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,ย 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 propertiesย but only about 40%ย 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 haveย home insurance to protect the interests of the bank. Unless a business loanย 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
Road Trip Through History: The Unexpected Story of the Interstate Highway System
From nuclear war to family road trips, the Interstate Highway System’s history is more surprising than you think
Independent Spirit, Independent Insurance: Why Your Business Needs an Independent Agent
Ditch the Captive Agent! Why Independent Insurance Agents are Your Business’s Best Superhero
Beyond the Funeral: 9 Reasons Why You Need More Life Insurance Than You Think
Life Insurance: Not Just for Buryin’! Unexpected Costs You Never Knew Were Covered
New Car, New Coverage? Navigating the Wild World of Auto Insurance
New Car? Don’t Get Stuck on the Side of the Road with Bad Insurance!
Renters Insurance: Your Secret Weapon Against Disaster (and Burglars!)
Beyond Broken Leases: Why Renters Insurance is Your Best Friend (and How to Get a Great Deal)
Flappers, Flights & Fizzy Fridays: The Roaring Twenties You Never Knew
Dive into the 1920s beyond the speakeasies! Explore the decade’s social shifts, technological marvels, and surprising connections to modern times.
Bundle Up and Save! The Ins and Outs of Business Insurance
Unsure about business insurance? Don’t be! Learn how bundling different coverages protects your company and puts money back in your pocket.
Life Insurance Myths Busted: Unveiling the Simple Truths Behind Financial Security
Considering life insurance but confused by the myths? We clear the air on common misconceptions and show you how to get simple, affordable coverage.
Buckle Up for Savings: How Car Safety Ratings Save You Money
Crash Test Your Cash Flow: How Car Safety Ratings Impact Insurance Rates
Pool Paradise or Premium Pain? The Splashing Truth About Pool Insurance
Dive into Savings: How Pools Affect Homeowners Insurance (and How to Stay Afloat)