Home Based Business Insurance FAQ

The top 4 things you need to know about insurance for your home-based business

There are a lot of different kinds of home-based businesses. Each has a unique story, a unique vision and unique needs from their insurance brokers. Whether you sell hand-made mugs to people in the Edmonton area or run a consulting firm with clients around the world, you should think about your insurance early on in the formation of your business. Before you start designing the perfect company logo, take a look at these 4 things all home-business owners should know about insurance:

1. Your insurance company is your friend
   Your insurance company representative should be one of your first calls whenever anything unexpected or important happens. Whether your business needs grow quickly or you anticipate difficulties in the near future, your insurance representative will be able to inform you of potential risks so you can make the most informed decisions possible when it counts the most.
2. Liability, liability, liability
   Insurance is all about managing risk and liability. If you run a business from your home, the kinds of liability you will incur vary depending on your business. It’s very likely, however, that either your personal or homeowner’s insurance won’t cover the risk you incur as a business owner. Specialized commercial insurance is the only way you can have peace of mind that you and your assets will be protected. 
3. Prepare ahead for foreign business
   Whether you’ve always planned to have an international clientele or demand for your products or services is taking off faster than you expected, you should have a plan in place for dealing with shipping or otherwise doing business across national borders. As you might have guessed, it can get extremely complicated so be sure to ask your insurance broker if it should be included in your commercial insurance policy.
4. Tell your broker about your business
   Some people who run very small home businesses assume that it’s not important enough to mention to their insurance broker. This is a mistake. There are a lot of ways you can be held responsible that you might not expect. You should keep your broker fully informed so he or she can offer you the best deals on commercial insurance coverage.

We at Drayden Insurance are in business for our customers and put your interests ahead of our own so you can achieve your business goals no matter what size business you have. If you’re looking for commercial insurance quotes from expert brokers in the Edmonton area, contact us today to find out how we can help you.