Why You Still Need Business Insurance If You Work From Home

feet under laptop

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.

Workers’ Compensation
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.

No Comments

Sorry, the comment form is closed at this time.

Melinda Martin

Account Executive

Melinda began her insurance career in 1985 with Alexander & Alexander where she received her Property & Casualty and Life & Health license. Since then she has worked at various agencies in the New Orleans area and in California as a senior account manager for Employee Benefit Plans.  While in California, she was also the Membership Director for the Burbank Chamber of Commerce. Melinda joined the AWS team in July of 2015.

Michael A. Seeling

Vice President

Graduated from the University of Louisiana at Lafayette with a B.A. in Insurance Risk Management and is a graduate of Archbishop Rummel High School in New Orleans. He joined AWS in October of 2008 and has been awarded the Patient Protection and Affordable Care Act Certification (PPACA). Additionally, he is working towards his Certified Insurance Counselor (CIC), Registered Health Underwriter (RHU), and Registered Employee Benefits Consultant (REBC) designations. He is also a member of the National Association of Health Underwriters (NAHU), National Association of Insurance Financial Advisors (NAIFA), and is an active member of the Fore!Kids foundation.