Insuring your home-based business is just as important as a large corporation securing their insurance policies. Starting your own business takes motivation, determination and capital. You must contemplate how you’ll purchase supplies, market your products, handle inventory and more—but many entrepreneurs often overlook purchasing insurance.
An independent insurance agent is there to support you throughout the process of obtaining proper coverage. He or she will help you determine what types of coverage you need by learning about what type of business you operate. This initial call or meeting may be time-consuming, but you’ll be grateful you have the right coverage in the event of damages due to loss, theft or natural disaster.
When speaking with your agent, ask if the following types of coverages are right for your business:
- Personal business property
- Liability insurance
- Business income loss
- Equipment and machinery
- Human failure
- Employee and management protection
Once you’ve selected your policies, the next step is to take a business inventory. If a fire were to burn down your home, would you remember every item of business property that was lost? Not unless you have a written record.
To take an inventory, write or type a list of every piece of business property and its value. Whenever possible, note the place of purchase, brand and model number, along with keeping receipts for any high-price purchases. Filing a copy of your detailed business inventory will help settle a claim faster and verify losses for your business’ income tax return.Build your business insurance portfolio. Call Alliance Insurance Group at (888) 279-9701 for more information on Colorado business insurance.