(DailyThrive.com) – Do you work from home? Or are you thinking of starting a home business? If so, you need to make sure you have the right type of insurance. The only problem is that figuring out what’s best for your scenario isn’t always easy.
Home Biz Tax Lady explains more here, but we’ll break down a few more of your available options after the jump.
Cyber Insurance
If you do business online, chances are high that you send and receive sensitive client data over the web. That’s a problem. If would-be cyber thieves manage to get past your firewall or password-protected web databases, you could wind up in hot water. Not only can you be sued, but you may have to take costly steps to assist the client with identity recovery. Cyber insurance is designed to provide coverage for this very scenario.
General Liability Insurance
Anytime a business has clients coming through the door for goods or services there is a risk for accidents. Even in locations with excellent workplace safety, someone could still get hurt — sometimes just by tripping on their own two feet. This is where general liability insurance comes in. If you get sued or threatened with a lawsuit over a personal injury to a client, it will cover you.
Personal Liability Insurance
Also referred to as “errors and omissions” insurance, this is a good option if you want basic blanket coverage for mistakes on the job. It indemnifies you if someone who works for you makes a mistake while also covering the cost of lawsuits. This includes court fees and coverage for legal assistance.
Property Insurance
Most homeowners have property or renter’s insurance. The average policy covers both the dwelling itself and all of its contents. It’s smart to have this for your brick and mortar business, too, if you have one. All you have to do is contact your existing insurance agency and tell them you need to add your business items, including computers, printers and other business-related items you need insured.
It’s good to know what type of insurance options are available for your home business. Whether you’re freelancing part-time or you run a medium-sized office, it’s virtually always better to be over-insured, rather than under. Protect your business today.
~Here’s to Your Success!
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