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Should a home-based business have insurance protection?
If you
operate a business from your home, it's important that you
obtain adequate insurance for it, just as if you had a separate
office. Even a small home business deserves full protection
against calamity. Most important, never rely exclusively on your
normal homeowner's policy. Heaven forbid, but things can happen:
·A
computer is stolen, and, it is discovered that it's not covered
by your homeowner's policy because business property is
excluded.
·An
entrepreneur’s house is affected by a natural disaster such as
tornados, hurricanes or storms, and it is discovered that
coverage is void because the home-based business was not
disclosed to the insurance company.
·A
business package is delivered by UPS and the delivery person
slips on your property and injures himself, you may find you're
not covered for injuries associated with business deliveries.
It's easy to
avoid these potential calamities. Sit down with your insurance
agent and fully disclose your planned business operations. It's
relatively inexpensive to add riders to your homeowner's policy
to cover normal business risks. You may need separate policies
for other business-related coverage.
When it comes to business equipment and
furnishings, figure out how much it would cost for replacements
after a fire, theft or other disaster. Don't overlook things
such as the specialized business software you run on your
computer. Depending on the nature of your business, replacing
equipment and furniture could run into many thousands of
dollars. Ask your insurance agent what it takes to insure this
valuable property, allowing for a good-sized deductible to keep
costs down. Make sure that the coverage on equipment and
furnishings is for the full replacement cost — not just the
depreciated value, as can be the case in some homeowner's
policies.
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