Home based small businesses are probably one of the fastest growing business segments thanks in large part to the Internet and a host of other economic conditions that make them more favorable. Is small home based business insurance really needed to protect yourself , your property and your assets?
I’ve always worked with the philosophy that there is a time for everything. I think too many first time entrepreneurs get bogged down in details and many times end up getting a lot of “requirements” in place before they even know if there small business is even worth insuring. Let’s face it, most small businesses don’t even get off the ground and one of the main reasons is the expense burden that many first time entrepreneurs try to bear right of the bat.
Advice on Small Home Based Business Insurance
Here is what I’ve learned by starting and running several businesses both online and off:
Let your business prove itself. Work with your business and how it functions, what it offers, and take care of your clients. If the business shows promise then look at insuring your small business. Many home based business ideas will be covered under existing policies and insurance requirements my be non-existant for some small home businesses.
Talk to your insurance agent about the business your starting. Let them know your concerned with making it a success and ask them if insurance is really needed especially during the first 6 months to 1 year. Ask your agent if you can expand and existing policy to cover any liabilities that you new business may expose you too.