Starting a business from home can be an exciting and rewarding experience, but it’s important to make sure you have the proper home based business insurance in place.
Many home based businesses don’t realize that they need specific types of insurance to protect themselves from potential liabilities. In this blog post, we will discuss three types of insurance policies that are essential for any home based business.
Business Owner’s Policy
A business owner’s policy (BOP) is a type of insurance that combines several different types of coverage into one policy. This can include property damage, liability, and business interruption coverage. BOPs are typically very affordable and can give home based businesses the peace of mind knowing that they are protected from a variety of potential risks.
This type of policy is important because it can help home based businesses avoid the hassle and expense of buying multiple insurance policies. It’s also a good idea to have this type of coverage in place if you ever plan on expanding your business or renting office space.
Additionally, a good business owner’s policy typically covers:
- Premises Liability
- Premises Medical
- Fire Legal Liability
- Business Income Insurance
- Building and Personal Property Protection
- On-Site Equipment Insurance
- Coverage for Inventory Loss
- Crime Insurance
General Liability Insurance
General liability insurance is another type of business insurance policy that home based companies should consider. This type of insurance protects businesses from claims arising from injuries, property damage, and other risks. It can also provide coverage for legal fees and expenses if your business is sued.
This type of policy is a great option for home based business insurance because it can help protect you from a variety of risks. It’s important to note that general liability insurance does not cover professional services, so if your business provides professional services, you will need to purchase a separate policy.
A general liability insurance plan typically covers:
- Premises Liability
- Products and Completed Operations
- Premises Medical
- Fire Legal Liability
- Casualty Coverage
Cyber Liability
Cyber liability insurance is a type of policy that home based businesses should consider if they store any sensitive information electronically. This type of insurance can help protect businesses from claims arising from data breaches, cybercrime, and other risks.
This type of policy is important because it can help home based businesses avoid the costly expenses associated with data breaches and cybercrime. Unfortunately, cybercriminals are known to target and attack small businesses over large ones because they typically lack a secure cyber infrastructure. With a cyber liability policy, you can have peace of mind knowing that your company is protected from cybercrimes of all types.
Cyber liability coverage includes two coverages: first and third party. These coverages can help home based businesses with the following:
- Data Breach Costs
- Cyber Extortion Costs
- Network Security and Privacy Liability
- Website Liability
- Multimedia Liability
Protect Your Business Today!
As you can see, there are different types of home based business insurance you should consider. Each policy has its own set of benefits and coverage options. By having the proper insurance in place, you can protect your company from a variety of risks.
If you’re looking for home based business insurance, be sure to contact an agent from Bethany Insurance. They will be able to help you find the right policy for your business!
