02 Nov 2011 Vital Insurance Coverage for Massachusetts Home Based Business
Did your home-based businesses start almost by accident, making use of whatever space and equipment was easily available in the home? Insurance may not have been considered at all, or you may have assumed that your homeowners’ insurance protects the business. This is an optimistic assumption: a homeowners’ insurance policy only partly protects a home business. Small business insurance in Massachusetts has three basic policy options that a home-based business owner should consider.
A Homeowners Policy Endorsement is an endorsement to the existing homeowners’ policy. It expands coverage to business equipment and may also provide liability coverage for clients injured on the premises.
In-Home Business Policies protect the home business owner from the consequences of losing business documents, off-site property and accounts to receive. Some policies of this type also provide compensation for business interruption or loss of income as a result of a mishap such as a fire in the business premises.
A Business Owners Policy typically provides a broader range of protection against a variety of risks faced by a small home business operation, including coverage for property, liability and business income.
It’s optimistic to assume that homeowners insurance will protect a home-based business. An uninsured mishap could be very costly and wipe out the business profits you’ve been working so hard for. Ensure that your home business is properly protected by small business insurance. Massachusetts can always use another entrepreneur!