The number of people who make a living or who supplement their income from their homes is increasing. Freelancing, childcare, music lessons and consulting are just a few of the ways many people are working out of their homes. Most people assume that their homeowners insurance will provide sufficient coverage for their home-based business, but there are three big reasons why you should contact your independent insurance agent about a separate business insurance policy.
- Increased liability: When doing business out of your home, there is probably increased traffic from clients and customers. This increases the chance of injury to a person or damage to their property while they are at your home for business purposes. A home insurance policy may not have liability limits high enough to handle the burden.
- Inventory protection: Depending on the business, you may have a certain amount of products stored in your home. In the case of a design freelancer, just the computer equipment alone can be worth over thousands. Business insurance helps ensure your personal finances don't take a hit if something happens to your business inventory.
- Protection from theft: Home-based businesses may be a higher target than other homes. A photographer has valuable camera equipment, while a consultant probably has a nice laptop and tablet. These types of belongings may make your home more tempting to burglars, so it's important to have the right coverage.
Working from home works well for many people in a variety of occupations, but these are just a few reasons why you should look into business insurance. With proper coverage, your source of income will be protected without putting a strain on your family's personal finances.
Get a quote today. Call Alliance Insurance Group at (303) 279-9700 for more information on Denver business insurance.