So you’ve put in the hard work and built your side hustle from the ground up. From food delivery, to homemade goods and more, you’ve put in the extra hours to turn your idea into a profitable business. Now what? It could be time to protect yourself and your hard work with the right insurance.
What are the Most Useful Functions of Home-Based Business Insurance?
Since your side hustle is still technically a business, you could face the same type of risks that larger businesses do. A well-selected and ideal home-based business insurance policy can prevent you from incurring a significant financial loss. These issues are not always covered with homeowner’s insurance, particularly if your primary business functions from a structure on your property that is separate from your residence. Many Homeowners insurance policies can offer the valuable addition of home-based business insurance as a rider to assure that you are fully protected.
One fact that is very crucial to your business is that a serious liability lawsuit can easily reach up to $50,000 or even $60,000. You’ll pay a set amount for your coverage as a monthly premium, and in return, you will enjoy the benefit of not paying a much larger sum after the error or accident occurs. To obtain this type of coverage, you just must answer a few inquiries about your industry, where you do business, the number of employees you have, and any recent claims history.
What Types of Elements are Covered With Homeowners Insurance?
Here are the different options for home-based insurance coverage that will give you varying levels of protection for your well-devised side hustle:
Business Property Insurance:
This type of coverage protects your very valuable equipment in case of catastrophic theft or damage to your valuable personal property. This is a great idea for someone who is running a business such as a t-shirt printing endeavor or food truck that would be very costly to have to replace in a hurry.
Liability coverage is a very important aspect of insurance that will protect your entire business if anyone has the misfortune of sustaining an injury on your property. This situation becomes critical IF the occurrence is related to the type of business you are running. One business example that would be a prime candidate to benefit from this type of coverage is a hairdresser, who has multiple parties of traffic coming in and out of the house, potentially raising what would be an otherwise mild risk.
Product Liability Coverage:
This type of policy is ideal for side hustle businesses that thrive by providing physical products. Whether you sell bicycles, skateboards, hunting knives, or even leaf blowers, it provides coverage for anything that may occur to your customer. Sometimes the lists are not all-inclusive, so it’s very important to review your plan in detail with us. We’ll review your policy and see if your product is covered.
It is always better to be covered than to wish you had coverage if an accident or error occurs with your side hustle. Here at the Alexander Insurance Agency, we have years of experience with small businesses, the types of claims you’ll encounter, and are happy to help you protect your most valuable assets and endeavors! Let our experts help you get the peace-of-mind you deserve with your business.