Starting a new home business involves many tasks, including securing insurance. Depending on your business’s risk exposure and your homeowner’s policy, you might need commercial insurance.
Assessing Your Business’s Risks
Many home businesses have limited risk exposure, but that doesn’t mean they have no risks. Almost any business can be sued for slander or libel, and customer injuries should be considered if customers visit your home (e.g., a home hairdresser). If you sell products, inventory can be damaged, and products can cause injuries. These are instances where your business could be sued or need to replace goods. Insurance may help mitigate these risks.
Home Insurance or Commercial Insurance
Sometimes, you might already have adequate coverage through a home insurance policy. Some homeowner’s policies include primary liability and property coverages for businesses, either as a standard or optional feature.
If your home insurance doesn’t provide coverage that adequately protects your business, you likely should get some commercial insurance. Some of the coverages that we at Allsurance Group often recommend are:
- General Liability Insurance
- Cyber Liability Insurance
- Product Liability Insurance (if selling goods)
- Commercial Contents Insurance (if significant inventory)
The good news is that these are usually quite affordable. Many home business owners in Spartanburg, SC bundle coverages to save, and we at Allsurance Group can help you compare quotes from several companies.
Insure Your South Carolina Home Business
If you don’t have commercial insurance for your home business, contact us to evaluate your coverage needs. Our knowledgeable agents can help you assess whether your Spartanburg, SC home business should have commercial insurance. We can also help you find coverage if the business needs a policy.