So, you run your own business out of your home office and things are going well, and then one day a potential client comes around and ends up slipping on your child’s toy and well here comes the lawsuit. But that’s okay because you have home insurance and it should cover these costs, right? Wrong! As you’re operating a business out of your home you would need a home business policy that covers any business operations that occur in your home e.g. if you had to call a local locksmith to change the locks, as your home insurance protects you as a residential occupant, home business insurance is designed to protect your commercial interests in your home which is separate from your residential holdings.
What Is The Difference?
If you keep stock in your home then it may not be covered by your home insurance but it would be covered with a home business policy which would also protect any equipment used for your business in your home or elsewhere, such as meeting a client in a coffeeshop and coffee is spilt on your new laptop which holds all your business data on.
When it comes to home business insurance, it is something worth considering as there are many different types of policies which come under this umbrella, some which you may be required to have and some which though may not be a requirement could be an important safety net to both you and your business. What is important is that you find and get the right policy for you, if you can’t quite find what you’re after online then ring up, those that offer many forms of insurance quite often will adapt a policy to fit you and your needs.
Is Working From Home Cheaper?
The truth is that working from home can be cheaper but because you are trying to cut costs does not mean that your insurance policy is overlooked. If you believe that your home insurance will cover you then I would recommend getting that confirmed by your insurance company. But in a lot of cases, you will not be fully covered, which means that home business insurance will be required to operate out of your home.
Imagine, one day you hear a strange noise coming from the garage or spare room where you keep your stock, you walk in thinking it will be nothing and all your stock has been damaged by a burst pipe from the ceiling, your home insurance would only cover some of the cost, if any at all, therefore home business insurance is a necessity for people who operate out of their home.
Remember you must do your research to ensure that what you need fits into your budget, instead of purchasing a policy that is irrelevant to your business. Ensure that the insurance company you choose offers good and fair coverage. If you do require more information on which policy suits you then visit https://www.bollington.com to get free expert advice today and don’t settle for a bad deal.