Operating a small business from home can free entrepreneurs from the costs of leasing space and commuting. But too many of them may shortchange themselves when it comes to buying insurance, writes The Desert Sun.
A recent survey commissioned by the Independent Insurance Agents & Brokers of America (IIABA) found that nearly 60 percent of the nation’s 11 million home-based businesses do not have insurance coverage.
Of those entrepreneurs, nearly 40 percent thought they were already protected by some other type of coverage, while almost 30 percent said their businesses are too small to insure.
Madelyn Flannagan, IIABA’s vice president of education and research, explains that home-based business owners are at risk for significant financial losses associated with theft, accidental damage, natural disasters, vehicle accidents, and liability if an employee suffers an injury while on the job or a business guest is hurt while visiting the home-based business.
Photo by wagg66.