Home Based Businesses

pexels-photo-276549-home business

Own a Home-Based Business? Think ‘Presidentially’ When Considering Risks
No, we are not implying you fancy yourself the next Washington or Lincoln. But are you the proud owner or founder of one of the estimated 59% of established businesses in the United States that operate from a home? Then, even if your face doesn’t appear on Mount Rushmore, for your business you are still the top dog, head cheese, or grand high poobah. So welcome to your month, Ms. or Mr. President!

But just as you realize that there are similarities to all businesses, wherever located, you also know there are often concerns, considerations and risks unique to a home-based environment. And as your Trusted Choice® independent insurance agents, we want to remind you that designing proper protection encompassing both those common and unique risks requires ongoing communication and review of your current insurance and risk management programs.

Yet studies show that of the 11 million-plus home-based businesses, nearly 60% do not have insurance specifically recognizing and providing coverage for these unique risks. When asked about the reasons for this lack of additional insurance, business owners responded:

• They thought they were already properly covered by their personal insurance: 40%.
• They thought their business was too small to insure: 30%.
• They could give no specific reason: 20%.

The first assumption is demonstrably false. Standard homeowners policies are designed for personal exposures, not business. While there may be small areas or limits of coverage available for certain types of home-based businesses, the vast majority will find coverage severely limited or specifically excluded for business losses related to such common risks as theft, vehicle usage, employee injuries, or life/health/disability. The largest potential gap in proper coverage arises from the lack of liability protection for claims arising out of business activities, whether the claim occurs in the home or elsewhere.

The second assumption above is also wrong, and the third response, at a minimum, shows a dangerous lack of knowledge.

Starting a home-based business may be the first step on your road to successful
entrepreneurship. Whether your business ultimately remains in your home or grows into the need for outside facilities or a relocation, as your Trusted Choice® independent agents, we stand ready to be your ongoing valued partner. Schedule a time today to review your current or future business plans, and let us help you establish a comprehensive insurance and risk management program to protect what we both hope will be your most valuable growing asset.

You’re Not Home Alone in Business

The stereotype of a home-based business being about networking, consulting or holding sales parties has long been out-of-date. Today, the term can encompass everything from a one-person operation turning a hobby into an income to a major enterprise with dozens of employees. Here are a few facts from recent studies:

• Most home-based businesses — 67% — fall outside the traditional categories such as
freelancing, independent contracting, consulting and virtual assistance.
• Of all new businesses, 69% are started in a home.
• Three and a half years later, 59% of those new businesses are still operating from a
home.
• Home-based businesses that have employees: 75%.
• Women-owned businesses: 72% operate from home.
• Founders come from all age groups. Those planning to start a business include:
▪ 30.5% of young entrepreneurs.
▪ 25% of retirees.

Give one of our agents at West Town Insurance Agency a call at 252-368-4017 to see if you and your home based business are properly insured.

Sources:
Trusted Choice®
http://smallbiztrends.com/2013/07/home-based-businesses-startup.html
http://www.independentagent.com/News/PressReleases/Pages/2004/NA20040225120203.aspx

Advertisements

Is your business protected?

business insurance

You have decided to make your dreams come alive by opening or expanding your small business. It’s an exciting time, but you should also be thinking about the disasters that can affect you as a business owner.

Each business faces unique risks. Working with a Trusted Choice® independent insurance agent like West Town Insurance Agency can provide your business with not only the protection it needs, but also the level of confidence every business owner should have in a worst-case scenario. Here are some of the most common issues business owners face when it comes to protecting their businesses.

Property Damage

You have found the ideal location for your new business. Now what? Talk to your insurance agent about your intentions before investing, and ask an inspector to examine electrical, structural and exterior elements of your new building. Beyond this, your insurance policy will reflect protections against damage from fire, storms and other accidents. If you are concerned about any other additional liabilities, don’t be shy—speak up and talk to your agent about your concerns.

Liability

If you sell products or offer professional services, you may be aware of product or malpractice liability when it comes to insurance. While most business owners would not purposely sabotage their business or reputation, mistakes happen—and it’s always better to be safe than sorry. Most small business owners have to rely on other people in order for their businesses to fully operate, and your Trusted Choice independent agent can help to protect you from third-party fault as well.

Fraud and Cyber Crime

It is more common now than ever to do business over the Internet. Email, e-commerce and electronic databases are integral pieces of most business practices. That’s why it’s important to evaluate your business risk factors and make sure you have adequate coverage should anything happen. You may be careful and trustworthy with your customer’s personal information, but in some cases, employees, contractors and your customers themselves may not be as cautious.

Sharing is Caring

Your Trusted Choice agent will ask you questions like “How do you serve your customers?” and “Tell me about the security of your data and intellectual property.” Don’t be alarmed—it’s an insurance agent’s job to get into your “business.” In order to offer you the best insurance policy, your agent needs to know the inner workings of your work. When evaluating your insurance needs, you may forget to think about certain exposures—or you might not even know they exist to begin with! Or maybe you assume certain liabilities are covered under a standard policy—your agent can confirm whether or not that’s true. To end up with the best policy possible, invite your agent to your business location or to come see you in action. Let your agent take care of the heavy insurance lifting so you can focus on serving your own customers.

Contact one of our experienced agents at West Town Insurance Agency at 252-368-4017 to start the process of finding comprehensive coverage for your business.

sky dive

SOURCE:

https://www.trustedchoice.com/business-insurance/

www.smallbusiness.foxbusiness.com