Many home-based businesses in Santa Monica, CA lack proper insurance, but it is important to know that even a home-based business needs the proper commercial insurance. It doesn’t matter how much a business sells, it’s the amount they could lose if anything goes wrong that really matters. Don’t wait to get insurance.
Regular home insurance or renter’s insurance won’t cover any business-related accidents, but it’s possible to get a rider to your home policy that gives you more coverage. This is a good idea for a small business that doesn’t have a lot of risks, valuable equipment or people visiting the business.
An in-home business policy covers more contingencies and can usually work for businesses with three or fewer employees. This policy will cover equipment and liability. If people are coming in and out of the business, having liability coverage is important. Agents at Express Financial & Insurance Services can help determine what you need based on your business.
If the home business is substantial enough, it should have a business owner’s policy just like a typical brick-and-mortar business would use. This coverage includes business equipment and assets, liability for any injuries, malpractice or professional liability claims, and loss of income for business interruption. It may also cover a personal vehicle used for business, but there are also commercial vehicle policies available if you use your vehicle frequently. This type of policy gives more coverage than the other two policies, so it’s a good choice for businesses that have a lot of equipment or travel to other people’s homes often to do business or have people in their home.
As your business grows, speak with your agent at Express Financial & Insurance Services serving Santa Monica, CA to make sure you are keeping up with adequate coverage and to learn more about your home business coverage options.