Renting a home in Sioux Falls, SD, does not preclude you from starting a home-based business, as long as that business does not affect the terms and conditions in your rental contract. However, you should be aware that your renters insurance policy won’t cover most of your new business’ needs.
What Does Renters Insurance Cover?
Renters insurance covers your personal belongings, property damage, and some personal liability damage. It also covers the cost of having to temporarily move out of your rented home if it’s damaged by a covered peril.
Renters insurance doesn’t cover your business inventory. It also doesn’t cover accidents or property damage involving visiting business partners or clients.
What Types of Insurance Does a Home-Based Business Need?
The insurance coverage you need for your home-based business will depend on the nature of your business. If you’re just selling items online, product liability insurance may be all you need. On the other hand, if you offer a service such as tutoring or tax prep, you’ll want professional liability insurance (also known as E&O insurance) and a liability policy that covers client visits to your home. Cyber insurance is always a good idea if you store sensitive business-related information on your computer.
Find out More From Wilcoxon Insurance Inc.
Our team at Wilcoxon Insurance Inc. is always happy to help Sioux Falls, SD, renters purchase insurance that meets their specific needs. We offer a range of policies and policy bundles and can give you advice on how to get the best coverage at the best possible price. Give us a call at your convenience to find out more about our policy offers, get price quotes, or start the process of getting your business properly covered.
