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At-home business owners: Got insurance?

Unless you have tremendous financial backing, building a Nevada business can be an exercise in frugality. Entrepreneurs behind start-up companies want to spend money on things that create secure business foundations. The list of necessary items grows longer by the day.

A company's legal structure is mapped out during the business formation and planning stage. It is far from the last important decision an entrepreneur will make. When so many business priorities must be identified and addressed, it can be easy to overlook the protection of your interests.

Many successful businesses start small. Sometimes, a little extra space in your home provides just enough room to hatch a great idea and watch it grow. Home-grown businesses can be nurtured without the commute and added expenses associated with a company in a separate location. But, the line between personal and professional possessions can blur.

Businesses purchase insurance in case of theft, property damage, worker injuries, work-related car accidents and liability claims. That's something you may not think about when your company is based in your home. Some business owners assume house insurance policies include home business coverage -- many do not.

Some policies contain provisions specifically excluding home businesses. Even policies that include business coverage typically don't contain full replacement guarantees. For that, you may require riders or a separate policy.

Think about the costs involved in starting over in case furniture, equipment, company records and stored products are stolen or destroyed. You know very well how much it cost to put together the first time. Keep in mind a one-person operation certainly wouldn't require the coverage needed for a larger business, particularly one with several employees and work vehicles.

How much insurance you need can be discussed with a business attorney and explored further with an insurance provider. It's advisable to compare the costs of policy riders to a separate policy and decide upon an affordable deductible.

Source: FindLaw, "Do You Need Home Business Insurance?," accessed July 17, 2015

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