A home-based business is an excellent way to make money on the side or to start out if you plan to make your new company a career. However, many people mistakenly believe their business inventory will be covered by homeowners’ insurance. You need separate coverage. Purchase this type of business insurance in Totowa, New Jersey, if you run a company from home.

Business Property Insurance

Chances are you use some type of equipment to run your company, even if it’s just a computer and printer. Business property coverage protects your business equipment. In addition to home office products, it will protect sewing machines, furniture and anything else that you use exclusively for your company.

Product Liability Insurance

If you sell goods, product liability is one of the most important types of business insurance in Totowa, New Jersey. No matter how well your product is made or how many safety warnings you put on the packaging, accidents happen. Product liability protects you if your product injures a buyer or causes damage to property.

Property Insurance

If you run your business out of your home, you can purchase add-ons that protect the property as part of your homeowners’ insurance policy. If you don’t purchase one and something happens to your home, your basic policy will not cover any business inventory.

Depending on your situation, you may need other types of business insurance in Totowa, New Jersey, to run a home-based business. An insurance agent can help you determine what you need.

By Roy