In your home-based business, you might be using equipment such as video cameras to use for clients. Let’s say you have a videography business which may involve $10,000 worth of equipment. If they get stolen, lost due to natural disasters or damaged on location, it will not be covered by homeowner’s insurance policy.
Protection From Lawsuit or Liability
If a UPS delivery man slips or your client gets injured, business owner’s insurance will cover the expenses in case the customer or delivery guys sues you for unsafe premises. Going back to the videography business, clients may come and go to see their videos. If something happens like they slip or trips on the wires, they can sue you as well.
For $500, you get $2 million for loss, theft, injury, or other liabilities. Adding a rider or two to your homeowner’s insurance will only provide coverage for a few thousand dollars of losses.
Land Big Clients
Another potential benefit you will get from having a business owner’s insurance is the possibility of landing big clients as well. When getting freelancing jobs with customers, some of them may require showing proof of insurance. Without it, you could miss the chance of landing lucrative jobs with clients.
Peace of Mind
Getting the business owner’s insurance will give you some peace of mind knowing that you’re protected from potential lawsuits. You will be able to sleep soundly because your assets will be covered in case something happens. Aside from that, you could look forward to more cash flow.
Do your Homework
What kind of business insurance do you need for your home-based freelancing business? There are a lot of experts that can give you helpful advice on the types of policies available and the coverage you need for your home-based business. Your choice will go down to what is your requirement and how much you can afford.
At Independent Executive Insurance Brokers, we put our clients first by offering them policies that they can afford. Having insurance is a necessity nowadays and we're here to help you out. Learn more about our products and services by calling our agency at (805) 624-4815. You can also request a free quote by CLICKING HERE.