Is your home based business starting to outgrow the space you allocated to it? Has it progressed further that you had expected or even hoped? More important, are you starting to see your effort rewarded by a steady and secure income? If your home business starting to take off, congratulations! Now is a good time to consider whether your business needs the protection offered by a business owners’ policy or other business insurance product rather than relying on your Massachusetts home insurance coverage.
An expansion in your business operations means that you may be underinsured or even uninsured for some business risks. Ask yourself:
What additional professional or business equipment such as computers, cameras or other devices have I acquired, and what is their value?
Do I have plans to hire staff, or have I already recruited staff? How many employees are planned? Do I need workers’ compensation insurance?
Is there a risk of a client being injured while visiting my home office? Do other people such as couriers visit my home office on business?
It’s over-optimistic to assume that Massachusetts homeowners insurance will provide adequate protection for your booming business. Call your agent or insurer and ask about the types of cover you may need.