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However,
a Home Business Insurance policy can protect your income, providing security
and peace of mind while you grow your business.
Home
Business Insurance Coverages
The
coverages under Home Business insurance are similar to those of a Small
Business Insurance policy.
Property
Coverage
Includes coverage for losses from covered perils to your building and premises, business personal property and contents (furniture, fax machines, computers, software, business stock, etc.), and valuable papers and records (print or electronic). You'll also have coverage against losses from crime, and for income lost when your business can't operate at full strength (Business Interruption/Extra Expense).
Liability
Covers damages to your business for losses to third parties from:
- Bodily Injury — people injured on your premises or by a product you manufacture or sell.
- Personal Injury — violations of privacy, false imprisonment, wrongful eviction, etc.
- Advertising Injury — for losses due to alleged slander, libel, or copyright infringement by your or your employees.
Optional Home Business Insurance Coverages
For
an extra premium, you can beef up your Home based Business insurance policy
by adding:
- Umbrella Liability — protects your business against the costs of catastrophic lawsuits.
- Errors & Omissions — covers liability based on your professional activities.
Home Business Insurance Premiums
Your
type of business will be the main factor in setting your premium. Home Business
insurance tends to be the least expensive Small
Business Insurance policy
because these operations seldom have walk-in and client traffic (many municipalities
will only grant you a residential business license if you promise not to
allow any walk-in traffic). What's more, your insurance premiums are
usually tax-deductible as a business expense.
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