What type of commercial insurance does your home business need?

You may be one of the thousands of entrepreneurs who operate a business from the comforts of your home in Selden, NY. A less formal setting than what you may experience in an office building does not mean that you should forgo commercial insurance. The agents at XL Brokerage Inc. can help you find the best business insurance policy for your company. 

Why do you need insurance for a home business?

Your home business comes with risks just like the company that rents commercial space. In fact, there may be even greater risks associated with your home business because homeowner’s insurance does not typically cover your company. This means that the value of your merchandise is not covered under your policy. You essentially must start from scratch if your business inventory is destroyed from a fire or flood damage at your home. 

What type of commercial insurance do you need for your home business?

Your home business needs general liability coverage. This type of insurance protects your company’s assets and also provides insurance when clients visit your home in Selden NY. 

An individual who injures himself inside your residence while visiting on business is not covered under your home insurance policy. You need a general liability insurance plan that pays for medical bills associated with such an injury. 

It may also be a good idea for home-based entrepreneurs to purchase Errors and Omissions insurance. You especially need this type of coverage if your company provides consultations. Errors and Omissions insurance can help you represent yourself in court in the instance where a client claims the advice you provided was bad counsel. This type of coverage may also pay for damages related to the incident if your company is found responsible for losses. 

The agents at XL Brokerage Inc. can thoroughly explain the ins and outs of commercial insurance. Call them today to get a quote for your home business.