Home-Based Business Insurance in DFW

Did you know that your homeowner’s insurance policy is unlikely to protect your home-based business? Tri-Star Insurance knows. It’s estimated that more than half of home-based business owners are underinsured and the Independent Insurance Agents of America say that nearly 40% of those they surveyed are uninsured primarily because they thought their homeowner’s policy covered their business. Insurance can be expensive, but not having insurance is an unacceptable position for your home-based business. TriStar Insurance understands how to protect your valuable business assets as well as all your insurance needs.

There are two types of insurance that your home business must have: First, liability coverage if you provide services directly to clients or your business will have visitors at your home, including delivery people;  and second, protection for your business assets.

Liability coverage protects your business if it is sued for something done (or not done) that causes injury or damage during the performance of your duties or the operation of your business. A General Liability package policy protects your business in the event that a client is injured on your premises or if you or one of your employees injures someone or damages property at another location. Liability insurance may be purchased separately or as part of a small business insurance package.

If you are providing professional services to clients as part of your home business e.g., counseling or tax work, you should continue to maintain Professional Liability Insurance in addition to your General Liability Insurance. Finally, if you have not incorporated your business as a separate entity from yourself, you may want to consider Excess Liability Insurance which has a higher payout than a General Liability Policy.

Property insurance protects the tangible assets of your business from theft or damage. Typically homeowner’s policies provide only limited coverage for business property, such as inventory, office equipment, and computers. Therefore, you will need a separate policy or an insurance rider to cover your business property.

Vehicle insurance typically covers both liability and property coverage. However, you may need to amend your current automobile insurance coverage to reflect a change in mileage and liability that results from your home-based business.

Other insurance considerations:

Workers’ Compensation insurance: If your home-based business has full time or part time helpers who are considered employees, you may need to have workers’ compensation insurance. This insurance covers medical expenses of your employees in the event of work-related accidents. Workers’ compensation coverage also provides benefits for wage loss resulting from temporary or permanent disability caused by a work related injury.

Don’t forget Health Insurance. Although there is no requirement that your home-based business offer its employees health insurance, it is a benefit that everyone appreciates.

Getting the right insurance to protect you and your home-based business is complicated and there are many choices of single and packaged insurance available. The insurance professionals at TriStar Insurance are there to help you make the right decisions to protect your home-based business. TriStar Insurance has offices in Plano, North Dallas, and Frisco, Texas – give them a call. You will breathe easier knowing that TriStar Insurance is there for you.