Have a Home-based Business? You Need These Insurances

By Jim McAluney

If you're running a small business from home, you might have the impression that your homeowner's insurance policy protects you, your business inventory and any other goods. However, irrespective of the level of sales you have, you are open to risks arising from various business-related factors. If you don't disclose that you're running a business from your home, and you file a claim, your insurer might refuse to cover these losses. You could only receive a small compensation. This is why; like every prudent business owner, you should protect yourself and your enterprise by buying these insurance plans.


Add-on to a Homeowner’s Insurance Policy


Having started up your business, check with your insurance provider for an add-on to the homeowner's policy you already have. For a minimum cost of $25 to $100 a year, you could buy additional coverage for $2,500 to $5,000 for your business. Depending on the conditions of your insurance company, you could buy protection of up to $10,000 in smaller increments.


If you're operating without any expensive equipment or you don't have large volumes of customer foot traffic, this policy could be appropriate for you. It offers protection against damages resulting from anyone getting hurt when visiting you for work like for example, a deliveryman, client to whom you provide services or any other work-related visitor. In addition, if you think you're not likely to incur any significant losses if you cannot work for a while, opt for this insurance scheme.


At-home Business Policy

The At-home business policy offers you protection from a wider range of possible occurrences and losses. For premiums ranging from $250 to $500, you could buy coverage worth $10,000. Check for the rules and regulations of the state where you live and find out about the low revenue or part-time business insurances you can buy. For instance, you’ll need protection from liability for:

  • Visitors injuring themselves on your premises
  • Loss of important paperwork, records and documents
  • Theft of cash and funds when being taken to the bank for depositing
  • Theft or injury covering up to three workers working with you
  • Damage to business equipment even if you’re using it away from the premises
  • Loss of income because of interrupted commercial activities (you might also be entitled to the cost of renting temporary premises.)
  • Lawsuits arising from injuries to your customers from using your products or services


Business Owner's Policy

The business owner’s policies offer you protection against larger losses as compared to riders or add-ons to the homeowner’s policies and at-home business policies. You’ll need this insurance if you need more than $10,000 worth of protection. In addition to the coverage that the smaller policies offer, you can look for reimbursement for losses you could incur in case you’re driving a personal car or any other vehicle for conducting your business. Further, you’ll need to ensure that if you’re working with customers’ equipment or in their homes or workplaces; your plan protects you against any possible losses. Do keep in mind, though, that this plan might not cover the mandatory insurances you need to buy for your employees.


As your business grows, you might need additional coverage. Make the necessary enquiries and update your plans from time to time.

Services Provided by Jim McAluney

James McAluney offers a full complement of insurance services for businesses and organizations. His years of experience in the insurance industry, coupled with the relationships he has cultivated with insurance companies means your company will receive the best coverage possible at a price you can afford.

As a property and casualty broker, Jim McAluney provides the following services:

  • Obtain exposure and underwriting information from the client and submit to carriers to obtain premium indications for the various lines of coverage
  • Analyze premium indications and coverage terms and conditions and prepare recommendations as appropriate
  • Negotiate insurance placements and renewals
  • Analyze property and casualty exposures and make recommendations to existing and new risk management, loss prevention and control activities.
  • Examine current risk financing plans and recommend programs to transfer risk.
  • Offers consultation services for loss prevention, claims management and other areas.
  • Assistance when reporting losses and completing claim forms when necessary and monitoring open claims from their initial opening through to their conclusion and disposition.
  • Keeping accurate records in regards to limits on liability, premium payments, records of claims due to losses, etc.
  • Provides up-to-date information regarding the insurance industry, from new coverages to new legislative activities.
  • Issues certificates of insurance and endorsements

James McAluney strives to offer the best services for all his customers. He works with a variety of industries and organizations, including:

  • Environmental
  • Healthcare
  • Small businesses and corporations
  • Real estate owners
  • condominium and residential associations
  • Non-profit organizations
  • Commercial property owners

If you want a broker who will work for you and help you succeed, contact Jim McAluney at McAloon@connorshawaii.com.

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