Your homeowners insurance may not sufficiently cover your home business. Some policies cover up to $2,500 for business equipment in the home, but do not cover business-related liability or other losses. If you run a business from your home, you may need property and liability insurance, as well as workers compensation coverage for the business.
You may also qualify for optional coverages that allow you to tailor your policy to fit your individual business needs.
The following are some helpful tips that will help you stay organized and keep your home and business safe:
Keeping Your Records Organized |
Keeping Your Home Business Safe |
- Seek advice from your attorney or tax accountant on records you need to retain.
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- Provide adequate space for office or other business related equipment. Be sure it’s not in an area where it is easily seen or stolen.
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- Keep copies, receipts, account statements, cash purchases and a log on business related activities for tax-purposes.
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- Consider investing in an alarm system.
- Be sure to have adequate lighting for both inside and outside your home.
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- Always keep business and personal finances in separate bank accounts.
- Keep all records in a locked, fire-proofed file cabinet.
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- Frequently check your smoke detectors.
- Have an electrician check wiring and power maximums. Office equipment may exceed regular wattage.
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A Cooper Insures Licensed Agent is eager to assist you with special insurance needs. Call us at 1-888-878-8875.
