Home Based Business Liability Insurance

    Mark Karavan, Knowledge Level: All Levels, Keywords: home based business liability insurance
If you are starting up a business for the first time, regardless of whether the business is retail, a warehouse or home based, business liability insurance is going to be of paramount importance. Not only is it just a general good idea to protect your business assets with an insurance policy, it is also the law. So, if you're going to buy for your home based business liability insurance, it is a good idea to know what you are going to need.

There are four kinds of business insurance: general, E&O, product and EPLI. Depending on the nature of your business, you may need more than one of these insurances. A home-based business will almost invariably require some kind of general liability insurance, which protects against property damage and bodily injury. Home based businesses tend to carry a little less liability than mobile businesses, but you will probably have a lower premium than a business based out of an office or professional location. E&O (errors and omissions) will be necessary if you are running a professional organization, such as a legal practice, doctor's office or real estate practice. Product liability will, of course, only be necessary if you are manufacturing goods with a potential for injury resulting from malfunction, but this is unlikely to be the case with a home based business. Liability insurance for EPLI is probably not necessary, given that you will probably be in charge of all the employment practices that take place in your home.

Home based businesses are an excellent way to do business; being able to maintain them is equally important.

. Article on home based business liability insurance by Mark Karavan

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