There’s more to setting up a home business than creating office space and purchasing business equipment and products. It would be best to have insurance protection for your business and business assets. Although home insurance offers some measure of protection, it wasn’t designed to cover business-related losses. The following tips from Murvay Insurance in Newport Beach, CA can help you determine your insurance coverage to protect your home enterprise.
Insurance Options for Protecting a Home Business
When it comes to insuring a home business, there are several options:
- Endorsements – One way to insure a home business is to add endorsements to your home insurance policy. An endorsement to increase property coverage can help protect business equipment and products. If you receive clients in your home, a liability endorsement can protect you against accidental injuries that may occur when a client visits your property. Endorsements, however, won’t cover loss of income if your home is damaged in a catastrophe and your business comes to a halt while repairs are made. Neither will they cover employee injuries on the job.
- Business Owner’s Policy – A business owner’s policy (BOP) offers a more practical means of protecting your home business, as you have the option of obtaining liability, property damage, workers’ comp, and business interruption coverage. You can also add protection against specific risks such as mechanical or technical breakdowns, data loss, forgery, errors and omissions, etc. This broad coverage against any eventuality will give you the confidence to invest in your home business and grow it into a prospering enterprise.
Where to Obtain a BOP Policy
If your home business is your family’s main source of income, a BOP policy may be just what you need to protect it from financial loss. To purchase commercial coverage for your home business, contact Murvay Insurance, Newport Beach, CA.