A common misconception people have is that homeowners insurance will cover a home-based business in Rhode Island and other States. This is not the case as business insurance RI is usually needed for adequate coverage, and there are numerous types of business insurances available based on the type of business being operated out of the home.
• General liability covers injury to a customer while on the premises of your home-based business.
• Vehicle insurance is needed if you use your vehicle extensively in your business.
• Content coverage may pay for damage or loss of the contents of your home office.
• Product liability is wise if you sell a product in case a customer is injured in some way by your product.
• Completed operations coverage may protect you when you complete a contracted job and injury or damage occurs as a result of the completed job.
• Errors and omissions or professional liability insurance is a good idea in businesses where some type of advice is given to customers, such as in accountancy and legal firms, or a service provided.
• Business interruption coverage may be worthwhile in the event that a natural disaster damages or destroys your business leaving you unable to operate for a period of time.
Home-based businesses are convenient especially for people with families, but must be adequately covered by business insurance RI to help protect the customer, the business assets, and the business owner. Certain different types of insurances can often be bundled for the best possible premium. Contact us for more information on insurance for home-based businesses.