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Home Based Businesses Face Hibernation without Business Insurance


Many U.S. Home Based Businesses will Fold Due to Inadequate Business Insurance


September 11, 2009 — In today’s economic meltdown, not many U.S. home-based businesses would be able to continue if they suffered the effects of an accident, theft, or fire on the premises without business insurance. Yet many home-based businesses are not covered against these detrimental problems. Many believe that since they work out of their homes that they basic homeowners insurance will cover the costs if such were to occur. This is not the case. Many other business owners believe that due to them working out of their homes that the risk for something to happen is decreased. This does not mean that business insurance should be forgotten. It is very important to every home based business.


Making sure you have the protection needed to keep your business running smoothly is vital to the health of it. Most items you use within your home based business will not be covered by your homeowners policy. You must have business liability insurance in order for these items to be covered. This can include your computers and other important communication devices that are vital to the running of your business.


Without business liability insurance coverage, your business may have to hibernate until you are able to cover the costs to get your business up and running. If this happens, chances are, your business will fold in today’s economy. In order to stay in business your company must be up and running constantly and you must put in 125% effort. Without having this protection, your business could be in dire financial problems.


Another problem is that many home based businesses have taken out insurance to cover their home based business but have not taken out enough coverage to protect them fully were to something happen. This can be just as bad as not having insurance at all. This can cause you to still have to hibernate due to not being able to come up with the capital needed to keep your business running.


It is always recommended that you deal with an insurance broker when you have a home based business. They can help to assess your insurance needs and get you the coverage that you require to protect you and your assets from financial ruin. They will make sure that every risk that is possible within your business’s field will be covered. This can go a long way in helping your business to succeed and grow.



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