There are many reasons people want to run businesses from home, whether it is the convenience and flexibility, or because they enjoy the freedom. Insurance for at-home businesses is a critical consideration.
Your clients who run a business out of home may not know that their homeowner’s policies are unlikely to cover business-related risks and issues. Adequate coverage can only come from specific insurance for at-home businesses. As an insurance producer, this means you can write more business and serve your clients by guiding them to the right coverage for their needs.
Some business owners are able to add homeowner endorsements to their insurance, while others benefit better from a separate business policy. Our goal is to work with you and your clients to find the best solution. Ultimately, insurance for at-home business must reduce loss and risk exposure through great management and claims results.
Many people operate at-home businesses in the United States, which means you as an insurance producer can write more business by offering the appropriate insurance. Statistics from Fundera show that roughly 15 million home-based businesses are based in the US. It also shows that 50% of US businesses are home-based, so there is certainly no shortage of people needing insurance for at-home businesses.
Lawsuits and Insurance for At-Home Businesses
Businesses operating from home face the same or similar risks as other businesses, along with some unique issues related to the combination of work and home. Common risks include data breaches, dissatisfied clients, damaged equipment or lost inventory, and personal injury or property damage. It’s important to remember that homeowners insurance will generally not cover personal injury or property damage when it relates to business activities.
Professional liability insurance protects against claims of negligence and other incidents concerning unhappy customers. General liability insurance covers clients against bodily injury and property damage. A separate business owners policy or commercial property insurance can also help, covering equipment and inventory.
For clients using a home-based vehicle to conduct business, the same warnings about personal coverage apply. These clients should have commercial liability automobile insurance to fully protect themselves and their business. Even small businesses and home-based businesses are sued. For your clients running companies out of their homes, a lawsuit can be truly devastating.
For small businesses of all types, it is a common misconception for owners that insurance is a cost they cannot afford. However, when you look at the cost of a lawsuit, or replacing equipment or inventory if it is damaged, the price of an insurance policy is certainly less. By highlighting the risks and costs of being underinsured or uninsured, you can show your clients the importance of having the right insurance coverage.
Offer your home-based business clients the protection they need. At the same time, you can ensure your business stays competitive. Our team at Prime Insurance Company is here to make sure that you and your clients have the resources you need.
Choosing Prime Insurance Company for At-Home Business Insurance Coverage
The right combination of insurance coverage for at-home businesses is possible through Prime Insurance Company. Our goal is to tailor coverage to producers and their clients, ensuring risk is managed and companies are protected. Even if your client has been turned down for insurance previously, rest assured that Prime Insurance Company is focused on meeting your needs.
We work hard to ensure that your risks are lessened by working with us. Our in-house risk management team is made up of industry experts and professionals with extremely valuable experience and insight. They look at every insured and their situation and offer suggestions and plans to reduce the potential for claims.
Of course, if clients need to make claims under their at-home business insurance policies, we are here to help every step of the way. Our team works 24/7. No matter when a claim or issue arises, we are available to help. We work to resolve all claims fairly and quickly, ensuring clear, consistent communication throughout the process.
Insurance producers are also kept aware of what is happening with a claim through our direct service initiative. This process notifies everyone involved about the actions we are taking to service a risk. There are no unpleasant surprises when Prime Insurance Company is managing an insurance claim.
Partner with us using our online application today. For more details you can also call us at 800-257-5590 or email at email@example.com. Find us on social media, through Facebook, Twitter, YouTube, LinkedIn, and Instagram. And you can always read our blog for more insights.
Authored by Rick J. Lindsey, CEO, President, and Chairman of Prime Insurance Company
Rick J. Lindsey hails from Salt Lake City, Utah. He began working in the mailroom of his father’s Salt Lake City insurance firm, getting his introduction to the business that became his lifelong career. Lindsey quickly rose through the ranks while working in nearly every imaginable insurance industry job. As an entrepreneur, specialty lines underwriter, claims specialist, risk manager, and a licensed surplus lines broker, Rick Lindsey is highly skilled in all levels of leadership and execution. As he progressed on his career path, Rick discovered an urgent need for insurers willing to write policies for high-risk individuals and businesses. He was frequently frustrated that he could not provide the liability protection these entities desperately needed to safeguard their assets. He also formed the belief that insurance companies acted too quickly to settle frivolous claims. Lindsey decided to try a different approach. He started an insurance company and became the newly formed entity’s CEO. This opportunity has enabled Rick to fill a void in the market and provide a valuable service to businesses, individuals, and insurance agents who write high-risk business. Prime Insurance also specializes in helping individuals and businesses who live a lifestyle or participate in activities that make them difficult for traditional carriers to insure. If you’ve been denied, non-renewed, or canceled coverage, don’t give up quite yet. Chances are Prime Insurance can help.