Why You Should Insure Your Home Based Business | Gregg S ...

Many entrepreneurs working in home based businesses fail to think about insuring their business the way that they would insure their own home.? This can prose a huge issue, for they are leaving themselves susceptible to dangerous situations and are unknowingly risking the successes of their new business.? In this article, Long Island Insurance Executive Gregg S. Marcus seeks to advise entrepreneurs to insure their businesses.

The common misconception among the owners of home based businesses is that their homeowner?s insurance will cover any damages caused by their business. This is oftentimes false.? Just because the business takes place in one?s own home does not mean that the entrepreneur will be protected from business-related incidents.? For example, an entrepreneur selling graphic art that he produces would generally have thousands of dollars worth of computer equipment lying around in his or her home.? Due to the fact that the artist does business from his home, he is putting himself at risk of theft from potential customers.? This case scenario may not be covered by standard homeowner?s insurance.? Also, if one?s customer is injured in the process of using the entrepreneur?s product, they risk being held legally responsible.? For this reason, insuring your business, especially when home based, is extremely important to cover the unexpected.

First and foremost, it is important to assess which type of coverage would best suit you.? In order to do so, an entrepreneur with a home based business should ask themselves a few pertinent questions including, how many customers come to your home?? How would your business be affected if an incident temporarily removed you from your home?? How much equipment do you have at home and what would be the cost to replace it?? What kind of inventory do you have at home?? After answering these questions you can begin to assess what type of business insurance would be right for you.? The two main types of insurance that a home based business owner should be aware of include liability insurance and property damage insurance.? These are essential in any home based business because they deal with the most common incidents that can occur in the business field.? Liability insurance keeps you from being held accountable for the injury of a customer from using your product.? Property damage insurance protects you from any physical damage done to your home from your business, covering the repairs of anything from broken computers to stained carpets.? If you live in Nassau County or Suffolk County on Long Island in New York and are looking to insure your business, contact Gregg S. Marcus today for a quote.

Source: http://greggmarcus.com/2012/07/why-you-should-insure-your-home-based-business/

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