Entrepreneurs, Fill in the Gaps of Your Homeowners Policy

Business Owners Policies for the Self-Employed

Who needs a business owner's policy?

Simple, anyone that runs a business from their home should have one. A comprehensive coverage homeowner's policy will cover economic losses caused by damage or legal liability but, once a home business is discovered any economic loss that can be associated to your business is your problem. Some homeowner's policies allow business owners to purchase a policy rider that will cover losses associated with their business. If your homeowner's policy provider doesn't offer this option you should consider a separate business owner's policy.

Suppose your home office gets hit by a bolt of lightening (it happens). The loss from damage to your house, computer and loss of income amounts to 50,000. If your homeowners insurance discovers that you were running a business from that room, and if they sent an adjuster they certainly would, they have the right to refuse any coverage.

On the other hand if you were wise and purchased a business owner's policy your entire loss would be covered, even the loss of income.

Increasingly important is bodily injury liability. If you have business visitors in your home, a business owner's policy should cover any liability if they're injured in any part of your home. Conversely, if you simply had a homeowner's policy and someone was injured in your home, office or anywhere, they may refuse coverage for any liability. You don't need to be reminded about how expensive personal injury liability can be, do you?

What about product liability?

Additional product liability coverage can often be added to a business owner's policy for an extra fee. This covers you in case someone is injured using your product. As you are probably aware, regardless of your involvement in the manufacturing or design process. The price of this coverage can be extremely expensive, depending on the products you distribute, but is definitely worth it. I know you don't need to be reminded about how expensive product liability can be.

What if I'm not eligible for a business owner's policy?

Different insurance companies have different criteria for excluding businesses from their policies. If one insurance company turns you down, ask another. Often, companies that allow riskier businesses to purchase policies also charge higher premiums, so it definitely pays to shop around for a policy that fits your particular business.

Ian Asterbury is an assistant editor at Small Business Assistance - a resource for entrepreneurs that offers advice on business insurance and an array of other small business topics.

---

Do You Pay Too Much For Your Car Insurance?

Do the premiums just seem to get higher and higher... Read More

Everyone Wants The Cheapest Automobile Insurance Quote

When you are looking for an automobile insurance quote, the... Read More

Tips for First Time Insurance Buyers

The are many scary things in this world. Buying insurance... Read More

Finding Life Insurance Quotes For Adult Children

Shopping for life insurance quotes for adult children isn't any... Read More

Keys To Controlling The Future of Health Care

Several key changes are necessary to get control of the... Read More

Discount Auto Insurance - Keep Your Hard-Earned Money

Finding discount auto insurance is so easy when you do... Read More

Choosing Affordable Health Insurance For Children

In most cases, private health insurance comes through a person's... Read More

How Is Your Auto Insurance Policy Price Determined?

The average auto insurance policy price is derived from a... Read More

All Auto Insurance is Not Created Equal!

Contrary to what you may have heard all auto insurance... Read More

Home Insurance Rates in Northern Ireland

A recent survey took the most popular type of home... Read More

Online Insurance Quotes California Auto

Finding insurance quotes for California auto is now pretty easy.... Read More

Global Warming: Why Consumers and Insurers Are Getting Hot Under the Collar Over Life Insurance.

Global warming may have been lurking on our horizon for... Read More

Origin Of Long Term Care Insurance

In the early 1980's Medicare started using a system called... Read More

Life Insurance Information

Life insurance is a personal insurance plan designed to pay... Read More

About Online Term Life Insurance Rates

Online term life insurance ratesHow simple it is today finding... Read More

Tips For Lowering Your Auto Insurance Quote

Do you have many claims? If so, you should do... Read More

Protecting Your Expatriate Family

If you and your family relocate overseas, one of your... Read More

Insurance For The Self Employed And Those Seeking Health Insurance

First of all, congratulations on deciding to go out and... Read More

Life Insurance Leads, Insurance Leads, and the Online Lead Generation Business

I've long wanted to write an article about Internet Leads... Read More

3 Important Moving Insurance Tips

Because of the many problems that can occur when you... Read More

Underinsurance Can Spell Disaster For Homeowners

Insurance is meant to give homeowners peace of mind, but... Read More

Alternate Risk Transfer (ART) - Insurance Strategies

Risk ManagementAlternate Risk Transfer is a fancy way of saying... Read More

How To Best Handle Health Insurance Plan Changes

Many economists have suggested and recent economic data indicates that... Read More

The Life Insurance Quote Business is Booming, but is the Insurance Quote Accurate?

The life insurance quote business online is booming. Not only... Read More

Everybody Wants The Best Term Life Insurance Quote

The information you need about the best term life insurance... Read More

Do Insurance Premiums Increase Every Year?

Many people ask, "If I am supposed to get a... Read More

Tips for Buying a New Home

My wife and I recently purchased a new home in... Read More

Why Should I Go To A Life Insurance Broker?

A life insurance broker is a dedicated person that encourages... Read More

Filing Auto Insurance Claims: The Basic Steps to Take

An automobile accident can be a terrifying event for anyone,... Read More

Should I Buy Rental Car Insurance?

Rental car agencies have a menu of insurance policies they... Read More

Used Car Insurance

Every state requires that drivers carry liability insurance. The liability... Read More

Who Else Wants to Understand Travel Insurance Policy Language?

Aren't all travel insurance plans basically the same?No. When you... Read More

A Life Insurance Quote Became Reality

Life insurance quoteThank goodness John took his life insurance quote... Read More