Do You Need Business Insurance When Working Out of Your Home?

Many small businesses in the U.S. today are home-based. For a small business owner or entrepreneur, working out of the home has many advantages. It is convenient, cost-effective, and comfortable, and you can skip the daily commute and wear pajamas or sweats all day if you like.

However, conducting business in the comfort and convenience of your own home does not make it risk-free. You are running a real business and, like any business, it needs to be insured. You can still be sued or suffer unexpected property losses.
Homeowners and renters policies do not cover home-based businesses. Our agent at Stuart Insurance in Palm City, Florida can help you find the right business insurance policies for the coverage your home-based business should have in place.

Types of Coverage You May Need for a Home-Based Business

The business insurance you need will depend on the type of business you are running out of your home. Possible business insurance coverage you should consider may include:

  • Property insurance: The typical homeowners policy will not cover business equipment losses caused by fire or flooding. You need business property insurance if you use any type of equipment in your home-based business, including computer, printer, fax, furniture, etc.
  • Liability coverage: You need business liability coverage if you have anyone coming to your home for business purposes. This can include clients, contractors, and any person making a delivery to your home business. A homeowners policy will not protect you from a claim made by a business visitor who is injured on your property.
  • Professional liability insurance: Professionals working out of their homes need professional liability coverage as much as professionals working in a firm. This insurance protects you from potential claims made by clients of negligence or a failure to deliver.
  • Product liability coverage: This coverage may be necessary if your business makes or supplies a product. Product liability insurance protects your business from claims of damages caused by your product to a person or property.
  • Business auto insurance: If you are in an accident while using a vehicle for business purposes, your personal auto insurance may not cover your losses. You need business auto insurance to be covered in this situation.

Get Professional Assistance with Your Business Insurance Needs

Depending on what type of business you have, there are several other types of insurance coverage your business may need. For example, you may want commercial crime insurance to protect your home-based business against theft, fraud, and crimes. If your business has employees, you may need to carry workers comp insurance.

Your business insurance premiums will depend on what type of business you are running out of your home, what types of coverage you need, whether you have employees, the location of your business, and a several other factors. Our knowledgeable agents at Stuart Insurance in Palm City, Florida are well-versed in the business insurance requirements in a wide range of industries. We can help you ensure that you have the coverage your business needs at the best available rates.

5 Behaviors That Can Raise Your Life Insurance Premiums

Your hobbies, lifestyle, and overall health impact how much you pay for life insurance. For example, if you have decided to take up scuba diving, mountain climbing, rock climbing, BASE jumping or decide that you want to get involved in skydiving, these activities will affect the cost of your policy.

Essentially, your life insurance policy is a legal contract between you and the company that issues it. These companies evaluate all risks associated with covering you against death or incapacitation. Certain behaviors and conditions will increase the cost of your policy and the premiums you will pay. Every policy should be customized to match the individual. The types of behaviors that life insurance companies often consider risky include:

  • Smoking. Insurance companies will cover smokers, but at a higher rate.
  • Body weight. The life insurance company underwriters will evaluate your height and weight for known associated health risk factors.
  • Driving record. If you have a history of traffic violations – particularly moving violations or driving under the influence – your rates may be higher.
  • Risky activities. If you engage in certain high risk activities, such as scuba diving, motorcycle riding, flying a plane or similar pursuits, your rates will be higher.
  • Alcohol consumption. Your alcohol consumption will be evaluated as a risk factor in issuing a policy. 

Getting Approved for Life Insurance

There are several criteria that underwriters employ to evaluate a potential policyholder. If you are considering purchasing a life insurance policy, get help from an agent as they’ll manage the process for you. There are many types of life insurance policies on the market, and an agent will help you find the company that is right for you and your lifestyle.

At , a local agency, we are happy to explain everything simply and clearly, so you can make an educated decision about what will work best for you – and your budget. New life insurance programs come on the market, and if you already have a term life insurance policy, it is worth having it reviewed – there may be a better option for you now. We are happy to help.

Our local agents at Stuart Insurance in Palm City, Florida make themselves available after work and on weekends so you can have an appointment at a convenient time. Having a life insurance policy in place is one of the most effective ways to protect your family, and getting your policy issued is important. We know the system and how to work to get you the coverage you need, and at a rate you can afford. Talk to us – we are here to help.

General Liability Insurance and Why Your Business Needs It

As a business owner, you take every step you can to ensure the safety of your clients and the quality of the products and services you provide. We can’t know every type of incident that can occur in the course of doing business, and general liability insurance provides vital protection for when it does. Not only will this coverage protect your financial health when something goes wrong; many clients and subcontractors will not enter a business relationship with an entity that doesn’t have general liability insurance in place.

What does my general liability plan cover?

Typically, a commercial liability insurance plan is concerned with protecting your business from claims brought against it by a third party, which may be essentially anyone who is not an employee or contractor for your business. This may include your customers or clients, users of your products, or anyone who comes into contact with you or your employees through the course of your doing business. Costs that may be covered by your plan include:

  • Property Damage. No matter how careful your employees are, accidents can happen. When the people employed by your business are in contact with property belonging to clients or another third party, you’ll want to make sure you have the coverage necessary to repair any damages that have occurred through error or accident.
  • Bodily Injury/Medical Expenses. No business owner likes to consider this possibility, but in today’s litigation-happy culture, there is a very real possibility that your business could face allegations of causing a third party bodily harm, and you could be responsible for the individual’s medical expenses and other damages. These claims can be related to harm caused by your product, or a personal injury claim after an accident occurs.
  • Non-Physical Personal Injury. In addition to physical injury, a third party could also sue your business for alleged defamation or slander.
  • Associated Legal Fees. Regardless of the outcome, any litigation is time-consuming and expensive. General liability insurance can help cover legal costs while you keep things running as smoothly as possible.

Unless otherwise specified, a general liability plan does not include workers’ compensation, professional liability insurance, or commercial auto insurance.

Knowing Your Options for Business Insurance

If you own property from which you conduct your business, you should ensure you have adequate property insurance that will cover damage to the building from severe weather, fires, accidents, and other incidents. You may choose a Business Owners’ Policy (BOP) that combines commercial property insurance with general liability insurance for comprehensive coverage at a reasonable price. Knowing the limitations of your coverage is exceptionally important – every policy is different. Specific insurance needs very depending on geographic area, the specific services rendered by your business, whether you use employees or contractors, and countless other factors.

General information is no substitute for a face-to-face conversation with a business insurance agent who can walk you through your liability risks and coverage options. Don’t be caught off guard by discovering what your policy covers only after an incident has occurred – get in touch with us at Stuart Insurance for insurance advice you can trust in Palm City, Florida.