Miami Insurance Consultants, which specializes in both personal and commercial insurance coverage throughout Florida, explains that many at-home businesses do not have adequate insurance coverage, which may pose a serious problem if there is an injury at the property or inventory becomes damaged.
According to Best Insurance Consultants, many home-based business owners mistakenly believe their homeowner's insurance policy will cover them sufficiently, although this is simply not the case. A regular homeowner's policy is not sufficient protection for a business, as most policies do not cover business use of a home, which means any business-related losses like a stolen business computer will not be covered.
Additional complications may also result. For example, if a delivery person slips on the property and breaks an arm, the business owner may be liable and fully responsible for the injuries associated with business deliveries. If the home burns down, fire coverage can also be voided because business property is almost always excluded.
These are just a few of the nasty surprises that await business owners who rely on homeowner's insurance.
Homeowner's insurance does not typically provide adequate protection from liability to business visitors, and accidents may always happen regardless of how well-planned a home office is. Delivery people, customers, employees and business associates will not be covered without either a rider to the homeowner's insurance or a commercial general liability insurance policy.
He also points out that some types of home-based businesses will require special kinds of insurance. Those who render professional services from home, such as legal services or tax preparation services, will also need professional liability insurance. Business owners who manufacture, distribute or sell products that could potentially hurt someone may also need to consider products liability insurance.
As Miami Insurance Consultants explains, insurance is one of the most overlooked but vital parts of any business, including home-based businesses. According to the Independent Insurance Agents & Brokers of America, about 60% of home-based businesses do not have adequate business insurance, which means they are at risk. Potential problems that may come from inadequate insurance include losing one's primary home due to a lawsuit in a slip-and-fall accident on the premises, complete uncovered loss of inventory or products due to a burglary or fire, substantial fire damage that is not covered by the homeowner's insurance and lawsuits regarding professional services rendered.
He urges all business owners, including those who operate a business from home, to ensure they have adequate insurance coverage by speaking with a qualified insurance broker right away.
For small business owners seeking insurance in Florida, Top Insurance Consultants offer policies that include commercial business liability insurance, business property insurance and more through.
Affordable Miami Insurance Consultants is a FL based firm that helps business owners find the best possible insurance solutions to fit their needs. He offers personal insurance as well as many forms of commercial insurance.
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