Quote from Ryan Hanley, Trusted Choice
Some business owners who work out of their home might think that they don’t need insurance at all. But that isn’t the case.
Hanley explained in a phone interview with Small Business Trends, “If you run an Etsy store out of your garage and you keep all of your products and supplies out there. Say your house burns down and all of that is gone, your homeowners’ policy isn’t going to cover that.”
Contrary to popular belief, homeowners' insurance policies do not generally cover home-based business losses. Depending on risks to your business, you may add riders to your homeowners' policy to cover normal business risks such as property damage. However, homeowners' policies only go so far in covering home-based businesses and you may need to purchase additional policies to cover other risks, such as general and professional liability.
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Three tips to keep your workers compensation premiums down:
1) Make sure your workers comp classification codes and rates are correct.
Determining the proper classifications for an employer is not easy and sometimes can be quite difficult. With nearly 700 different codes available for use it is certainly easy to see how mistakes or errors in can be made. Misclassification of employers operations occurs each and every day. Many employers go for years being slotted into wrong, more expensive class codes resulting in thousands of dollars of overpaid workers compensation premium. Determining and applying the proper workers compensation code is directly related to how much premium an employer pays.
These classification codes can have a great impact on the premium you pay for your workers comp policy. So It is important that businessowners correctly describe the nature of their business and the roles of each employee.
2) Create a company Safety Manual and hold frequent staff safety training.
Developing a safety manual not only protects workers, but makes good sense. A safety manual could result in substantial savings in workers compensation costs.
The materials in this handbook are based upon Federal OSHA standards and other requirements in effect at the time of publication and upon generally accepted principles and activities within the job safety and health field. They should be useful to small business owners or managers and can be adapted easily to individual establishments. - https://www.osha.gov/Publications/smallbusiness/small-business.html
3) Research and place safety measures specific to your industry in your workplace.
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