Home Based Businesses and Insurance

On Google, someone asked in one of the groups if he needed insurance for his home-based computer consulting business. His thought was that he would not have clients come to him, but rather he would go to them. Therefore, he thought insurance was not necessary.

A computer consultant definitely needs insurance. Here are a couple of examples where insurance would be helpful:

• You go to a customer's house to fix their computer and you drop their LCD monitor. Of course, you drop it on their wood floor and the floor is damaged as well. If you have a commercial general liability insurance policy, they will pay for all of the damage.
• You go to a customer's house to fix their computer and you erase all of the data. There is no back up. And the data is not just pictures of the kids, but the homeowners own home based business data. Now they have to pay someone to recreate the data. Again, insurance would cover this.

Okay, so you do not have a home based computer consulting business. Would insurance still benefit you? Yes.

• You own a home based business selling items on Ebay. You sell "It" (which is what it looks like Ebay wants to sell these days, based on their ad). "It" arrives at the customers house and "it" is broken. The customer opens the package and cuts a finger - badly. An insurance policy would cover you if you are asked to pay the medical bills or sued.
• You own a home based marketing business. A CPA hires you to do a mailing. You make a mistake on the mailing and the CPA is sued for violating his ethical obligations. The CPA turns around and sues you. Your insurance policy would defend you.

My point: An insurance policy is necessary for most small businesses. You should consider getting one - especially for the low cost.

Comments

[William]

Insurance is a good thing but sometimes it could be too expensive. Better work at home.Make money online

[Tim Tyler]

Hi,

Thanks for your information about insurance for home-based businesses. I'm going to share your info with a group of people I just hooked up with at www.GetVendors.com.

I know they'll appreciate, too. Thanks again!

Regards,

Tim Tyler

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[Alijor]

I'm not sure. I agree with the concept, but what if this is a guy who is simply fixing computers in his own house? People bring the computer over themselves, sign a liability waiver stating they are not responsible if he, say, erases the data, and he can't break anything (because he's in his house). Wouldn't that work?

Cheers,
Alijor
alijor.blogspot.com

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[Computer Consulting Kit]

Insurance is definitely really important for those starting small businesses – whether working from home or in small offices. I advise computer consultants with whom I work to get insurance because it protects both them and their clients if anything goes wrong. Particularly when you’re taking full responsibility – in the case of small business computer consulting – for clients’ expensive and important IT assets, you want to make sure you are protecting everyone involved from potentially expensive legal hassles. Also important is enlisting the help of an attorney to give you advice on exactly what you need.

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[Bob Sherman EDC Diamond Guru]

One thning you should check is your home owner's insurance policy. There are probably some extensions (riders) that can be added to cover home based business equipment.

If this does not work for you, you should consider a business owners policy.

Also, ask your insurance agent about unbrella liability that could extend your coverage for an additional small fee.

[Steve to buy car insurance online]

That was truly a great example of how a home based business needs insurance. Dropping on the wood floor was a good add. There are all kinds of problems that you could run into. Better safe than sorry.

[Fred]

Great post. I think every small business needs some sort of insurance.

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[Vlad - Small Business and Web Design]

Generally, what frightens me in small business insurance is that it IS expensive.

Problem is to get to the point where you with your profits can afford all the necessary insurance you must have in the first place.

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[Kayecee]

Oh, good points! I never thought about some of the pitfalls I could face with my own online business. Thanks for the info.

[thatsme]

I'm new to this "work from home" business and still learning everyday. Thanks for the info.

[Nathen B.]

Business insurance is a must if you look like someone who could be sued sucessfully, or if you are in a position to cause harm. If you have a real brick and mortar business, you need business insurance. If you sell rubber bands over the internet, probably not so much.

[Medical-Website-Guy]

I am so afraid of getting sued for something dumb like on of my clients tripping over my invoice. I currently don't have business insurance, but I think I am going to get it after reading this post.

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