Home Business Coverage – Who Needs It?

From Etsy store owner to multi-level marketing mavens and every aspiration in between, plenty of business owners choose the home front as their business address. It’s conceivable that the coronavirus pandemic’s ‘stay at home’ directive has spurred a new wave of stay-at-home inspiration. After all, plenty of people are finding ways to work from home. How does this class of businesspeople protect themselves and the organizations they cherish?

Do home business moguls need to take insurance along for the ride as they build an empire?

The answer is likely ‘yes.’ Just because an office is a kitchen table and the commute involves a grueling six steps from the bedroom, that doesn’t mean that it’s time to neglect insurance coverage. Coverage is available for a wide variety of home-based businesses; opting for it is often a good idea. Here’s why.

• The overbooked photographer scenario – Let’s say you’re a photographer who overbooks (gasp) a wedding. First, congratulations on being so popular. Secondly, be prepared for the possibility that you could be sued. The angry bride or groom-to-be who booked with you originally could sue you for the cost of a replacement photographer.
• The home-based business accident – Do customers visit your home for business purposes? If so, it’s imperative to purchase insurance. Imagine the shock of the in-home piano teacher whose student tripped on a slick floor and broke his ankle, or the computer repairman who fell as he carried his overheated laptop up the driveway and needed multiple surgeries to repair a fractured hip. Guess who foots the bill for these medical snafus? -Hint: It’s often not the injured person.
• Annihilated inventory – Are you a maker? A baker, crafter, or an all-around-artsy person? Do you store your products in the home? Don’t expect your homeowners policy to cover that collection that took you months to amass. Make sure that you have the correct coverage in place so that if something happens, you’re able to replace and rebuild. Business income coverage will go a step further by compensating a portion of lost income as a result of a covered accident.

So who is actually eligible to elect coverage? Crafters, jewelry makers, cosmetic/beauty sales consultants (Rodan + Fields, Monat, doTERRA), teachers/tutors, disc jockeys, bakers and photographers are some of the more common eligible professions. But even those that are commonly not eligible may find coverage through a commercial or professional lines form.

That’s why it’s so important to cultivate a relationship with an insurance provider who gives good advice regarding your personal and business coverage needs. And that’s where W3 Insurance shines. As an all-lines agency, W3 serves as your comprehensive coverage source. Contact an advisor today. Describe your business and its liability. A W3 advisor will advise you regarding coverage type and scope, so you can get back to what’s really important: focusing on your home business dreams.