Venturing into a business involves a lot of risks. When you start a business, you have to shell out a significant amount of money, work diligently -- and smartly -- before you can actually earn and enjoy your profit.
One of the things you need to settle first is getting a business insurance PA. And this rule of thumb extends even to home-based businesses.
The Importance of Getting Your Business Insured
If you think you won’t need a business insurance PA for your home business -- you have to think again. Here are the ultimate reasons to convince you why you have to have this kind of safety net:
You need to keep your business assets protected. Imagine a customer or a client going to your home business. If -- unfortunately -- he or she gets injured while doing business with you at your place and your business is uninsured, here’s the scenario you could face: You need to pay for his or her medical costs; if you don’t have enough money for it, you could end up using your business assets (e.g. Cash, accounts receivable) just to shoulder these expenses.
Your personal assets should be protected, too. It’s important to legally separate your business and personal assets. If you don’t have a business insurance policy and you’re being held liable for any incident or accident that happened within your premises, you will ben putting your personal assets in jeopardy, too.
Your costs will be minimized should you get sued. The worst-case scenario is that you will get sued once a mishap happened to a client or a customer while in your home business. Getting a lawyer, arriving at a settlement, and paying for damages — these are some of the things you have to accomplish. And all the entail expenses. Having business insurance will significantly help you minimize these costs.
Types of Coverage You Can Get for Your Home Business
Yes, getting a business insurance PA can be costly. For home-based businesses, you have the option to choose a package that fits your needs. Here are some of the coverage types you can get.
Business property insurance. This will help protect properties and equipment that belong to your business — like computers, printers, etc. In case of loss or damage, you can use this policy to replace or repair your business properties.
General liability. This coverage gives you the financial capability to cover most of the damages and expenses you will face when a customer or an employee meets an accident while on your business premises.
Product liability. Does your business involve selling products? If in case your products fail to perform or become defective when delivered to your clients’ homes, this type of coverage will protect your business from the liabilities caused by such situations.
Professional liability. If what you’re providing are professional services instead of products, you are also advised to get this type of coverage. Should your client suffer damage from the services you’ve given, professional liability insurance will help you cover the expenses of receiving such claim.
At Miller Carlisle, we can help you get the best business insurance PA that suits your needs and budget. Contact us today and we'll get you the best insurance deal!