commercial insurance

Options For Insuring a Home-Based Business

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Small business owners understand the importance of separating their personal and business finances. However, some overlook the need to do the same with their insurance. Neglecting to acquire separate commercial insurance to protect your business and its assets can be a costly mistake. If you reside in or near Senatobia, MS, and wish to discuss insurance for your home and business, consider reaching out to our team at Storey Insurance.

Understanding Insurance for Home-Based Businesses

If you operate a home-based business, you likely have business-owned assets such as a computer and other office electronics. You may also have business-owned furniture, inventory, or supplies stored at home. As your business grows, the value of these assets can easily exceed the $2,500 in business assets covered by many home insurance policies. Moreover, many businesses require professional, liability, or other commercial insurance protections beyond those for their business assets.

If this applies to you, consider acquiring commercial insurance for your home-based business. Small home-based businesses may obtain sufficient coverage by adding a business rider to their home policy, doubling their business asset coverage to $5,000.

If your insurance needs are greater, in-home business insurance policies provide property, liability, and other insurance elements for businesses with revenues less than $250,000.

Businesses with revenues over $250,000 often opt for a Business Owner’s Policy (BOP) that bundles multiple types of insurance. These policies are easy to acquire and cover a range of issues. Plus, you can add Workers’ Compensation coverage to your BOP if you have employees.

Experience the Storey Insurance Difference

The Storey Insurance team serves homeowners and businesses in Senatobia, MS. Call us today at (662) 560-7021 to schedule an appointment to develop an insurance plan that meets all your needs.

Types of commercial insurance that most businesses can benefit from

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Running a business inherently involves risk. Predicting all the potential issues that could harm your business is impossible, but commercial insurance provides the best possible protection. At Storey Insurance in Senatobia, MS, we offer our commercial customers personalized service and conduct a risk assessment to identify the most significant risks to their business.

Commercial Property Insurance

Commercial property insurance is crucial coverage, even if you’re renting your business space. If you own the building, it provides similar protection to home insurance. Beyond that, it covers the essentials for conducting business. This includes inventory, display units, registers, records, and office equipment for a retail business. For a factory, it covers machinery, raw materials, inventory, tools, office equipment, and more.

Commercial Liability Insurance

Each year, one in three businesses faces a lawsuit. This alarming statistic highlights the importance of commercial liability insurance. Not only could you face a judgment against you, but the legal costs could put you out of business. Commercial liability insurance helps protect you and provides the funds needed to keep your business operating if you’re sued.

Business Interruption Insurance

When a covered peril impacts your business, your income flow stops, but your bills don’t. Business interruption insurance provides the funds to pay your bills and allows your business to recover.

Contact us at Storey Insurance in Senatobia, MS, and let our team provide the choices an independent insurance agent can offer.