Home businesses and commercial insurance: Why you need it

Having a home business makes a lot of sense. You don’t need to rent or own office or business space, you already have space. That is very cost-effective. While you are economizing you may think you can get away with the insurance you already have to cover your business as well. That is not the best idea; you may find the coverage is inadequate or nonexistent. In Coldwater, OH, Preferred Insurance Center has the information you need to make the correct decisions about your home/business insurance coverage. 

Your home insurance is designed to protect your home; it is not designed for business protection. While the area of your home that houses your business may come under the property coverage, your business property like office equipment and supplies, raw materials, and any inventory or raw materials may not be covered. You need to talk to your carrier and inform them that you are running a business out of your home. 

If your business owns a vehicle, it should be covered by a commercial auto policy. Keeping your personal and business lives separate is a very good idea. You should talk to your carrier; many will not cover the business use of a personal vehicle. This could leave you holding the bag in the event of an accident while you are on business.  

Liability insurance for your business is imperative. If someone is injured while visiting your home on business, your home insurance may refuse to pay. Liability will also protect you from legal actions having to do with the services you provide. 

If you employ even one person, in Ohio you are required to have worker’s compensation insurance or be granted the right to self-insure. 

Preferred Insurance Center in Coldwater, OH is here for you when you are ready to discuss your home business insurance needs. 

How Does Home Insurance Protect Someone?

Owning a home is something you probably admire but keeping it shielded against unpredicted perils is an issue you should not negotiate about. Many things can happen to your home — for instance, fire accidents, hail, and storms can leave you homeless. But with Preferred Insurance Center home policy in Coldwater, OH, you have nothing to stress about. 

If you are wondering whether you need a home insurance policy, consider the following:

Home insurance protects more than your building 

Your home insurance policy doesn’t only cover the physical building but its contents as well. If your home content gets damaged due to disasters such as fire or vandalism, your insurer will step in and cover the loss. 

Covers personal liability

Other than covering your home and its contents, your home insurance policy covers you in cases where a person gets injured while at your property. Besides, home insurance protects you against property damage you cause to others. 

Home insurance covers relocations

If at one point or the other you decide to reconstruct your home, you will want to look for a new place to stay for the duration. And as you know, relocations will add to your costs, and the need can arise when facing financial constraints. 

Obtaining a home insurance policy will give you peace of mind when such a need arises. 

Your lender may require it

Whereas the law does not require homeowners to carry home insurance, your lender may require you to have a home insurance policy when seeking their services. Without home insurance coverage, such lenders will consider your home a risky environment to invest in!

Buy home insurance today!

Now that you know the benefits you will enjoy by purchasing home insurance, why are you waiting until you suffer losses? We at Preferred Insurance Center home policy in Coldwater, OH are ready to insure your home and give you peace of mind anytime you come to us. Wait no more!