SMALL BUSINESS INSURANCE FOR HOME BASED BUSINESSES

2007-03-08 10:33:40

( Insurance )



Operating a small business can be daunting at times particularly when problems came up related to business operations that require you to outlay costs. You can prepare to cover some of these costs ahead of time through small business insurance, sometimes called mini insurance. It helps you spend less in the long run. The type of small business insurance depends on the kind of business you are operating.

Home-based businesses have limited properties being used related to its business operations. Most of the time household properties are used for business purposes. It is hard sometimes to put a boundary between household use and business use of properties for home based businesses.

Car Insurance

You need to insure your car for small business insurance if you use it as transportation for business operations. It will help protect you from incurring higher costs pertaining to damages to the car, yourself and others.

Product Liability Insurance

Product liability insurance is needed if your home-based business is involved in selling products. It will help cover expenses when the products you are selling did not perform as expected and customers are returning it and filing complaints.

Professional Liability Insurance

You need to get professional liability insurance if your business is related to rendering professional services such as accounting, gym instruction, medical therapy among others. It will cover expenses for clients who claim to have suffered damages from the practice of your profession. It will help to shield your personal properties and avoid creating big dent on your personal finances.

Errors and Omission Insurance

Errors and omission insurance is needed if your business is about providing professional advice to clients. It covers payment for clients claiming to have suffered due to inadequacy of your professional advice.

Completed Operations Insurance

Completed operations insurance coverage is needed if your business is involved in providing on site services to clients like plumbing, mechanical and electrical work. It will help cover any accidents that clients might claim after using the things that you have been working on or repaired.

Small businesses are encouraged to get insurance protecting them from absence of sales due to interruption in their business operations due to natural calamities. Also, they are encouraged to get an individual disability insurance to protect them in case they become incapable of operating their businesses due to sickness.


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