If you are starting a home-based business, you often combine your home life with your business life. It makes sense then to protect your personal assets and your business assets with appropriate insurance.

A customer, client or supplier enters your home, slips on a loose rug and falls. The resulting injury causes significant medical bills and a month of lost wages. Your business is liable for damages. If you operate your business as a sole proprietor, your home or renters insurance may not be sufficient for claims stemming from your home business.

Organize Your Business

You have several options for the formation of your home business, which include:

• A “C” corporation, or a regular business corporation
• An LLC, or a limited liability company
• A formal partnership
• An “S” corporation

The major benefit common to all of the above forms of business organization is that they reduce personal liability for an incident that harms people and property. True, with the proper organization, you as a home business founder protect yourself from liability; but your new business needs protection too.

Business Owner’s Policy (BOP)

This policy bundles together many types of coverage into a single policy that includes property insurance and liability insurance. A single policy makes it easier to keep track of so you can ensure premium payment dates don’t slip through the cracks.

The advantage to buying a business owner’s policy is that it consolidates most coverage into one policy that usually costs less than general commercial liability products and, through endorsements and riders, can provide more coverage for less.

Speak to your business lawyer and your accountant about the best way to organize your business for protection from financial liability and the best way to keep your tax bills low.

Learn about your coverage options today. Call Porter-Brandenburg Agency at (972) 234-5588 for more information on Dallas business insurance.