If your passion has become your home business, you are among the lucky ones. You have turned your hobby into a revenue producing entity. An extra bonus is that you are also closer to your loved ones if they need you during the day. You spend your days trying to run your business better, attracting and retaining customers and closing more sales. You have so much on your mind in order to be a success.
The one thing that might not have been considered is a change in your insurance policy. It unlikely that your current homeowners policy is adequate coverage for your business. There are a few possibilities for your at-home business.
You can expand your current homeowner policy through an add-on or rider that will sufficiently cover your home business. This is typically the most inexpensive way to cover your business if you are a one-employee operation without a lot of overhead. An in-home policy is for slightly bigger companies with a few employees. It usually covers loss or theft of funds and employee injury.
A business owners policy would be applicable for larger business which requires more coverage for assets, equipment, liability of customer and employee injury and loss of business interruption.
Depending on the nature of your business, its employees and its structure, your best plan is to sit down with an insurance agent and find the best coverage. Don’t forget as your business grows, your insurance coverage will need to be re-evaluated. You have enough to be concerned with, so make sure your insurance is right for your.