Home Based Businesses

3. Coverage Selection

As your broker we will be able to recommend the type of coverage that affords you the degree of protection you require. The basic areas of protection are:

Business Property - Stock, Equipment, Computers and other property. Remember to mention equipment you take with you to trade shows, client’s offices or places of business.
Crime - Coverage for money loss and employee theft.
Income - Business income and disability protection. Your business likely has expenses that would continue even in case of a loss. Also, you are likely relying on your business for personal income. Payments will need to continue on leased equipment. All of these factors point to a need for income protection. As well several options are available to assist independent small business owners with disability protection in the event they are unable to operate their business due to injury.
Liability - Protection against bodily injury or property damage you may do to others in the course of your business. Even something as simple as having someone slip and fall at your premises can result in an expensive lawsuit. This coverage includes provision for payment of legal defence fees. Your homeowners or tenants policy does not cover your business operations, even at your home.
Automobile - Ensure your vehicle is insured for commercial use.

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Often we can offer a broad package of coverages to meet your needs at affordable premiums. Traditionally, insurance companies have ignored the Home Based Business (HBB) segment. Specific policy restrictions or exclusions are in place in most Homeowner’s Insurance or Tenant Insurance policies. Your personal homeowners policy does not insure business property or liability exposures. New HBB products are available tailored to meet the needs of the HBB segment.

So here is the plan to find one of those “round-to-its” you need to get your financial protection program in place.

First, make that telephone call to us right now! Make the appointment to discuss your business insurance needs. This will provide the incentive to do the balance of the preparation in advance of our meeting.

Next, take the time to answer the questions in the Risk Management section. You will be well prepared to discuss your business with your broker.

Finally, remember we are here to place insurance on your behalf – we work for you. Take the time to review the alternatives and make your coverage choice. It’s time well spent!

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Home Based Businesses

3. Coverage Selection