Many home businesses in Rochester, MN need two different types of commercial insurance. Home-based insurance is not a type of insurance itself but rather a collection of insurance types that businesses that operate out of the home may need. This will usually include general liability insurance and commercial property insurance. An agent at Safechoice Insurance Agency can help you figure out exactly what coverage your home business needs.
Some homeowners policies can provide enough coverage for a home business if add-on coverage is made to the policy. However, a commercial policy is usually best to ensure your home business has full coverage. Some home business owners may benefit from purchasing a business owners policy since this will combine commercial general liability with commercial property insurance.
You will need home-based insurance if you have business-related visitors, such as customers or clients, coming into your home. You also need it if you have business property such as computers, equipment, or inventory in the home. If you provide a service for a fee, such as bookkeeping, you may want to consider errors & omission insurance. If you have employees or other family members who work for your home-based business, you may also want to consider workers compensation insurance.
Commercial liability insurance is the most basic liability coverage that will protect you from third-party property damage or injury claims. Commercial property insurance can protect your business equipment or inventory. Errors & omissions insurance can cover injuries or damages due to your negligence, mistakes, or bad advice. Workers compensation insurance covers any work-related injuries, wage replacement, and medical bills for your employees. A homeowners policy endorsement will add business coverage and higher limits to your existing homeowner’s insurance instead of getting a separate policy.
Contact Safechoice Insurance Agency, serving Rochester, MN, to get a quote on commercial insurance.