Do you need commercial insurance for a home-based business?

If you have a home-based business in Okeechobee, FL, you can roll out of bed, get dressed, and head across the hall to your home office. It’s a life many people dream of but are you covered against legal suits and negligence? Your homeowner’s insurance won’t cover this, but commercial liability insurance will. Contact Pritchards and Associates, Inc. to find out how to protect your home and business against business-related liabilities.

Commercial Liability for Your Home-Based Business

Your homeowner’s insurance only protects you from damage covered in the policy. For business purposes, you need additional coverage against vandalism, fraud, liability claims, theft, and employee injuries. Commercial liability basic coverage pays for:

  • Property and liability claims
  • Workers’ compensation claims
  • Business auto claims
  • Crime

The Advantage of Home Business Commercial Insurance

If a disgruntled client or injured employee tries to sue your business, you are at serious risk if you lose. In order to protect your home, your most valuable assets, and other wealth, you need adequate business liability insurance. Get business liability insurance to pay for injuries and property damages due to business-related activity. This insurance acts as a financial buffer to replace lost property or loss of income.

How To Qualify for Commercial Insurance

Here are some considerations insurers take into account:

  • Business and building’s primary use
  • Are you the owner/operator
  • Number of employees
  • Do you offer home care service

Displaying signage changes the nature of the building, even if it’s also your residence.

Call Pritchards and Associates, Inc. today in Okeechobee, FL to answer these questions and to make an appointment for a free quote to get your business covered.

 

When Should I Update My Homeowners Insurance?

You need sufficient homeowners insurance to protect your Okeechobee, FL home from risks such as theft, vandalism, and liability claims. To understand the amount and type of homeowners insurance coverage you need, contact Pritchards and Associates, Inc. Keep your homeowner’s insurance updated to make sure that you have all the coverage you need at all times.

When to Update Your Homeowners Insurance

In Case of Lifestyle Changes

If you adopt a new lifestyle, hobby, or activity, you should update your homeowner’s insurance. A new lifestyle could mean a change in the risks your home is exposed to. If, for example, you retire, you may get a discount on your home insurance. Insurance providers assume that retired people have more time to perform maintenance on their homes. Buying a dog may cause your premium rates to increase.

If Your Current Policy Isn’t Enough

If you feel that your current insurance policy does not offer you adequate protection against liability claims or other risks, you may need to update it. Get a policy that offers you all the coverage you need. You may get additional coverage such as umbrella insurance for extra protection.

If You Have Made Improvements

Any improvements to your home increase its value. If, for example, you add a swimming pool, the value of your home will become higher than it was. It also increases your liability risks because other people could drown in your pool. In such cases, you will pay higher premium rates. Adding an alarm system may lower your premium rates because it reduces the risk of thieves stealing from your home. Contact your insurance provider every time you make improvements to your home and update your homeowner’s insurance.

Contact Pritchards and Associates, Inc. in Okeechobee, FL to get a home insurance quote or try our online rating tool. We can also answer any questions you may have about a home insurance policy.