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Working from Home? Expand Insurance as Your Business Grows

As more and more people start their own businesses, many of them start small and run the business from home.

In the beginning, it might just be a side hustle to earn a little bit extra on top of their day job salary, but as it grows, your homeowner’s or renter’s insurance may not cover damage to your business assets. Some 40% of small businesses lack adequate business insurance, according to the Insurance Information Institute.

If you are running a small business or working freelance from home, and if the loss of machinery, tools, data or IT equipment would seriously impair your ability to make money, you want to make sure you have the right coverage.

To safeguard your data, equipment and operations, you may want to follow these tips:

Check your insurance

If you are running a home based business or need more protection for business property that is in your home, you may want to consider purchasing additional coverage.

Depending on your needs, you may have a few different options for protecting your business property.

Rider to a homeowner’s or renter’s policy
The most inexpensive home-based business insurance is an add-on or rider that expands a homeowner’s or renter’s policy to cover the company.

The cost of such a rider is minimal – often a few hundred dollars per year – but it generally provides about $2,500 of additional coverage. This type of insurance may be appropriate for a one-person business without a lot of valuable equipment or many business-related visitors, and unlikely to suffer a major loss if unable to operate for a while as a result of fire or other disaster.

In-home business policy
An in-home policy covers a broader spectrum of contingencies, including loss of critical documents or theft of funds being taken to the bank for deposit. Such a business policy, issued by a home insurer or a specialty firm, usually is a plan against injury or theft covering as many as three employees.

You may be able to buy additional coverage to increase the protection your homeowner’s insurance policy provides for business supplies. Some insurers may allow you to increase the limit up to $10,000. Adding this coverage may help cover inventory, such as cosmetics or kitchen supplies, temporarily stored in your home as you’re preparing to sell it or deliver it to customers.

Business owner’s policy

Business owners who need more than $10,000 of coverage should pay for a business owner’s policy. This comprehensive policy is the most common type for small business and covers:

  • Damage to or loss of business equipment and other assets

  • Liability for customer injuries

  • Loss of critical records

  • Malpractice or professional liability claims, and

  • Loss of income or a business interruption in the case of a power outage or a natural disaster.

Other coverages

Depending on your business, you may need additional coverage. If you have employees, you’ll need to secure a workers’ compensation policy.

If you provide professional services, like graphic design, legal services, architecture, etc., you’ll also likely need a professional liability policy.

BGES Group, located in Larchmont, N.Y. are New York Construction Insurance Specialists (we cover the tri-state area) that represent 50+ companies and all the BEST general & umbrella liability programs!  We offer every coverage you need including property, builders risk, inland marine, general liability, umbrella liability, auto, bid & performance bonds, workers’ compensation, N.Y.S. disability and group health.  We are extremely responsive, responsible, trustworthy, fast, minimize your insurance headaches, we don’t charge ridiculous policy or service fees and when you call, text or email, whatever time of day, even weekends, we are there and will help you!

BGES Group are Workers’ Compensation Insurance Specialists for Tri-State Business Owners: Unhappy with your rates, company, being cancelled, losses causing difficulty getting coverage, in the middle of an audit dispute, payrolls misclassified, whatever your issue, we can help!  We have special programs for: Auto Service, Contractors, Limousine Services, Logistic Companies, Manufacturers, Recyclers, Truckers, we can help ANY tri-state business owner.  We are considered “Preferred Agents” for this one program that if we can get you in, their pricing is excellent, offers long-term coverage stability and can cover multi-state operations. Program takes the hassle out of doing annual audits too.

BGES Group offers all personal insurance coverages including home, auto, boat, jewelry, fine arts, life, disability, health and long-term care.  When was the last time you got a complete check up for all your coverage needs?   We are extremely caring and would love the chance to help you with your personal insurance needs.

BGES Group is an insurance agency whose owner is very responsible, responsive, offers boutique, very personal service and is ALWAYS there when you need him most!

Go read our “Google Reviews” and see what people have to say about us!  That can give you the comfort level needed to contact us.

If you would like to speak with us call Gary Wallach at 914-806-5853 or click here to email or click here to visit our website.

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