At Home Business Insurance: Build It On The Rock!
Get the right at home business insurance and build your business on the rock. The rain will come down, the streams will rise, and the winds will blow and beat against it; yet it won’t fall, because it had its foundation on the rock.
If you want to run your business from home, you should prepare if disaster strikes. So, if your house falls down, you’ll still be in business. I sincerely hope it’ll never happen to you.
Because you never know, it’s better to be ready by getting at home business insurance.
For starters, if you want to reduce risks at the maximum, the best way is by running a business online. Even if your home falls down or your computer gets lost, you’ll still be in business just by getting another computer. You have much less to lose. Even so, you might still need at home business insurance.
Note: Here I am only referring to things most difficult to recover after a disaster and that are key to keeping on business.
You can prevent some things from going wrong. Start preparing by taking these 3 basic steps. Invest on your investment.
1. Do everything you have control over.
If you have a home business online and lose your computer, make sure you have a backup. If your business is at a premise this is a good tip too.
You can get it either from an online service, or from a different location you can trust. You’ll significantly reduce exposure to any loss over natural disasters or other misfortunate events.
What about legal papers, receipts, invoices, accounts receivable, and customers files? If your business requires for you to keep these kinds of files, it would be a good idea to scan them and have a copy on your hard drive, as well as, in a different virtual location.
If possible, keep physical copies of these files at other location you can trust. There are some insurance companies that cover these losses. However, it’ll take longer to get help on this.
2. Get the most out of your insurance.
When getting at home insurance, look for ways to save. One way to save is by getting a higher deductible. It is true that you’ll pay more, only if or when the time comes only.
So, if nothing goes wrong you won’t have to pay. However, this will help reduce monthly or yearly premiums in the long run. Ask your agent.
Another way to save is by showing you’ve taken every step possible to protect your property.
For instance, you have an alarm system against burglary. You installed fire detectors. You’ve made sure that there’s nothing on your home that poses a threat to your customers or vendors.
If they have to come to your house, make sure there is nothing on the way that could hurt them or make them fall.
When the insurance company sees you’ve done all you can to reduce risks, it might give you a lower premium. Remember, the less risk you represent, the more insurable you are.
3. Get the right coverage.
Your homeowner’s insurance doesn’t cover for business related losses. You should get an additional insurance for at home business.
It would be a better idea to get at home business insurance that combines both coverage needs in one. One for home related risks and the other for business related needs.
This kind of insurance is cost effective as it’ll only cover for your specific needs. You won’t have to pay for what you don’t need.
If you already have a homeowner’s insurance, ask your agent if you can get endorsement to that policy, for your home business.
Take your time to research, ask around, think of everything that could go wrong, get at least 3 or 4 quotes to compare, and ask all the questions you can come up with.
Try to make sure you’ll be covered in every aspect that you really need. You might be unaware of additional coverage you don’t need and that your policy includes.
If you aren’t, ask. You don’t want to end up paying higher premiums than you should.
Here’s another tip, keep up to date with your agent and review terms and policies once a year.
Build your business on the rock and don’t worry if your house falls down Protect your investment and get the right at home business insurance.