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July 16, 2004
Insurance for Home Based Business
Something that is often overlooked is the need for home based businesses to secure business insurance. This article at NFIB outlines how to evaluate your needs.
"Every owner of a home-based business should consult with an agent experienced in insuring small businesses. Normally, your homeowner's policy will cover some business-equipment coverage costs in the case of losses due to fire or theft, but if you're not completely familiar with the details of your homeowner's policy, snags could develop when making a claim. You may find, for example, that business equipment is excluded from coverage or that the policy's deductible for computer equipment is higher than the replacement cost. Even worse, you might find that simply having a business in your home voids your homeowner's coverage."
Too many small business people seem to want to ignore issues such as insurance needs and employee legal issues. Even if your business is a home based business, it is a business. Don't cut corners on matters such as these. The odds are very good that it will catch up with you.
Posted July 16, 2004 07:24 AM
at Belmont University in Nashville, Tennessee. He consults with a variety of businesses on start-up and growth related issues, and with larger corporations on re-establishing entrepreneurial cultures within their organizations. Dr. Cornwall's current research interests include entrepreneurial finance and entrepreneurial ethics. He has authored or co-authored four books.
