Protect Your Assets and Home-Based Business with Insurance

Running a home-based business offers flexibility and convenience, but it also comes with unique risks. Without the right coverage, these risks can jeopardize your success.

Insurance for home-based businesses is essential to protect your assets, products, and liabilities. Whether you’re a freelancer, a small business owner, or just starting out, understanding your insurance needs can ensure your business remains safe and secure. Let’s explore the coverage options that will keep your home-based business protected and thriving

Study shows nearly 50% of millennials in the workforce now freelance, and freelancing has grown three times faster than the general U.S. workforce since 2014. This demonstrates that home-based businesses are not only viable but thriving. From home bakeries and graphic design services to jewelry making and blogging, there are countless business ideas that can start with equipment already available in your home.

Why do you need insurance for your home-based businesses?

Like any business, home-based businesses come with risks. Entrepreneurs must be aware of liability exposure to protect their ventures. While homeowners’ insurance or renters’ insurance provides personal liability protection, it often excludes business-related activities.

For instance:

• If you accidentally cause property damage while conducting business, your homeowners’ insurance won’t cover it.
• Renting a home for business purposes and causing a fire could leave you exposed to lawsuits without the right coverage.

In these cases, commercial general liability insurance is essential. This policy not only protects against business liabilities but also includes unique exposures such as personal injury or advertising injury, covering issues like slander or libel.

Do You Need Error and Omissions Coverage?

Certain professions, such as accountants, lawyers, or insurance salespeople, may operate home-based offices. However, these roles also carry professional liability risks, known as Error and Omissions (E&O). Standard liability policies won’t cover these risks, making E&O coverage critical for avoiding costly lawsuits.

Protect your home-based business with the right insurance

If your home-based business sells products, make sure you have appropriate product liability coverage. For example, if you sell candles and a customer accidentally causes a fire with one, you could face legal action. Homeowners’ insurance doesn’t cover product liability, but a business policy will.

Get the Right Protection for Your Business

Understanding your specific business needs is key to finding the right insurance coverage. Whether you’re freelancing or running a growing home-based business, having the proper protection in place is essential to long-term success.

📞 Need help? Contact us at (814) 580-9992 to discuss the best insurance options for your home-based business. We’re here to help you stay protected!