What Insurance do you need to run a business from home
Running a home business? Your home policy may not cover all the equipment you rely on or injuries to your employees and customers. Here’s what you need to know.
What insurance products should I consider when running a home business?
1. Add coverage for business-related losses.
If you have expensive equipment, special tools, or lots of inventory, you might want to add coverage to your home policy to cover those assets. Unless it’s just you and your laptop, a typical home policy won’t be enough.
2. Consider business interruption coverage.
Business interruption coverage pays for lost income if your business is damaged by the events covered by your policy, such as a storm, theft, or fire. Some policies exclude epidemics, pandemics, or power losses that weren’t caused by a covered event.
3. Consider personal data coverage.
If you store your customers’ personal data—such as medical or financial records—you may need to add data breach or cyber liability coverage.
4. Get coverage for deliveries.
Your auto insurance probably won’t cover accidents that happen while you’re driving for your business. If you make a lot of deliveries or pick up expensive supplies, you might want to add a commercial auto policy.
5. Hiring new employees? Cover them.
If your business is expanding and you need to hire help, that’s great! But your home policy probably doesn’t cover accidents related to a business. You may want to add workers’ compensation coverage, additional liability coverage, or an umbrella liability policy.
6. Talk to your agent or insurance company.
If a few of these issues apply to your business, consider adding a business owner’s policy. CMR + PolicySmart can help you determine the best insurance for your home business. We can work with your current broker or independently to help you bundle together different coverages to protect your business.
About CMR & Associates | PolicySmart®
CMR & Associates’ risk management consultants provide independent retirement and insurance advice by reviewing your current plans to improve coverage and reduce cost. Through CMR’s proprietary database – The CMR Database® (comprised of some 13,000 brokers and specialists globally), we maximize access to the insurance and retirement industry for greater options that will translate to better coverage and lower cost.
Please email CMR & Associates or call 877-447-4301 or 212-447-4300 for more information.