guidance for finding appropriate coverage to protect you, your family and your business. More information about insurance for home-based businesses is available at http://www.independentagent.com or http://www.TrustedChoice.com.
If you would like more information on this or other business-related subjects, contact Akron SCORE via the Internet at http://www.akronscore.org or by calling 330-379-3163. Services are free and confidential. SCORE is a resource partner of the U.S. Small Business Administration.
Operating a small business from home can free entrepreneurs from the costs of leasing space and commuting. But too many shortchange themselves when it comes to insurance.
Get the full article here.
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