Fifteen million home based businesses exist in the U. S. Sixty-nine percent of startups are home based. More women than men are likely to own home based businesses. Sixty percent of home businesses are sole ownerships. In the tax year 2014, home office expenses totaled $9.5 billion. It’s a good idea to have all that covered by standard business property insurance Peoria AZ.
What Is Business Property Insurance?
Business property insurance covers:
- Computers and business equipment
- Office furniture
- Documents and inventory
- Outdoor signs and fencing
- Property of other people
Business property insurance covers your building or home in case of fire, storms, theft, vandalism, burst water pipes, or explosions. Natural disasters like flooding or earthquakes aren’t covered, but may be if you purchase coverage for them.
If someone comes to your home to buy a product or service, if someone impugns your professional image for negligence or failure of a product or service, if you use a vehicle for business reasons, and if someone is injured on your property, then you’ll need business or professional liability insurance.
Other Aspects Of Business Property Insurance Peoria AZ
Most home based businesses are owned and operated by one person. Sometimes, however, they employ others when their business expands. In these cases, worker compensation insurance is a good idea. Fraud and other scams or crimes would benefit from the home based business owner using commercial or business crime insurance. You can add riders to your homeowners policy or purchase separate policies for your business.
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