Do You Need Business Insurance For Your Home Business?

When running a business out of a traditional office location, the need for business insurance should be obvious. If you are running the business out of your home, you may make the assumption that your homeowners insurance will cover all the needs for your home business. That is not always true, and business insurance may be necessary. Here are 3 reasons why you will need to get business insurance for your home business.

You Have Inventory In Your Home

You could be making homemade goods to sell on Etsy or buying products that you are reselling on an online store. The inventory that you have for your business won't be covered by homeowner's insurance. If there's ever a disaster in your home that damages the inventory, like a flood or fire, basic homeowner's insurance won't pay to have the inventory replaced. This can leave you devastated financially with no way fulfill current orders or make sales in the near future.

A separate business insurance policy will be required for inventory, or at the very least, a rider added onto your existing homeowner's coverage.

Customers Visit Your Home

Do people ever need to stop by your house for reasons related to your business? For instance, you may be a hair stylist out of your home, or offer therapy or counseling services in a home office. If so, there is liability if a customer were to become injured at your house. It could be something as simple as a slip-and-fall while a customer walks up your sidewalk in the winter. The injury will not be covered by your homeowner's insurance if they were coming to your house for business reasons. Business insurance will have the liability coverage you need to protect you from paying their medical bills.

You Work Outside of Your Home

A home business can often take you outside of your home. It may be to set up at a trade show, craft sale, or flea market to sell your goods. Business insurance can provide you with protection outside of your home as well in these situations. For example, if someone you hire becomes injured while helping set up your goods, you will be covered. If you were to be robbed and have all of your inventory stolen from you, you could file a business insurance claim. It will give you the peace of mind that you have protection in any situation.

For more information, contact The Blondin Agency Inc - Nationwide Insurance or a similar company.