Is Commercial Insurance in Florida Needed for Home Based Business?

If you have a home-based business in Fort Lauderdale, FL, you may want to look into an insurance policy regarding your business. Several options exist for business owners depending on the type of business that they are running from their home. Coastal Wealth Insurance LLC can help guide you to the appropriate insurance for the business that you own. 

It is not unusual for businesses to be based from home. In fact, the U.S. Small Business Administration estimates that 50% of small businesses are located from the business owner’s home. 

Things to Consider if You Operate Your Business from Home

If you provide any type of services directly to customers in your home, you may require liability coverage. Good examples of this would be tax preparations, hair services, or counseling. 

If you have over $5,000 worth of business property located in your home, you may want to consider a home-based business. 

These are just a few examples. The main point is that understanding your business liabilities is important. During hours of operation, you cannot simply depend on your homeowner’s insurance to cover business-related incidents. 

Types of Insurance to Consider for a Home Based Business

  • Workers Compensation Coverage – If you have employees, the state requires workers compensation coverage. You are responsible for the safety of your employees while on the job. This policy will limit your company’s exposure to potential financial devastation. 

  • General Liability Insurance – If you have a guest in your home during business hours, your homeowner’s policy won’t cover any injuries that may occur. This type of policy will cover visitors during business hours. 

  • Commercial Property Insurance – This will protect your business property inside of your home if you are burglarized or have damage to business property. Homeowner’s insurance will not cover these damages. 

  • Professional Liability – This type of insurance will protect you from individuals working in your industry. Known risks exist for every business, but this will ensure that errors or omissions are protected. 

Call Coastal Wealth Insurance LLC in Fort Lauderdale, FL Today

Coastal Wealth Insurance LLC in Fort Lauderdale, FL has extensive business policies for home-based businesses. It’s important to know what is the right protection for you. Give us a call  at 800.320.4180, and we will guide you through the process.