There’s nothing quite like the entrepreneurial spirit is there?
The urge to forge your own path, go your own way, and be your own boss. To work on something that you are passionate about and create a career and lifestyle that you want.
Thanks in part to the Internet there are more entrepreneurs these days, with no signs of this trend slowing down. And many of these entrepreneurs start their businesses from home. And depending on the nature of your business there’s a good chance you’ll keep running it from home.
The question is, do you have the right business insurance in place to protect your investment?
Home based business liability insurance
Many home based business owners are so busy trying to get their business off the ground through budgeting, marketing and growing their brand that they neglect one important facet of the business game… insurance.
It may come as a surprise but home based businesses are not covered under homeowner insurance policies.
Unfortunately, many home based business owners are under the false impression that they are covered by their homeowner’s insurance for any and all insurance claims, even business related ones.
Truth be told this is simply not the case.
Therefore, it’s important to make sure you get the right General Liability Insurance (GLI) in order to best protect your business and assets. Homeowner’s insurance companies are well within their rights to deny any claim that may be directed at your business.
Here are just a few ways General Liability Insurance can help your home based business…
If a business client or prospective client is injured in your home you may be help liable.
Should this happen to your chances are your homeowner’s insurance will deny the claim on the grounds of it being related to your business.
With general liability insurance, however, you can rest assured that should you be sued you could receive coverage for medical expenses, court fees, and even funeral expenses should any injury result in death.
Many home based businesses handle other people’s property, such as a computer repair businesses.
If something were to accidentally happen to your computer the resulting damage would be covered under your GLI policy. What’s more, it would pay the costs not only of defending your business in court should you be sued but, depending on your type of policy, it may also cover the costs of replacing the computer altogether.
Personal and Advertising Injury
What is advertising injury?
It’s a fancy legal term that refers to copyright infringement and any other form of non-physical harm that someone can cause to you or your business.
Say you came up with a great slogan for your business and started to market it, if another business came along and took your slogan as their own, well you then have legal recourse to protect your intellectual property with the help of you general liability insurance.
These are merely some aspects that illustrate the importance of having a good insurance policy behind your business.
General Liability Insurance is something all traditional businesses would want to make sure they have, as GLI brings with it a safety net of coverage that ensures that your business is protected. While home based businesses aren’t exactly “traditional” they may very well soon be, with everyday more and more entrepreneurs starting businesses from their homes.
It’s important to make sure that your home based business is just as protected as any other. And finding the right general liability insurance that fits your needs is the best way to do that.
Looking to save on your business insurance?
Save time and aggravation with a free, customized, quote comparison from qualified insurance providers. It only takes a couple of minutes so why not enjoy peace of mind by getting the coverage you need.
Get your FREE, no-obligation business insurance quotes today.
Or you can search through our list of business insurance providers and find a local insurance agent who can help you get the insurance coverage you need.
Either way the choice is yours…