Home-Based Businesses

Photo via Wikipedia
Photo via Wikipedia

Small businesses are the backbone of the American economy with more than 28 million presently operating in the United States and more than half of these businesses are homebased. According to the Small Business Administration, there are more than 379,565 small businesses in South Carolina and in 2012 they employed almost half of the state’s private workforce.

When planning and developing your small home-based business it is important to consider many different factors including insurance planning. “Home-based business owners often think that one’s personal insurance policies will cover their business assets,” said Ray Farmer, Director of the South Carolina Department of Insurance. “Unfortunately, they only discover this error after a major incident places their business and personal finances at risk. Insurance planning should be a critical component of any entrepreneur’s business strategy.”

When planning a home-based business, please consider the following personal insurance implications:

  • HOME – Homeowners or renters insurance policies are rarely adequate for business needs. Owners may want to investigate a business owners policy or general liability, business property and business interruption/ continuation insurance.
  • AUTO – If you own or lease a vehicle almost exclusively for business use, list the business name as the principal insured. Also, consider increasing coverage to protect permanently attached items such as a generator or storage unit.

If you have a home business, and would like us to review your homeowner’s or auto insurance policy contact us at (843) 763-4200 or on our website here.

Content via doi.sc.gov

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