Demystifying Home-Business and Small-Business Insurance Coverage

What Home-Based and Small Businesses in Wyo Need to Know About Insurance Coverage

By Laura Baker, CyberWyoming

Ever wonder if carpooling to a conference could put your business at risk?

I wondered also, so I asked our Board Member and insurance expert Rob Zotti of HUB International to discuss specific questions I feel most small businesses have about insurance.

In summary, your personal auto insurance won’t cover your company’s liability if you were using your auto for work purposes. But there are coverages your company can buy that cover your employees vehicles in case of an accident.

We discussed a lot of information including:

What is Business Owners Insurance, Commercial Auto Liability Insurance, Professional Liability Insurance, Cyber Liability Insurance, and Workers’ Compensation Insurance and how does each coverage protect your home based business?

Other Questions for home based businesses

Working remotely is pretty common and, since COVID, there has been an increase in home based businesses.

In this video I asked Rob:

  1. What if the owner of a home based business had a meeting at his or her home and one of their employees was injured?  What if it was a client that was injured?
  2. What is Business Owners insurance and how is it different from homeowner’s insurance and professional liability insurance?
  3. What if two remote employees met for lunch to talk about a work issue and one of them got into a car accident, or slipped at the restaurant and hurt themselves?
  4. What if a home office is damaged to the point of business interruption?

The short answer is that every small or home based business needs Business Owners, Commercial Auto, Workers’ Compensation, and Professional or General Liability Insurance. Some, if they can afford it, will also need Cyberliability Insurance. Talk to your insurance agent about these coverages and make sure your business is covered.

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