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Insuring a Home-Based Business Taking Inventory One of the first steps you need to take is to take inventory of your belongings. Keeping receipts from major purchases will help you to verify exactly how much your business is worth. You will want to make a comprehensive inventory of all of your supplies that includes the make and model, the price, where it was purchased, and any other relevant materials, such as receipts or appraisals. What Type of Coverage Do I Need? With so many different types of coverages available, you may find it difficult to determine exactly what types of coverages you will need for your business. Of course we all know that personal business property should be covered, but depending on the type of business you are running, you may also need liability insurance, business income, building insurance, boiler and machinery insurance, insurance covering human failure, employee protection and management coverage, as well as several others. Additionally, you will be needing to purchase health insurance, auto insurance, and worker’s compensation for you and your employees. In order to determine what types of coverages you need for your business, you should consult with an insurance agent or broker who is familiar with companies in your position. Finding Quality Coverage When searching for insurance for your home-based business, you will want to begin your search with a local business or trade association. Most of the time these associations can get lower prices due to the amount of business they bring to the insurance company. In addition, they have negotiated prices for companies just like yours, so you will be able to get the best coverage for the lowest price; this will also help to reduce the stress of determining exactly what needs to be covered as most of the work is already completed for you. info@businessinsurancefinders.com |