February 2007
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You may be able to add endorsements to your homeowners policy that raise your business property limits or add
limited business liability protection. Keep in mind, though, that these types of endorsements are typically designed for
very small businesses that have few visitors, so they may or may not be appropriate for your business.

Home office policies

If you need more comprehensive coverage than a homeowners policy with endorsements can provide, look into
purchasing a home office policy. These policies vary widely, but they generally provide business liability coverage,
business interruption coverages, and increased limits for your business property, along with the traditional coverages
found in homeowners policies. Policies generally cover lost income and continuing expenses for a certain time period
(e.g., one year) in the event your home is damaged and you're unable to work. They usually cover loss of valuable
papers and accounts receivable, while offering higher limits for equipment breakdown coverage and business
property used off-premises than standard homeowners policies.
Insuring Your Home Business

If you run a business out of your home, you need to pay special attention to your
insurance coverage. Fortunately, many insurance packages are designed specifically for
small and mid-size businesses, making it easier for you to obtain the insurance protection
you need.

Homeowners policies

You may assume that because you have homeowners insurance, you have adequately
protected your home business. Wrong! Standard homeowners policies include little or no
coverage for home businesses. Policies typically cover business property on your
premises only to a certain limit, usually $2,500, and may limit coverage for business
property away from your premises to only $250. There's also typically no coverage for
business liability, leaving you unprotected against potential liability claims from clients or
Business owners policies

If you operate your business in multiple locations or you need broad protection, you
may want to consider a business owners policy (BOP). A BOP is a type of commercial
insurance designed specifically for small or mid-sized businesses. Traditional BOPs
provide comprehensive coverage for buildings, business property used on- and
off-premises, and liability exposures. Also covered are computers and other business
equipment, software, data, loss of income, continuing expenses, and professional
liability for certain occupations. Some insurance companies even offer BOPs tailored
to the needs of home business owners.

Liability coverage

You may need more liability protection than is available through a home office or
business owners policy. If so, consider purchasing an umbrella liability policy that
provides increased liability limits beyond those found in separate policies. If you work in an occupation that is
particularly vulnerable to professional liability (e.g., law, medicine, or day care), you may also need other types of
liability protection, such as a separate professional liability policy, usually called malpractice coverage or errors
and omissions coverage.

Other insurance you may need

Although business insurance policies can provide comprehensive property and liability protection for your home
business, they don't cover every risk. You may need other types of insurance as well, including commercial
automobile, health, disability, and life insurance. If you have employees, your state will likely also require you to
carry worker's compensation insurance.

For more information

Your insurance agent or financial professional is the best source of information about the types of insurance you
may need. He or she can help familiarize you with state insurance requirements, and recommend an insurance
program to help protect your home business.
The 401k Dr
Martin S Schneider
a Licensed Investment Advisor
5677 Water Spring Way
Mason, Ohio 45040
877-401KDOC (5362)
fax: 877-401-5362
martin@the401kdr.com
www.the401kdr.com