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More and more Americans operate a full or part-time business from their homes, and that number keeps growing.  Although savvy and creative in their own specialties, these entrepreneurs at times seem bewildered about how to insure their business against theft, fire, and liability.  Some believe their homeowners policies cover all their home business insurance needs.  As a result, a lot of these home business owners are uninsured. 

How can I insure my home-based business ?

Launching and running a business takes capital, motivation, and physical stamina to handle the stress and demands of a new or growing venture.  And it’s risky.  In fact, one out of every five businesses fails within the first five years of opening.  Handling inventory, scheduling time, purchasing supplies, managing new equipment, hiring employees, handling payroll – there are a myriad of procedures every home or small business entrepreneur needs to know, but on of the most critical and often neglected is buying proper insurance coverage.

Do I need professional liability insurance ?

Professionals that operate their own businesses need professional liability insurance in addition to in-home business or businessowners policy.  This protects them against financial losses from lawsuits filed against them by their clients.  Professionals are expected to have extensive technical knowledge or training in their particular area of expertise.  They are also expected to perform the services for which they were hired, according to the standards of conduct in their profession. If they fail to use the degree of skill expected of them, they can be held responsible in a court of law for any harm they cause to another person or business.

What do I have to do to customize and protect my service business ?

You are in business to serve your clients.  Your success depends on consistent delivery of top quality service. As a consequence, all efforts at managing business should deepen the integrity of determined service. That sort of quality-oriented undertaking deserves sterling protection.  Protection of this sort should consider:

• Accounts Receivable – protection if you are unable to collect outstanding balances as a result of loss or damage to your account records.

• Computer Fraud Coverage – protection against theft of money, securities or other property caused by fraudulent transfer by computer

• Employee Dishonest – protection for loss of money or property acts by your employees

Please speak with a VANTAGE business professional for a more detailed explanation of products available to assist you in protection planning.