As of 2018, 30.2 million small businesses were operating in the United States, and 50% were home-based businesses. A home-based business offers many benefits, including low costs, tax benefits, flexibility, and freedom from commuting. Like any business, a home-based operation requires insurance. Various insurance options are available, so home business owners can choose what best meets their needs.

Why You Need Home-Based Business Insurance? 

While home-based businesses may run on a small scale, they face many of the same contingencies as their larger equivalents. These include auto accidents, third-party claims, and damage to business-owned property. To guard themselves against losses, business owners must have adequate insurance.

Some home-based business owners believe their homeowner's insurance will cover claims resulting from their commercial activities. This is a wrong assumption because most homeowners' policies include business-related exclusions and restrictions. For example, many policies do not include structures not attached to the dwelling (like a detached garage or shop building) if used for business purposes.

Types of Coverage

Home business owners have three primary options for insuring home-based business operations. They can include business exposures via endorsements to a homeowners policy, buy an in-home business policy, or buy a business owner's package policy. Which choice is best depends on the size and nature of the business operations and insurance cost.

Homeowners Policy Endorsement

Many home-based businesses need equipments like printers and computers. Unfortunately, most homeowner's policies provide a shallow limit (typically $2,500) for devices on the property premises used for business purposes. Business owners may increase that limit by buying an endorsement for a reasonable additional premium.

Business owners may also have the choice to add a homeowner's liability endorsement to their policy. The policy covers third-party claims by customers or delivery people for damages sustained on their premises. 

In-Home Business Policy

An in-home home business policy provides more comprehensive coverage than a homeowner's endorsement and may cost less than $300 per year. It's a middle ground between commercial insurance and homeowner's policy. The process typically includes business personal property and general liability coverages. Optional coverages like business income, essential documents, and accounts receivable may also be available.

Business Owners Policy

The home business that needs more coverage than an in-home policy can choose a business owners policy (BOP). A business owner's policy is a commercial package policy devised for small businesses. It includes business income, commercial property, and general liability coverages.

The general liability section includes claims for property damage or bodily injury, including claims against the business that arise from its products. It also includes Personal and Advertising Injury Liability and claims based on danger to rented premises. A wide variety of endorsements are available for broadening or restricting coverage. Small businesses pay an average annual premium of $1,191 for a BOP.

Other Coverages To Consider

Homeowners' policies, in-home business policies, and BOPs offer general liability and property coverages only. Home-based businesses should also consider the following coverages.

• Commercial Auto Insurance
• Errors and Omissions (Professional) Liability
• Workers' Compensation Insurance

Like all other businesses, home-based businesses must comply with state workers' compensation laws. The duty to buy workers' compensation insurance typically depends on the number of employees a business employs. Many states require businesses to obtain coverage if they have one or more workers.

Most states don't need business owners to purchase workers' compensation insurance if they don't employ them. Many states allow business owners to buy coverage for themselves.

To know more about the different types of insurances you should consider, do contact me.

Sitting behind the wheel of your new RV comes with a lot of elation and anticipation. The open road is in front of you, and with all of the national parks and wild spaces available to explore in the U.S., there is nearly endless adventure ahead.

But of course, you’ll have to make sure you are prepared before any big trip. Having the right gear ensures safety, and will save you money and time in the long run. You don’t want to have to go out on a trip and be worried about the RV and small issues that can come up.

Here are a list of maintenance checklist for your RV to ensure it is always ready for your trips

1. Examine the roof, seals, and seams of your RV

Check your RV’s roof every three months to ensure that there are no water leakages. This, in turn, helps to prevent extensive damage to the ceiling. Leakages occur through the RV’s roof edges, vents, skylights, or air conditioning unit. Water soakage on the roof’s outer wood framework can get into the inner sealing panels causing severe water damage. Use an effective sealant compatible with the material used for the RV roof to patch up the leak.

2. Check your RV’s batteries

Make sure your RV’s battery is always fully charged. The Battery life of your RV depends on the type of battery use. A deep cycle battery loses capacity after three years, while a Start-type battery loses power after five years.

3. Maintenance of RV’s brakes

The safety of you and others while being on the road should be on the top of your checklist. Brake maintenance depends on wheel bearings, and so it has to be lubricated throughout the summer. Also, make sure that the brakes have enough material left on them to work correctly. Otherwise, replace it. This costs about $300 to $500 and includes repacking of wheel bearings and replacing the seals. 

