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Insurance for your Home Based Business

Make sure your homeowners insurance policy allows for a home based business.

There are some policies that void your coverage if your home is used for a business. You will need to check with your homeowner’s insurance agent to see what your policy requires and to see what you need to obtain insurance for your business. You home office equipment needs to be insured in case of a fire, flood or theft so that you will not want to have to pay to replace these in case expensive items.

Do you need E&O Insurance?

Errors and Omissions Insurance is a professional liability coverage that protects you from claims if your client holds you responsible for errors, or the failure of your work to perform as promised in your contract.

This coverage will pay for your legal defense costs (including court costs), and any judgments against you depending upon the coverage limits of your policy.

This coverage is new to many virtual assistants. I was not aware of this coverage when I started my business. You will have to decide for yourself and may want to consult with your insurance agent and/or lawyer to determine if this coverage is necessary for you.

Many insurance agents are not aware or very knowledgeable about the virtual assistant industry yet, and you may find yourself doing a lot of explaining as to the nature of your work. You may also be offered expensive insurance that is more than you need.

Virtual Assistants who work in industries where legal actions are more common; real estate, medical, legal and financial industries, are often interested in this form of insurance.

If you decide you need this coverage, shop around for the best deal possible. You may want to start with the insurance agent who provided your home office insurance and see if they have an affordable option for you.

No one wants to add another business expense; however, society has become quite litigious. If you feel your business needs this protection, it may be worth your peace of mind to pay for this additional coverage.

Learn More…

Health Insurance for the Self-Employed

Legal Issues when Starting a Home Based Business

Legal Contracts for the Virtual Assistant

Your Disaster Recovery Plan


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