These are just a few of the questions you should discuss with your insurance producer or company representative. Coverage for business-related property losses or liability exposure is typically excluded from a traditional homeowners policy. You may need to purchase a business-related endorsement or a separate in-home business policy or business owner’s policy in order to be fully protected.
Tips and Considerations for Reducing Business Risk
As a small business owner, you can take steps to minimize risk in the workplace, thereby helping to lower your insurance premiums. Here are some tips that could benefit your business, employees, customers and clients:
Tips and Considerations for Lowering Property and Liability Insurance Costs
Have a Conversation
Contact your insurance agent or company representative, ask questions, and check your coverage to see if there are gaps. A failure to disclose to your insurance company that you are running a business out of your home may result in there being no coverage for a business-related claim, or a your policy may be non-renewed. Determine whether professional liability or errors & omissions (E&O) insurance is either required or recommended in your particular line of business. Don't let the fruits of your hard work be lost to an accident or oversight. Have a conversation and make sure you are properly insured.
For more information, check out Insure U's Home-Based Business page, Insure U's Job Change resources, or contact the Maryland Insurance Administration.
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