Home Business Insurance - Are You Covered?

Do you have adequate home business insurance? Don't assume your homeowners policy covers all your home business insurance needs. Don't be caught uninsured. Here are some guidelines to help you decide if you need more coverage. And be sure to check with your insurance agent regarding your particular situation.

Do you have enough home business insurance to cover all your equipment? Think about the cost of replacing your computers, printers, fax machines, copy machines, furniture, and jewelry making tools.

Is your inventory covered? You have a big investment in your raw materials and finished inventory as well as your displays. Knowing the value of your inventory is important stuff. Many of us don't have a handle on this figure and are quite shocked when we do a physical inventory. I know it's a chore you may only do once a year but it must be done.

Have you thought about the car you're driving to the jewelry party or show? Are you covered if something happens? Do you need home business insurance to protect you from auto accidents that may occur while you're doing business related activities. Most of us use our car for personal and business activities. Ask your insurance agent to explain all your options.

Does your home business insurance cover the loss of important records and files? Does the cost of the premium justify insuring your accounts receivable? Are you covered for loss of income if your business is interrupted. An example would be if your house is damaged by fire and you have no place to work. Some policies will reimburse you for the extra expense of operating out of a temporary location.

Are you covered if customers come to your house. Heaven forbid someone should get hurt, but accidents do happen. What about when you go to a trunk show or jewelry party at someone's house. If someone trips on an electrical cord that you brought for your jewelry display are you liable? Do you need to have business home insurance liability.

As your jewelry business grows make sure you keep in contact with your insurance agent about your home business insurance. Just as you would let your insurance agent know about an addition to your house you should let them know about significant purchases of equipment or inventory for your business. You don't want to find out that your policy limits are far below the replacement value of your business assets.

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