4. Change RV’s oil

As an RV is stationary at most times, you have to change the oil on a seasonal basis. This enhances lubrication and running capacity. Make sure you change the RV’s oil after it has run about 3000-4000 miles every year. This prevents excessive wear and tear on its engine, which helps to avoid expensive service or replacement. You also have to change the air, fuel, coolant, and hydraulic filters on your RV on a seasonal basis. This has to inspected while changing the oil. The engine and drive train are taken care of because of this.

5. Advice to young couples

For young couples buying their first RV depends upon their lifestyle and the time spend on it. It a learning experience on what to do and what not to do on their RV. They can opt for a lesser-priced RV initially, and later after gaining experience, they can go for a more costly one with enhancements.

6. Cover your RV while it in storage

Your rig’s exterior is prone to naturally caused damages such as dust, debris, rain, and ultraviolet radiation. Ensure that you keep your RV in an indoor, temperature-controlled facility and invest in a high-quality water-proof RV cover if your RV is sitting on a tarmac.

Owning an RV is a matter of joy and adventure but caring for it also equally important. So, plan your repairs and maintenance accordingly.

Boating is undoubtedly one of the best ways for you to release stress. You are excited to hit the water on your boat; worrying about the finances in case of an unfortunate event would be the last thing you would want. So, make sure your boat is well insured. 

We have collated seven significant points you should be aware of while purchasing a Boat Insurance policy:

1. Understanding the different Boat insurance coverage

It's crucial to know how much it would cost to rebuild your boat if necessary and keep your insurance agent informed on any upgrades you have made to your boat. The buyer of boat insurance must be aware of these concepts to avail the best policy suited for their vessel.

Replacement cost policy means the buyer's compensation with a likeness to the original one in all aspects. 

Market cash value means repaying the insurer with the actual cost of repairs for the boat, where the compensation claimed is the replacement cost of the boat less depreciation. 

Agreed value is the best type of boat insurance policy to ensure if a loss happens, you are eligible for the value of your boat agreed by you. 

You may have to update your policy to keep up with your needs.

2. Discounts for being a Safer boater 

A boater who has completed an approved course on boating safety can avail discount on the boat insurance. It is one of the best ways to reduce boat insurance premiums. The safer boater is also entitled to a lay-up discount if the boat is used only certain times during the year in freshwater conditions.

3. Navigational Limits of your Boat insurance

The navigational limit in the policy determines the coverage. You can determine the claim on the boat insurance policy by certain factors like distance covered by the boat from the boat's dock or moor, launch site, or the water's shoreline. 

For instance, if your boat is not within the navigational limits as mentioned in the policy, you would not be eligible for a claim in case of any damage caused.

4. The various factors that determine your Insurance premium

The cost of the boat insurance also depends upon the size and the speed limits of the boat. Bigger size and higher speed cost more. Other factors for the insurance policy are age, value, condition of the ship like how and where the boat is used, type of motors like inboard or outboard, and whether the insurer lives on the boat.

You are eligible for discounts on factors like the years of boating experience, where your boat is parked, and your boat's examination by Coast Guard Auxiliary. 

5. Canceling the policy during Off-Seasons could be a costly affair 

Many boat owners will intentionally cancel their coverage during the off-season. This puts them under many risks that could damage the boat when it's not in the water. Dropping coverage may result in the boat owner being exposed to pay for the damage. For instance, if the boat is harmed in the driveway due to unfavorable weather conditions, you will have to bear the entire cost. 

6. Did you know that the place where your boat is damaged can affect your claim?

Many varying circumstances determine the claim's nature, and you must be aware of what their policy covers. If the boat is damaged while parked at home and if Homeowner's insurance policy covers it, you can claim from Homeowner's insurance policy. Likewise, if it is damaged while towed by your vehicle, you can claim from your auto insurance company, and Boat insurance covers the damages if the boat is harmed while parked at the dock. (Check with us to be 100% sure if your boat is covered by home or auto insurance as mentioned above)

7. Choosing the right Insurance Agent

It is crucial to select a good insurance agent who knows your boating requirements.

Selecting the right agent is very important. Only select agents who know about boats and boating can give correct advice according to your boating needs to avoid future problems that may arise.

Every boat owner needs a policy that fits them – contact us today to get the best boat insurance coverage that suits you and your boat.