Who wouldn't like to work from the comfort of their home? No tedious commuting daily, no overheads of a full blown office, flexible working hours! But along with designing a nice office in your home, have you taken an insurance for this home office? As important it is to have a home insurance, it is equally important to get your office insured. While going through your home insurance quote, you can assess what things are covered in your homeowners policy and what additions you will need for the home office. It will help you decide whether you need a separate insurance for your home or if the homeowners insurance is enough.
But why is it so important to insure your home business? Studies have shown that the maximum expenses self employed people incur are from their equipments which include laptops, desktops, printers, fax machines, etc. Having these insured is imperative in case of any damage or loss. An office in your home also means that there will be more visitors. This can increase the risk of theft of your office stock. A home insurance policy will ensure that your stock is completely covered.
While buying your home office insurance, you first need to evaluate what coverage your home insurance provides to you. Some homeowners insurance offer limited coverage for business equipments and damage caused due to business. But again this can vary from insurer to insurer, and you need to confirm this from your insurance agent. Also, there are some home insurances that provide home office insurance as an endorsement to the homeowners policy. These policies can cover some losses like loss of office data or records.
If you want, you can purchase a separate office insurance policy that will cover specific needs; for example, an office insurance policy to protect against the damage or loss of all your office equipments. There are some insurers which also provide a combination of homeowners endorsement and business owners policy. In such policy, liability insurance, destruction or loss of office property, loss of data and papers and some other features are covered.
Just having a trendily designed home office, a swanky business website and an impressive business bank account is not enough. To be a successful entrepreneur, you need to take care of your business. Who knows, having your home office insured will prove to be the wisest thing for you.