Adrian Newman’s latest ‘e-Wealth Daily’ article is titled “How to Protect Your Business Investment”. [‘Business Investment’ Article]


Adrian Newman’s latest ‘e-Wealth Daily’ article:

How to Protect Your Business Investment

You might be thinking of starting your own home business or you might already have one that’s up and running. Even though your business is home-based, many of the essentials that come
along with any other business remain the same.

Insurance is one of those essentials that all small business owners need to pay special attention to. Insurance protects you in case of unforeseen events and is extremely important for
every business.

Many a home-based business owner may be under the impression that, because they are covered by the insurance they have on their home, their business in the home is also completely covered. This is not the case. This assumption could end up being extremely costly — and it could get you into some real trouble.

Mistakes are what happen when you are hasty and don’t take the time to become informed of everything involved in starting a business, be it home-based or otherwise. Business coverage
under most homeowners’ insurance plans is very limited. So, in the case that your computer is destroyed in a house fire, you might be disappointed to hear that your insurance company won’t replace it.

You never know when something unexpected could occur, so make sure that you are prepared for the worst.

You should always ask your insurance provider about your coverage. Business property might be excluded from your policy, so, in the event of theft, your computer equipment might not be covered.

If you are unfortunate enough to experience a house fire, and didn’t disclose to your insurance company that you have a home-based business, your coverage could be void. If a customer or associate has come to your home and injures himself or herself, you might not be covered the same way you are in the case of a friend slipping and falling at your property.

Business property also includes such things as your software, printer, fax machine, scanner, and any other special equipment that you might have for your business. Some software programs can cost hundreds of dollars, so you don’t want to get stuck with having to cover all of the costs on your own.

You could add to your homeowner’s policy in order to increase your coverage. Just make sure that it is sufficient enough to cover everything. Also, make sure that you consider the loss of
your business’ income as well. If you are looking for more extensive coverage, then you should look into getting separate home and business insurance policies.

Be sure to shop around, as you may be able to find a policy that adequately covers both your home and your home-based business simultaneously. Policies specifically catering to home-based businesses will not only protect your business property, but most policies will also reimburse you for the loss of your business records, accounts receivable, and offsite
business property.

Some policies will pay for the income you lose if you aren’t able to continue work due to damage to the premises. Some in-home business policies also allow a certain number of full-time employees, generally up to three.

Also think about whether or not you are going to be using your vehicle as part of your business. You might have to meet with clients or deliver something every now and then, so make sure
that your car insurance covers you for business travel. Also, keep your provider informed. Though keeping certain details to yourself might seem to be a good way to save money on your
insurance payments, keeping your insurance provider in the dark is always a poor decision.

If there does happen to be an accident and you lose all of your equipment, it will end up costing you a lot more money — not to mention personal anguish — in the long run.

e-Wealth Daily

About e-Wealth Daily

The e-Wealth Daily Bulletin brings you daily tips, advice and breaking news related to home businesses, small businesses and internet marketing. Our team of experts gives you the information you need to take your business pursuits to the most profitable level. Founded by Adrian Newman in 2003, the e-Wealth Daily Bulletin and www.ewealthdaily.com are a division of Lombardi Publishing with online newsletters reaching over 100,000 subscribers each month.

* IMNewsWatch would like to thank e-Wealth Daily for granting permission to reprint this article.