subject: Why Commercial Business Insurance Is A Must For Any Office [print this page] If you are running a business or have just started running one, you must consider your insurance options. Without insurance disaster can strike at any time and leave you with a severely harmed business, perhaps even putting you out of business.
Business insurance must be tailored to the kind of business that you are running. Sometimes this is not properly understood. For example, let's consider a situation where you are running a home based business. Your home is you office. Many people like you imagine or assume that they don't need to purchase separate business insurance because their home owner's insurance will cover them and their business assets. This is, however, usually not true. You probably will not get enough cover from your home owner's policy.
What you would actually want to do in your situation as someone with a home-based office is to look up companies that specialise in providing insurance policies designed just for your situation. Each and every home-based office is different, of course. So no two insurance policies to cover those who work from home will be exactly alike.
You might need any number of personal computers covered. You might need a fax machine covered. You might need particular furnishings covered. You might need special tools of your trade like electrician's tools or plumber's tools covered. You might need additional insurance cover on a vehicle. And what if you get visited by a client, or go to visit one in their home? It would be wise to have liability insurance cover to protect you in those situations.
So, don't make the assumption that you are automatically covered, or covered adequately, under a home owner's policy just because you work from your home. There are companies that provide the additional insurance that you will still need, and they understand how to put together a policy that covers your home-based business and not merely some generic business.
On a related matter, some people believe that if they run an office, in or outside the home, that since they are not handling heavy machinery and have a 'desk job' they don't really need to worry about office insurance. Once again, this is folly. Imagine if you had your computers stolen. Imagine if fire or flood cost you your records and then an employee tried to sue you for back due wages that they did not deserve.
There is a great deal of thought that needs to be placed upon what type of insurance cover you need for your business. It is the wrong mentality to say to yourself 'well I'm not this or that and so I don't need that much insurance'.
Of course, you do want to find the most competitive insurance premiums for covering your business. But having said that, insurance is not the area where you want to try to shave costs. Your foremost thought needs to be that you have to have quality business insurance that covers you fully, as such you should be willing to pay for that peace of mind.
by: Tom Jones
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