06 Mar Why You Still Need Business Insurance If You Work From Home
More American employees are working at home or remotely while on-the-go. 43% of employed Americans said they spent at least some time working remotely, according to the survey of more than 15,000 adults last year. Since the invention of the Internet, more and more people are starting their businesses at home. Many business owners that work from their home make the fatal mistake of not purchasing insurance.
So, what type of insurance do you need if you work from home or have a home-based business? The answer is that there are several options.
Business General Liability Insurance
This is also known as commercial insurance or commercial liability insurance. It is the foundational policy all business owners should have. You should always have a business insurance policy, regardless of what type of work you’re doing. This policy covers bodily injury, property damage, and personal injury.
Commercial Property Policy
This insurance covers business equipment that you keep at home called “business content.” Business owners who own more expensive equipment should have a commercial property policy because it protects you if that equipment is stolen or damaged. A contractor who owns expensive tools or a photojournalist who owns expensive camera equipment would need a commercial property policy. These policies are usually bundled together with business general liability insurance into what is called a business owner’s policy.
Incidental Home Business Endorsement
This minor policy extension can be attached to your homeowner’s or renter’s insurance policy. If you do not have the recommended business general liability policy, you should have this policy. It covers bodily injury coverage.
Errors and Omissions Insurance
If your job is advising, this policy is necessary. If the guidance that you give turns out to be flawed and your customer or client is harmed because of it, this insurance protects you.
If you have employees that work for your home-based business, then you need worker’s compensation. This insurance protects you if your employees are injured while working. It doesn’t matter where they are when they are hurt; if they are working for you at the time, you are liable.
Here at AWS, we look at your profession with a 360-degree lens to make sure that your policy covers you and your employees thoroughly. If you work from home, own home business, or just work remotely, then contact AWS to see what insurance policy is the best one for you.