Forward Bank

After the last couple of years, working from home has become a way of life for many more businesses, but are your work items covered by your insurance policy? Many home-based businesses assume their insurance will pay out if they were to suffer a loss, but this is not necessarily the case.

Here's some information to help you decide if you need small business insurance.

• Remote Worker: If you are contracted as a remote worker, you may be covered by your company's insurance, even from a home office. This is not always true if you are not a full-time employee or you're a freelancer. Business equipment damage, compensation if injured in your home and even auto coverage may be covered by your employer.
• Visiting Clients: If your clientele regularly visits your home, you will probably not be covered by homeowners insurance if they were to injure themselves. We recommend looking into a business policy if this sounds like something that could happen to you.
• Equipment: While some homeowners policies cover personal technology such as laptops, there are generally restrictions limited by value or use. If you use your kitchen for a catering purpose or cut hair in your living room, you may need separate business insurance.
• Cybersecurity: If you have access to your company's sensitive data or even clients' private data, you may be open to liability if you experience a breach. Again, you may be covered by your company's insurance. Otherwise, you'll need small business insurance.
• Liability: If you run a small business that offers advice to your clients, you'll most likely need business liability insurance. That way, if you offer guidance that turns sour, you'll be covered against loss of reputation and/or money.

If you're a small business, get in touch with the agents at Forward Insurance. We can help you find the perfect policy.