Insurance Tips for Home-Based Business Owners

Do you own a home-based business? If you answered yes, there are a few things that you need to know about how doing so changes your insurance risk. Here are three tips to consider.

Tip #1: Know Your Homeowner’s Policy Doesn’t Include Property Damage Coverage

Many home-based business owners automatically assume that their homeowner’s insurance will cover replacement of sales items in the event of a claim. The truth is that most carriers specifically exclude commercial endeavors when it comes to property damage. This means that if a fire destroys your entire inventory or something else unexpected happens, your claim could be denied and you could have to pay for replacement out-of-pocket. Instead, it is important to take out a separate business policy to ensure total protection.

Tip #2: Understand Your Increased Liability Risk (and Have Proper Coverage)

It is also important to understand that owning a home-based business increases your liability risk. Why? Liability coverage extends far beyond just something happening while a visitor is on your property. Any actions you take while away from home that injure another party—either physically, emotionally, or financially—are considered personal liability. By being out there and taking part in business-related actions, you are increasing the chances of an incident occurring. Again, homeowner’s insurance will not cover anything that happens as part of your home-based business. Thus, it is vital that you have a separate liability policy in force.

Tip #3: Find the Right Coverage for Your Needs

Finding the right coverage for your home-based business is vital. One home-based business representative may only have a few customers, while another may have several hundred. Thus, it is important to speak directly with your agent to find the policy that suits your unique needs and situation.

Ensure your home-based business has adequate coverage. Please contact our team at GTW Insurance today for a no-obligation policy review or quote.


Preparing For A Power Blackout

You may think it’s impossible to prepare for a power blackout. While they don’t happen often in Imperial, Missouri, they do happen from time to time. By following a few basic tips, you can keep your family safe, fed, and entertained until the power comes back on.

Step 1: Lighting

Plan on several types of lighting so that everyone can see you what they are doing and where they are going. You will want to have flashlights, as well as either a gas lantern or candles.

Step 2: Food

Food needs to be a priority for sustenance. Don’t count on the refrigerated and frozen food that you have because it isn’t going to last more than a few hours. While you may be able to keep frozen water bottles in the freezer or refrigerator to keep the food at temperature for longer, you also have to think about food that isn’t going to require refrigeration or heat. There are MREs, jerky, peanut butter, tuna packs, and more that you can purchase ahead of time.

Step 3: Entertainment

Maintaining sanity is important as well. If there is a power blackout, there will be no TV, computer, or video games. Have some decks of cards, books, and board games available.

Step 4: Planning for Next Time

Once you have been through a power blackout, you will note that there are some things that you could have done better. You may want to have more blankets to stay warm next time, have more batteries available, or even have another heating source. If you encounter several blackout throughout the year, it can also be a good idea to invest in a generator.

Make the call to GTW Insurance today. One of our agents will be happy to help you find homeowners insurance and answer questions you may have about keeping your home safe in Missouri.