Well, that all depends. If you have insurance, you probably won’t use it. If you don’t have it, you’ll probably be sorry. Insurance is just one of those necessary evils. Keep the following points in mind when you consider whether or not you need home based business insurance. |
First, will you be obtaining a business license of any kind? If so, you will need to check the licensing requirements. Some local governments require that you maintain a certain level of liability insurance especially if people will be coming to your home during the course of your business. If your local government doesn’t require home based business insurance, then you must look at your individual situation and make that call. You may want to consult a licensed insurance agent to advise you of possible affordable options.
Will you keep an inventory in your home? In that case, you will probably want to insure it against a potential loss. Most homeowners insurance policies do not cover the loss of business supplies so check with your local insurance agent to find out the best option for your home based business insurance needs.
If you will use your car consistently in your business, you will probably need to contact your auto insurance agent. Premiums usually increase when you drive your car for regular business use. One thing to keep in mind is that business use of a car is often tax deductible so this can help defray the added home based business insurance cost.
Many people run their businesses without any type of insurance. This is probably fine if you run a fairly small operation and don t mind replacing any materials that you lose. However, if you anticipate people coming to your home or maintain a significant inventory, wouldn’t you rather be safe than sorry? Starting a business is hard enough without risking the loss of all of your hard work because you didn’t invest in home based business insurance.
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