What Is Home-Based Business Insurance?

​As the years go by, home-based businesses are booming and gaining more popularity. It’s an awesome avenue to start a source of income, but no business is spared from risks. Owners want to maximize income and minimize losses. How can you do that? Though home-based business insurance. Here are some things you need to know.

What Is Insurance About?
Home-based insurance offers a payout for property damage, lawsuits, and medical expenses if you run a company or business within your house or property. 

What Are the Types Of Coverage?
There are two categories into which home-based insurance falls; property and liability coverage. The options are stated below.

Business liability coverage
If there’s a lawsuit, the insurance should cover legal costs and settlement fees. 

Business property insurance
If the company-owned equipment is destroyed or damaged, insurance will help cover costs.

Electronics data coverage
Coverage includes security for electronics like computers, mobile phones, and others.

Accounts receivable
Lost accounts receivables will be reimbursed in case of loss.

Loss of income coverage
In case of business income interruption, the computed loss will be covered.

Types Of Businesses Need This Insurance
You may think business insurance doesn’t suit you. Here’s a list of specialized businesses that will need insurance.

• Accounting firms
• Online sellers
• Photography services
• Web design and development
• Catering and food business
• Writing solutions
• Online marketing

Compensations Insurance For Workers
Worker’s compensation is a form of accident and health insurance that pays medical and loss of income expenses in the event of an injury or illness to your company’s employees or contractors. Sole proprietors or independent businesses are exempt from this insurance.

Other Types of Home-Based Insurance

Business vehicle coverage
It covers auto or cars used for business operations like deliveries.

Data compromise coverage
If there are violations in the client’s information, this will cover security breaches.

Employment practices
You’ll be covered if there are any employee claims against you.

Conclusion
Knowing potential risks to business will help you gauge solutions. One way to ensure your company is covered during the unexpected is to get insurance. Make sure you chat with one of our agents to figure out what exactly you are and aren’t covered for on your policy. They are happy to help!

At Schneiderman Insurance Agency, Inc.​, we do our best to ensure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (818) 322-4744 or Click Here to request a free quote. Any coverage discussed is not guaranteed. Contact us today to go over your specific needs and we are happy to help you find a policy that works for you and your budget!