It can be simple to neglect specific insurance coverage when running a home-based business in favor of getting the job done. Running a business from home may seem very different from running a business in a more formal setting. A home insurance policy does not cover your company or its staff. Hence, it's important to obtain workers' compensation insurance for your home-based business insurance as well.
Businesses with remote employees need workers' compensation insurance just as much as on-site workers. If your company permits remote work and one of your employees is hurt while conducting business from home, you may be held financially responsible.
If you're the owner or operator of a home-based business and someone is injured while on your property, you may be liable for their injuries. This includes any employee working in your home, even if they are not authorized to work there.
You should have safety policies in writing that cover all employees, regardless of whether they are authorized to work at your home. You should also have a safe working environment policy that spells out the specific safety precautions you must take to protect your employees, including minimum distances between work areas and exits.
Commercial insurance for your home-based business might be helpful if an employee decides to sue your company due to a workplace injury. Employer's liability insurance is typically included in workers' compensation policies and helps to cover the following:
One of the best ways to keep your employees safe is by implementing a safety policy that outlines specific safety precautions. These precautions include minimum distances between work areas and exits and procedures for reporting accidents or injuries.
It's also essential to ensure that your home is adequately equipped with emergency lighting, alarms, and emergency shut-off devices for appliances.
Workers' compensation insurance premiums vary depending on several factors, including the state where you operate. However, workers' comp premiums range from $50 to $300 per month.
Workers' compensation coverage will help cover medical expenses and lost wages if an employee is injured while working for your company. In some cases, the policy may also cover funeral expenses.
When selecting workers' compensation insurance, you must consider the type of business you operate and the number of risks your business is subject to. You can also explore various options, including getting multiple coverages from an insurer specializing in small businesses.
As a home-based business owner, it's essential to remember that accidents can happen anytime. By implementing safety measures and taking preventative steps, you can reduce the likelihood of an accident occurring in the first place.
If you are looking for a reliable insurance company to cover your home-based business, contact us today! At Bema insurance, our team of professionals will tailor a policy suitable specifically for you and your business.
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