Insurance Blog
Sunday, 30 April 2017 23:17

Own a Home-Based Business? Four risks to avoid!

home biz2

From IIABA’s Trusted Choice Blog.

Are you the proud owner or founder of one of the estimated 59% of established businesses in the United States that operate from a home?

There are often concerns, considerations, and risks unique to a home-based environment. Baldwin / Welsh & Parker Insurance (BWP) can help you construct the proper protection by reviewing your current insurance and risk management programs.

Studies show that of the 11 million-plus home-based businesses, nearly 60% do not have insurance specifically recognizing and providing coverage for these unique risks. When asked about the reasons for this lack of additional insurance, business owners responded:

  • They thought they were already properly covered by their personal insurance: 40%.
  • They thought their business was too small to insure: 30%.
  • They could give no specific reason: 20%.

The first assumption is demonstrably false. The second assumption above is also wrong, and the third response, at a minimum, shows a dangerous lack of knowledge.

Four Common Risks not Covered

Standard homeowners policies are designed for personal exposures, not business. While there may be small areas or limits of coverage available for certain types of home-based businesses, the vast majority will find coverage severely limited or specifically excluded for business losses related to these four common risks:

1) Theft,

2) Vehicle usage,

3) Employee injuries, or

4) Life/health/disability.

The largest potential gap in proper coverage arises from the lack of liability protection for claims arising out of business activities, whether the claim occurs in the home or elsewhere.

Protect Your Assets

Starting and running a home-based business may be the first step on your road to successful entrepreneurship. Whether your business ultimately remains in your home or grows into the need for outside facilities or a relocation, your Baldwin Welsh & Parker (BWP) Trusted Choice® agent stands ready to be your ongoing valued partner. Schedule a time today to review your current or future business plans, and let us help you establish a comprehensive insurance and risk management program to protect what we both hope will be your most valuable growing asset.

Read 825 times Last modified on Tuesday, 09 May 2017 15:09

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