HomeHQ Coverage: Understanding Home-Based Business Insurance
Over 27 million people are now choosing to work from their homes. And some of these people even run their own business from their home.
Starting a new business from home might be for quality of life or to help save on overhead costs. But it can also be important for people who run a home-based business to consider the risks.
It's not enough to depend solely on your homeowners insurance policy for home business insurance coverage. Your homeowners policy may not insure important parts of your business, and running a business from home may even nullify some of your homeowner liability coverage.
A smart move could be to take out HomeHQSM home-based business insurance policy. It can be essential for the protection of your business assets. Keep reading to find out what you might want to know about HomeHQ home business coverage.
Do I Need Home Business Insurance Coverage?
You may want to consider home business insurance after answering the following questions.
- Do your clients come to your home for any business transactions?
- Does your business operate from a mobile space?
- Do you have any business equipment that needs to be insured?
- Do you keep supplies or inventory at home or other sites?
- Would damage to your home force you to close your business?
- Would damage to your home cause you to lose income?
If the answer is "yes" to any of the above questions, you should review your current policy and consider HomeHQ coverage. This could help make sure your insurance bases are covered so you can rest assured.
Types of Home Businesses That May Need Home-Based Business Insurance
People are running many types of businesses out of their homes. Here are some of the types of businesses that might want to consider HomeHQ coverage:
- Accountants
- Personal assistants
- Tutoring and other instruction
- Decorating services
- Web Designers
- Photographers
- Online merchandise sales
- Caterers and other food sales
- Computer services
- House cleaning services
- House or dog-sitting services
- Many, many more...
What Does HomeHQ Coverage Include?
HomeHQ could provide business liability coverage that your homeowner's or renter's policy might not include. Here are some of the types of coverage that you should consider for your home business operations.
Business Liability Insurance
Business liability insurance or commercial general liability insurance is one of the most common forms of insurance purchased by home-based business owners. It can help protect your business from a variety of claims that could prevent you from having to pay for damages and claims out of pocket. This type of insurance can cover:
- Third-party bodily injuries and associated medical costs
- Third-party property damage
- Libel or slander accusations
- Reputational harm
Legal and defense costs such as attorneys fees and settlements could also be covered with business liability insurance.
Business Property Insurance
Business property insurance can help protect your home business's physical assets including furniture, equipment, tools, and fixtures. This type of insurance coverage can cover business property, whether it is owned or rented by your company. It could also pay for the repair or replacement costs of lost, stolen, or damaged business property.
PolicySweet® also offers business property insurance in our HomeHQ plan to help protect your business from multiple risks. It may cover the most common issues that arise from operating your business from home.
Business property insurance coverage includes:
- Equipment or tools used by your business
- Fixtures and furniture at your home business location
- Company items stored at your home business location, or at a separate location
With this type of insurance, you may also be covered for loss of income if you are unable to operate your business at full capacity due to an insurance-covered loss. It can also provide your business with operating and payroll expenses to help replace lost profit up to your policy limits.
Business Stock Insurance
If your home business or corporation deals with physical products, you may want to consider getting business stock insurance. If your merchandise or other business inventory is lost, damaged, or stolen, your business stock insurance policy may cover the cost of replacing it.
Products or raw materials that you store at your home or another facility could be covered by business stock insurance. Your policy may include damages from:
- Theft
- Vandalism
- Fire
HomeHQ coverage can be customized to fit your home-based business.
How to Get HomeHQ Insurance for Your Home-Based Business
The good news is that getting a HomeHQ insurance policy set up for your home business can be easy. With three simple steps, you can protect yourself, your employees, and your business.
1. Tell Us About Your Business
We will ask you a few simple questions about your home-based business. These questions help us paint a better picture of your potential business insurance coverage needs.
2. PolicySweet Will Send You a Free No-Obligation Quote
Our insurance professionals can prepare a no-obligation quote based on the information you provided us. Look it over carefully and contact us with questions you may have.
3. Accept Your Coverage
Once you accept your coverage, your policy can be activated. You and your home-based business can get coverage according to the policy you select.
How Much Does Home Business Insurance Cost?
The cost of premiums varies depending on the type of home business operation you run, and what your insurance needs are. You can connect with an insurance specialist for more details. You could also get an estimated HomeHQ quote here.
HomeHQ — Home-Based Business Insurance
Don't risk your home business by not having an insurance plan. With HomeHQ, you could be protected from potentially devastating losses. You could have security and "peace of mind".
At PolicySweet, we strive to help home-based businesses thrive with our HomeHQ plans. We know and understand the nuances and factors that influence businesses that operate out of the home.
Start a quote today and get your home business insurance!