Working out of your home can give you more freedom and allow you to make your own schedule. It also comes with a lot of responsibility and accountability. You also have to consider special insurance policies to cover all of your business materials, including your vehicle. If you use your personal vehicle to get to client meetings or use it to deliver products, make sure to double check your insurance policies to ensure you are properly covered. It is also important to look into your homeowners insurance to ensure that all of business assets are covered.
If you use your personal vehicle for your business, it may not be covered under a personal auto insurance policy. If you make a claim do to damage that occurred while you were using your vehicle for business, and you only have personal auto insurance coverage, your insurance company can deny the claim. Make sure to notify your insurance company if you are using your vehicle for business purposes to see if you have to change to a business auto policy. The cost to change policies and protect your vehicle is relatively inexpensive, and can save you hundreds or thousands of dollars if you ever get into an accident.
When it comes to your business assets and inventory that is kept inside your home, your homeowners insurance policy will cover them. Keep in mind that your homeowners insurance has a monetary limit on the amount they will payout to reimburse you for your damages business assets. Make sure to ask your insurance agent if you can qualify for an endorsement on your homeowners insurance policy, which will allow you to double you the standard limits of a homeowners policy, providing more coverage for your business.
Contact Lou Aggetta Insurance Services to ensure you have the proper amount of homeowners and auto insurance coverage for your home business.