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| Top 5 Reasons for Buying Life Insurance |
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1. Pay off Debt
2. Funeral expense
3. Replace income
4. Estate Preservation
5. Business Continuation
2. Funeral expense
3. Replace income
4. Estate Preservation
5. Business Continuation
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Affordable Business Insurance
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Insuring Your Home Business
If you have recently started your own business and work out of your home, you'll probably need to upgrade your insurance
program. At-home business owners often make the mistake of assuming that their homeowners policy covers their business
equipment. In fact, your homeowners policy may include little or no coverage for your business property and business liability
exposure. You also should consider the need for business interruption insurance, workers' compensation coverage, and
business automobile coverage. Finally, you should examine your need for life, health, and disability insurance.
Homeowners policy
Homeowners policies generally cover business property on your premises only to a certain limit, usually about $2,500.
Coverage for business property away from your premises is even more limited, with most policies having a $250 maximum.
That is the extent of insurance coverage for your business in the typical homeowners policy. You are not covered for business
liabilities, including such things as a deliveryperson or a client injuring themself while on your property.
For a higher premium, some insurance companies offer an endorsement that you can add to the standard homeowners policy.
An endorsement allows you to increase the liability limit for business property and add a small amount of general liability
coverage. The endorsement is designed for very small businesses. However, even with an endorsement, your business is left
with uncovered exposures.
Home office policy
Many insurance companies now offer the home office policy, which is a combination of a homeowners policy and a business
owners policy. This policy provides adequate business liability coverage, business interruption coverages, and increased limits
for your business property, along with the traditional coverages found in a homeowners policy.
The business property limits typically begin at $10,000. Depending on the policy, the business liability limits may range from
$300,000 to $1 million. The policy covers lost income and continuing expenses for up to one year in the event your home is
damaged and you're unable to work. The policy also covers loss of valuable papers and accounts receivable, while offering
higher limits for equipment breakdown coverage and business property used off-premises.
Business owners policy
This type of commercial policy is designed specifically for small businesses. Traditional business owners policies (BOPs) are
very comprehensive because they cover buildings, business property used on- and off-premises, and liability. Also covered
are computers and other business equipment, software, data, loss of income, continuing expenses, and professional liability
for certain occupations.
Some insurance companies have created a new kind of BOP designed specifically for the at-home business. This policy is less
expensive, and it provides broad-enough coverage for a larger business without duplicating your coverage. For example, the
new BOP would not cover your home structure, because it is already covered by your homeowners policy.
Umbrellas and professional liability
An umbrella policy provides increased liability limits beyond those in separate policies. For example, say you have a BOP with
a general liability limit of $3 million. If you think you'll need more than $3 million for your business, an umbrella policy will pick
up where the BOP leaves off. If you purchase an umbrella policy with a $5 million limit, your total limit of liability would be $8
million.
For those in occupations that are particularly vulnerable to professional liability, a separate professional liability policy, usually
called malpractice coverage or errors and omissions coverage, is a must. Examples of such professions include law, medicine,
architecture, day care, and personal beauty.
Automobile insurance
If you use your personal automobile extensively for your own business, you'll probably need to purchase a commercial
automobile insurance policy. Examples of such small businesses are painters, caterers, and contractors. If you use your
automobile as part of your business (e.g., a taxi service), you definitely need a commercial policy.
If you rent automobiles in the course of traveling for your own business, check your personal auto policy to see if it covers
nonowned autos. Your auto insurance provider can help you determine the extent of your coverage and fill in any gaps.
Workers' compensation
Even if you have only one employee, you need workers' compensation insurance. Each state has its own minimum
requirements for this type of coverage--contact your insurance agent or state insurance department for details.
Life insurance
Chances are, you already have a life insurance program in place. Though your individual life insurance needs may not change
when you start an at-home business, the amount of insurance you have may change. For example, if you lost
employer-sponsored coverage when you left your previous job, you may want to make up the difference so that you're still
adequately protected. You may also need more insurance to cover any debts or liabilities you took on to develop your
business.
Key person life insurance
Key person life insurance covers financial loss to your business due to the death of your partner or a key employee. If the
covered individual dies, your company receives a death benefit. There are several creative ways you can set up a key person
life insurance plan. Contact your financial professional to set up the best arrangement for your business.
Disability insurance
This type of insurance is very important to consider when you have your own business. Ask yourself if you have enough
resources to support your family if you became disabled and could not work. If you do have some savings, how long would they
last? Would you be depleting savings that are earmarked for your retirement or your kids' college education? Most people
need disability insurance to protect against the loss of income that can result from disability. Your ability to produce an income
is an asset that should be covered like your house and your car.
Health insurance
Health insurance for the self-employed can be expensive and difficult to find. One affordable alternative may be to join a
professional association that offers group health insurance to its members. Chances are, your profession has its own specific
association in your area or state. If not, there are associations for small-business owners in general. Finally, your local
chamber of commerce may have a health insurance program for its members.
Individual health insurance is very expensive. What's more, some states have made the laws so restrictive for individual health
insurance that many insurance companies in those states no longer offer them. However, one way to buy yourself protection
before finding a permanent health plan may be to purchase short-term health insurance, if these policies are allowed in your
state. These policies run from one to six months and are relatively inexpensive. Contact your insurance professional to find out
how you can get short-term medical coverage.
Meet with a trusted insurance advisor at The Insurance Suite
With all you have to think about in starting and running your own business, reviewing and updating your insurance program
can seem like an overwhelming task. Your first step should be to talk with an experienced and licensed insurance professional,
like those with The Insurance Suite. We can identify your needs, familiarize you with the relevant state laws, and recommend a
suitable insurance program to meet them.
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