Starting a small business and working from home is a goal for many people, and a reality for some. Those who are already living the dream will tell you that you need to be prepared for every eventuality. Things can go wrong, and they often do, so you need to make sure you have the right commercial insurance policies. Commercial insurance offers different protection than personal policies like homeowners insurance, so don’t assume that you don’t need to buy extra insurance for your home-based business.
What Homeowners Insurance Covers
A basic homeowners insurance policy protects your home against risks like fire or vandalism, and will help you to replace any property that is damaged or stolen. Some homeowners insurance plans also have a small amount of liability protection in case someone slips and falls or is otherwise injured in your home or on your property.
While this might sound sufficient for your small home-based business, it will probably not be enough coverage. A typical homeowners policy only offers $2500 coverage for business equipment, so if your business requires a lot of equipment, inventory, or expensive electronic devices, then you could end up losing a lot of money if you don’t have commercial property insurance. In addition, most homeowners insurance specifically excludes business liabilities. Luckily EZ knows exactly what your home-based business needs to stay protected and continue on the road to success.
General Liability Insurance
While some homeowners insurance policies offer limited liability coverage, having a general liability insurance policy for your business will help protect you if you’re sued for a variety of reasons, such as personal injury, property damage, or even faulty products. It will also cover you if your company is sued for slander or copyright infringement. This type of insurance is extremely important; just one lawsuit could end up ruining your whole business.
Professional Liability Insurance
If your business offers advice or services to customers, then you should also have professional liability insurance. This type of policy will protect you against claims that you made mistakes, didn’t complete a project as promised, or offered advice that led to financial (or other types of) loss. Let’s face it, even the most cautious people make mistakes, so come to EZ for the perfect plan to protect your business against lawsuits.
Business Owners Policy (BOP)
EZ understands how important it is to protect your business – we’re a business, too! We’re here to tell you that a Business Owners Policy is a must have. This type of policy bundles property and liability coverage into one package, and can cost less than most general liability policies. This type of policy makes the most sense for many small businesses, because it protects your property, your business’s equipment, and provides coverage in case of lawsuits, all for one price and through one insurance company.
Cyber Liability Insurance
Virus protection software can only offer a limited amount of protection for your computer, your data, and your business. In order to fully protect your data and your customers’ information, you need good cyber liability insurance. Cyber liability insurance covers the cost of recovering from a data breach, virus, or any other form of cyber attack. It also protects you and your business from any third-party legal claims that stem from a data breach.
EZ understands how important it is to protect your home business, so we’re ready to advise you on what specific commercial insurance policies your business needs. To help you find the perfect plan, one of our agents will compare all available plans within your area and provide you with quotes, free of charge. We offer a wide variety of policies, so you’re sure to find one that fits your needs. We make comparing plans, and finding the right one, easy. To get your free quote, simply enter your zip code in the bar above, or to speak to an agent call 888-615-4893.