While some home businesses don’t need commercial insurance, others have extensive needs that require separate coverage. Home businesses that rely on client traffic might need more third-party liability coverage than a homeowner’s policy offers. Some home businesses even purchase business owners’ policies that bundle property and general liability insurance into one policy. Read on to discover more reasons you should come to The Hansen Agency LLC to insure your local Canonsburg, PA home business.

Home business liability insurance

Many small businesses are run from home, and the number of home-based businesses is growing every year. More than half are sole proprietorships, though some are S-corporations or partnerships. Home-based companies are increasingly diverse, with most being service-oriented. Home-based businesses must take special care to understand the specific financial risks and the differences between commercial and personal insurance liability.

A home-based business should also consider professional liability coverage, or E&O. This type of insurance protects a home-based business from liability claims resulting from a client’s negligence. It also protects the company from legal expenses, settlements, and other expenses related to unintentional errors.

Home business property coverage

Generally, a home-based business owner will have a wide range of property and equipment. While homeowners’ policies cover the home’s contents, a business owner should also purchase business property coverage, which can protect the business’s property in the event of theft or damage.

Home owners’ insurance policies only cover $2,500 worth of business property, and they usually exclude liability claims and downtime related to property losses. A business owner’s insurance policy should cover these costs and be tailored to the nature of the business. This coverage is particularly important for home-based businesses with inventory and expensive equipment.

Navigating the ins and outs of commercial insurance can be challenging to do alone. Let The Hansen Agency LLC help you find the right insurance to protect your Canonsburg, PA home business today!

Owning a business can be very risky. Many things can go wrong, and those things can result in your business closing if you don’t have the proper commercial insurance to protect you. In Canonsburg, PA, The Hansen Agency LLC works with our customers to make sure they have the insurance they need. As independent insurance agents, we work for them, not the insurance companies, and we give our customers the choices they need to make the right decision about coverage. 

In the state of Pennsylvania, businesses are required to protect their employees with Workers Compensation Insurance. This insurance provides workers who are hurt on the job with payment for medical expenses and with lost time from work. If you have even one employee, this is required. All businesses that have vehicles are required to have the minimum mandated amount of auto insurance. But even though these are the only commercial insurance requirements, it is important to consider what insurance will help to keep you in business. 

Commercial property insurance protects the things you need to stay in business. Even if you don’t own your business location, you do own what you have inside. Could you survive if you lost everything in your business location? Property insurance covers your machinery, inventory, raw materials, tools, office equipment and electronics, records, and more. 

Commercial liability insurance protects your business from lawsuits brought against it. Businesses are vulnerable to being sued. Most businesses have been threatened with a lawsuit and between one-third and one-half of all small businesses are sued in any given year. Without the right commercial liability insurance, you will need to pay any judgment out of your own pocket and legal expenses as well. It could kill your business. 

Contact The Hansen Agency LLC in Canonsburg, PA for personalized commercial insurance to fit your business needs.