Is New York homeowners insurance still sufficient for a growing home business?
Have you been relying on your New York homeowners insurance protection for your home-based small business? The insurance needs of a business change rapidly as it expands, and while homeowners’ insurance may have been sufficient in the early days of your business there may now be a risk of being uninsured or under-insured.
Standard homeowners’ insurance policies offer a limited level of coverage for business equipment and liability. You may have a number of options if you wish to ensure your growing business is protected from the costs of accidents and mishaps that could erode profits and restrict business cash flow.
You could increase liability and property coverage of your homeowner’s insurance policy by adding an incidental business endorsement to the policy. Other options include a business owner’s or an in-home business policy; these products have been designed to protect a small business from a range of common risks faced by enterprises.
While property and general liability coverage are optional for business owners, there are some mandatory insurance requirements that may affect your home-based business; you may need to purchase auto insurance if there is a company vehicle or workers’ compensation insurance if you hire an employee.
Insurance is a complex area and you may be uncertain whether to adjust coverage on your New York homeowners insurance policy or purchase a business insurance product. Many busy entrepreneurs prefer to outsource the task of managing business insurance needs to insurance experts who understand the market. Talk to us: we know about running a small business in New York, and will be happy to help you to find the insurance solution that best suits your needs.
*
