Why Business Insurance Is Important…
Already own a home-based or small business? Or just thinking of starting one? Whatever the case may be, it is always good to have information on hand that is designed for your best interests. I wanted to write this post today following a recent occurrence that happened in my business - a business partner (who also happens to be my dad) fell ill and is in the hospital. Thank God he is going to be okay. Aside from being a concerned daughter for her daddy, because we own a business together, I knew I had to take charge of his end of the business as well.
Thankfully, we recently hired an excellent administrative assistant, who has been a tremendous help while my dad has been out. It’s always good to have great staff on hands, as well as an emergency plan should instances like illness occur.
For your business, having adequate insurance coverage is essential. No two businesses are alike - hence the reason why you need an insurance portfolio that is designed for your specific needs. Check out some of these types of business insurance:
Business property insurance
If you work from home, know that in most cases, your home insurance will cover personal property used for business purposes BUT only to a certain limit (up to $2,000) and only when the equipment is in the home. Ask your current home insurance company if you can adjust your policy to cover your home-based business. If not, look into separate business property insurance.
Commercial auto insurance
Similar to how your personal home insurance will not adequately cover your home-based business, if you have an automobile used for business purposes, you will need to look into commercial auto insurance.
Life Insurance
As we all know, life insurance is designed to protect your family and assets should something happen to you. A good life insurance policy will be able to also take care of any business-related costs.
Disability Insurance
This type of insurance can protect you by replacing a portion of your income should an injury or illness prevent you from working. This insurance gives you the security to recover from or adapt to this disability, without having to return to work sooner than you should.
Adequate insurance coverage for your home-based or small business is just a start to what you need to do should emergencies or unexpected events occur. More information to follow in upcoming posts!
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