A part-time business that you decided to start can be an exciting prospect. However, there is one common question that most part-time business owners ask themselves: "Do I need commercial insurance for it?". The answer is "Yes." Rock Insurance Agency, Inc., serving clients from Medford, NJ and other surrounding towns, has prepared the list of main reasons why commercial insurance is vital for part-time businesses:
Your home insurance does not cover your part-time business.
If you decided to store your tools and equipment in your house, it would not be covered by home insurance because it is used commercially. Also, if they cause damage to your home, most likely, you will not be covered.
Your car insurance does cover you.
If you drive for business purposes, you should know that your auto insurance will not cover you. If you have a vehicle registered in your company’s name, you need to purchase commercial vehicle insurance to protect it.
You need liability coverage for business operations.
Even though your auto and home insurance provide some personal liability protection, they will not cover anything related to your business. There are several types of liability insurance, and your choice depends on the products you sell or the services you offer. The most common types of liability insurance include commercial general liability insurance, professional liability insurance, cyber liability insurance, director and officers insurance, and product liability insurance.
If you are starting your new part-time business in Medford, NJ, or surrounding areas and you have questions about part-time commercial insurance, the agents of Rock Insurance Agency, Inc. will be glad to provide you with all the necessary information. Visit our website or give us a call to discuss the options available.