Does my part time business need insurance?
A recent survey showed that up to one in ten households operate some type of home based business from their home. Many of these same small, part time business owners have not put some sort of part time business insurance in place. In fact, many of these part time business owners mistakenly think their personal insurance will protect them.
Home based business owners are at risk for serious financial losses in the event of theft, accident, damage or perceived damage to a client, natural disaster, vehicle accident or other types of loss or damage. Most homeowners policies won’t cover business related losses. If you‚ are operating from home, not only can you be risking business property, but personal property which won’t be covered with a business incident.
One possibility is a business rider added to your homeowners policy. If you are writing or just using a phone and computer for your part time business a rider may be all that is needed. However, if you are manufacturing or perhaps doing some type of repair work for a client in your basement, garage or even den, there is a good chance you need more commercial insurance coverage. If you hire an employee, you must have workers compensation insurance.
The risk of not having appropriate coverage is formidable. If you have started a small, part time business, contact a licensed commercial insurance professional. Work with them to determine what insurance is needed. Typically, you need some type of general liability insurance coverage, business property insurance, and if you have employees, workers compensation.
Don’t risk all you have worked for up until now by avoiding or neglecting this important component of being a business owner. As an experienced, licensed insurance professional, I will guide you to what coverage is needed today, and more important, how to protect the future as you grow your business.
Steve Ludwig
President/CEO
Select Insurance Group
Saint Peters, Missouri
http://www.selectinsuranceteam.com/selectinsuranceblog.html
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1. Prohibit pre-existing condition exclusions for children in all new plans;
2. Temporary high-risk pool for Americans with pre-existing conditions;
3. Insurance companies no longer able to drop sick people;
4. Lower seniors prescription prices by beginning to close the donut hole;
5. Tax credits to small businesses covering employees;
6. Elimination of lifetime and annual benefit limits;
7. Children can stay on parents' coverage until age 26;
8. New plans must cover preventive and immunizations;
9. Consumers will have processes to appeal insurance plan decisions;
10. Rebates to enrollees from insurers with high administrative expenditures and public disclosure of the percent of premiums applied
to overhead costs.