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News For Small Business Owners: Buying Home Based Business Insurance May Be A Good Idea

Written by Ken Gaebler
Published: 9/16/2009

If you operate a home-based business, buying homeowner's insurance could be critical to your success.

More and more small businesses are springing up in the U.S., and many of them are being run from private homes. Three out of 10 homeowners operate a home-based business, according to the Bureau of Labor Statistics. But the hazards of doing business every day make homeowner's insurance something small business owners must consider, say experts.

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Standard home insurance does not cover the loss of business equipment or income, a fact which is occasionally overlooked by small business owners.

Many options are available, including policy endorsements which can strengthen coverage against loss of equipment, in-home business policies that offer more complete coverage for business equipment, up to business owner's policies, which offer an even greater degree of indemnity for home-based businesses.

More complete policies will reimburse home-based business owners for the loss of not only business equipment, but important documents like financial records and contracts. In-home business policies will sometimes carry a provision for the coverage of up to three full-time employees, though they generally require worker's compensation insurance.

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