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Home Based Business Insurance: Do I Need It?
Home Based Business Insurance: Do I Need It?

Well, that all dependsIf you have insurance, you probably wontuse it. If you dont have it, youll probably be sorry.Insurance is just one of those necessary evils. Keep thefollowing points in mind when you consider whether or not youneed home based business insurance.

First, will you be obtaining a business license of any kind? Ifso, you will need to check the licensing requirements. Somelocal governments require that you maintain a certain level ofliability insurance especially if people will be coming to yourhome during the course of your business. If your localgovernment doesnt require home based business insurance, thenyou must look at your individual situation and make that call.You may want to consult a licensed insurance agent to advise youof possible affordable options.

Will you keep an inventory in your home? In that case, you willprobably want to insure it against a potential loss. Mosthomeowners insurance policies do not cover the loss of businesssupplies so check with your local insurance agent to find outthe best option for your home based business insurance needs.

If you will use your car consistently in your business, you willprobably need to contact your auto insurance agent. Premiumsusually increase when you drive your car for regular businessuse. One thing to keep in mind is that business use of a car isoften tax deductible so this can help defray the added homebased business insurance cost.

Many people run their businesses without any type of insurance sort of under the table if you will. This is probably fine ifyou run a fairly small operation and dont mind replacing anymaterials that you lose. However, if you anticipate peoplecoming to your home or maintain a significant inventory,wouldnt you rather be safe than sorry? Starting a business ishard enough without risking the loss of all of your hard workbecause you didnt invest in home based business insurance.

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