July 12, 2013
Small-business owners can protect their business from risks for as little as $159 per year.
CHICAGO—July 12, 2013—Every 11 seconds, a new home-based business is started. Home-based businesses account for 52 percent of all small businesses, contributing 10 percent of total GDP to the U.S. economy. Yet nearly 60 percent of small-business owners have no coverage for their offices or equipment, leaving owners vulnerable to unplanned expenses. One reason for this is that it's traditionally been difficult for smaller businesses to find insurance providers willing to cover them.
To give small-business owners more options, insureon, the country's leading online agent for small-business insurance, has launched a new web feature that offers real-time insurance quotes to home-based businesses in hard-to-insure industries. These include professions ranging from paralegals and answering service operators to cosmetics salespeople and magicians.
Ted Devine, CEO of insureon, noted that, as the U.S. unemployment rate remains persistently high, home-based businesses are more important than ever to families around the country. "These are the people who depend on the money their business brings in to put food on the table," he said. "If that revenue dries up – or if something happens to their equipment or they're hit with a lawsuit – their family is in serious financial trouble."
Devine added that, contrary to popular belief, home-based businesses are typically not covered by Homeowner's Insurance policies. "We're working to educate home-based business owners about how vulnerable they are if they don't have coverage – and how affordable it is to protect themselves with insurance." For premiums as low as $159 per year, Devine said, many home-based business owners can insure their essential equipment against theft and damage as well as protect themselves from third-party liability lawsuits.
The new home-based business coverage is available for businesses with gross sales below $500,000. Small-business owners can obtain liability coverage up to $1 million, business property coverage up to $100,000, and professional Errors & Omissions insurance coverage of $25,000.
"In addition to computer equipment and office supplies, many home-based businesses keep inventory at the house – which can account for a large part of a company's assets," said Jared Kaplan, insureon's CFO. "If that inventory were to be stolen or lost in a fire, the small businesses could be irreparably harmed, putting the future of the company at risk. In those situations, it is imperative that the owner have reliable and cost-effective coverage."
Small-business owners wanting to review or add business coverage can contact insureon's industry specialists. Insureon agents help small-business owners connect with some of the country's most respected insurance providers to develop insurance coverage not readily available elsewhere. Insureon has helped more than 35,000 small-business owners protect and support businesses in industries that range from real estate and accounting to retail and technology. For more information on insureon, please visit www.insureon.com.
Insureon, the leading online business insurance agency for small business, specializes in serving the fast-growing micro-business sector, which includes the self-employed and companies with 10 or fewer employees. Insureon allows micro businesses to apply online for insurance and receive multiple quotes from leading insurance carriers, completing in minutes a process that otherwise would take a week or longer. For more information, please visit insureon's website.