Home VS Business Insurance
Home VS Business Insurance
Few would argue about the value and peace of mind that home insurance provides. You may not, however, be aware that the large majority of homeowners have home insurance. According to industry statistics, that estimate is at a whopping 93 percent. But when it comes to small businesses, only 40 percent have business insurance. When it comes to all businesses, up to 75 percent are underinsured.
Why the big difference? Why do 93% of homeowners insure their properties but only about 40% of small business owners protect their business with a business insurance policy?
The first answer may be relatively obvious. Homes that have mortgages are generally required to have home insurance to protect the interests of the bank. Unless a business loan requires it, there are no such demands on business insurance for the owners.
It is also interesting to note that while the average homeowners’ insurance policy costs roughly $1,600 annually. A small business insurance policy can average much less than that.
While there are differences, of course, there are a lot of coverage similarities as well. Both home and business insurance can cover against losses to property due to theft, storms, and natural disasters. Both can protect you against financial damage due to injury liability claims. Yet, percentage-wise, over twice as many homeowners secure home insurance compared to small business owners who protect their businesses.
Business insurance can also offer additional protection like loss of income, employee theft, errors and omissions insurance, and insurance for business-related vehicles.
One could even make the case that prospects, customers, vendors, and others associated with a business may be MORE LIKELY to file a claim against a business than family or friends would against a homeowner.
Is your business sufficiently protected? Let’s take a look. Our independent agents can review policies issued by any company. We can quote a price that may be surprisingly affordable.
Contact us today. You protect your home. Make sure you protect your business. Contact us and get started today.
Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder
Search All Blogs
Search All Blogs
Read More Blogs
Your Perfect Beach Day: Tips for Effortless Fun in the Sun
Easy tips for a perfect, stress-free beach day.
Peace of Mind for Your Business: Key Moments When Insurance Pays Off
Business insurance: essential protection for common challenges.
Navigating Life Insurance: 5 Common Mistakes to Avoid for Your Financial Future
Avoid these 5 common mistakes when buying life insurance.
Your Car’s Health Check: A DIY Guide to Safety and Maintenance
Simple DIY car checks for safety and maintenance.
Budget-Friendly Home Upgrades: 4 Ways to Boost Your Home’s Value and Appeal
Boost home value on a budget with these 4 DIY upgrades.
From Cutting-Edge to Clutter: Modern Antiques Hiding in Your Home
Uncover the surprising “antiques” in your tech drawer.
Unlocking Customer Loyalty with Smart Data
Turn customer data into your business superpower.
Is There an Age Limit for Life Insurance? Understanding Your Options
The truth about age and life insurance eligibility.
5 Automotive Icons That Sounded Destined for Greatness
Uncover the powerful names behind legendary cars.
7 Surprising Facts You Didn’t Know About Home Insurance
Unexpected insights into the world of home and renters insurance.