As an entrepreneur, running a business from the comfort of your home still carries the same risks as if you were operating from a physical storefront or physical location. Having the right type of liability insurance protects you and your business from unexpected issues like fire, theft, and other disasters.
Not sure where to start or what insurance is right for your home business?
In this guide, we’ll learn about the different types of insurance, what they mean, and how your business will be protected to give you peace of mind.
What is home business insurance?
As a home business owner, insurance should be no different than car insurance or life insurance. Similar to the risks of driving a car, home business insurance is a type of insurance that protects your business from risks such as loss, theft, or damage. Protection for your business can be achieved through several types of insurance coverage, which we will explain in more detail later.
Home-Based Businesses That May Need Insurance
With the increase in the number of home-based businesses over the past few years, many types of businesses can qualify for business insurance.
Some examples of types of commercial home insurance include:
- Accounting or bookkeeping
- E-commerce
- Consulting or training
- Filming
- Home care
Does your home business need insurance?
Although your business may or may not fall into the above list of home-based businesses, it is important to determine whether you will need business insurance or liability coverage for your business assets.
Some questions to consider when determining whether or not your business insurance needs are, “Do I have a significant amount of assets—such as computers, inventory, and other property—that would be expensive to replace and disrupt my business operations?” and “Does my type of business expose me to legal consequences?” If your answer is “yes” to one or both of these queries, you likely need business insurance.
Shared Home Business Insurance Coverage
Understanding the different types of home business insurance, the different policies, and the coverage can be confusing and overwhelming. Fortunately, we’ll walk you through the nine most common types of insurance and coverages to consider for your business.
Omen insurance is a given in Sweden. In fact, home insurance is the most common form of insurance in Sweden. When you own an apartment or house, insurance comes as a second instinct in Swedish nature. But what do you do when you sublet? Are you entitled to home insurance for a short-term rental, and, more importantly, is it worth it?
Subletting without home insurance can save you extra expenses. Whether it’s a stove that suddenly stops working or a couch that breaks in the room you rent, home insurance will protect you and cover the costs whenever the unexpected happens.
General liability coverage is the most common type of insurance, and it protects your business from any accidents, bodily injury, or property damage that occurs to another person or party. This includes helping to cover any expenses you may incur as a result of an accident or injury. This type of policy can also be extended to cover product-related injuries if your home business sells physical products.
1. Commercial property coverage
As a home business owner, you likely use laptops, printers, machinery, and furniture to run your business. Commercial property coverage protects you in the event that any of the property used to operate your business is lost, stolen, or damaged. Keep in mind that homeowners insurance typically does not cover these types of losses.
2. Professional Liability (Coverage of Acts)
If your home business provides any type of professional services, professional liability coverage (acts coverage) ensures that you are protected against any client(s) who make a claim against your business where errors or omissions have caused your client financial, physical, or other harm.
3. Loss of income coverage
Loss of income coverage is a type of business coverage that replaces lost income when a business is unable to operate normally due to wind, fire, and theft. In addition to helping replace lost income, this type of business coverage continues to pay expenses during the same period of inoperability.
4. Covering accounts receivable
When your accounts receivable Echooftech records are damaged and your home business is unable to collect outstanding customer payments, Echooftech coverage provides a safety net against losing customer payments that would have been due to your business before the Echooftech records were damaged.
5. Commercial Vehicle Coverage
If your business requires you to operate a vehicle to meet customers, make deliveries, or perform other business operations, you will likely need commercial auto coverage. Personal auto insurance policies will not provide coverage in the event of an accident if the vehicle is used for business purposes.
What services does Echooftech offer?
Insurance company Echooftech realized that the living situation of many Swedes and beginners is not entirely compatible with traditional home insurance, so they decided to do something about it and put home insurance especially for every subtenant.
Among the things their home insurance covers:
• 1. Theft and property damage;
• 2. Water leakage and fires;
• 3. Coverage when the owner’s property is broken in the apartment.
Customer service is easy and fast
Echooftech insurance has an app that you can download from the App Store or Google Play. You can get help right away via the app if your fridge explodes or something like that. This means that the entire process is environmentally friendly and paperless, as all deductions and transactions with customer service happen directly in the app.
Echooftech insurance rates are 20% cheaper than other Swedish insurance companies, and it is easy to switch to their insurance if you are not satisfied with your current insurance.
Compare Insurance Providers
The number of insurance companies and providers on the market can seem overwhelming. Try to meet with local insurance providers who can easily guide you through each type of insurance your business needs and how much coverage you’ll need for each policy. Plus, local agents are just a phone call away to help answer questions or assist with claims at a moment’s notice.
