7 Tips To Reduce Home Business Insurance Costs

Yesterday’s DailyDollar was about having the right insurance protection if you do anything to earn extra income from home. For example, if you have customers come to your home for massage or acupuncture therapy, there are affordable insurance options to protect yourself (from a slip and fall outside your door, for example).

Devastating Tornadoes – What If That Were You?
There are additional steps you can take to lower your insurance premiums and be better prepared for an unexpected accident or weather event that disrupts your business. Think about all the poor souls whose lives were turned upside down by the May 2011 tornadoes In Missouri and other states. Although no amount of insurance can help with the emotional trauma, anyone that worked from home and had proper insurance coverage could at least be receiving some amount of income right now to help them bridge the gap until they can get back on their feet.

Tips To Reduce Insurance Costs Prepare For Disasters

1. Install A Security Alarm
If you have equipment you depend upon for your home business, a security alarm is good for scaring off would-be robbers. Shop around for best pricing which can range from $20-$40 per month.

2. Have Working Fire Detectors
It is depressing to hear about home fires that got out of control just because the homeowner was too lazy to change the smoke detector battery.
Install fire detectors throughout the house to protect your family and your business.

3. Subscribe To Automated Computer Backup Service
If your home business involves a computer, your files are important. For only a a few dollars per month you can subscribe to a back-up service so your files are always safe. Visit Carbonite.com for one example.

4. Store Copies Of Important Documents Off-site
Wills, trusts, deeds, licenses and passports are examples of things you should have back-up copies of off-site. Make photocopies and store them at a nearby family member’s home. Or, use a safe deposit box at the bank – they are very inexpensive. You can store important documents electronically on CD-ROM too and place them off-site.

5. Use a Fireproof File Cabinet
Fire is relentless and once something burns it’s gone for good. Store your company records, tax returns in a metal file cabinet that is fireproof. These are sold at office supply stores like Staples and are not expensive. The expense may also be tax deductible on our personal tax return as a tax preparation expense.

6. In Flood Zones, Be Prepared To Elevate
Do you live near a river or creek that can suddenly rise and flood? Millions of people in the Mississippi River basin know this all too well. In terms of flood, think elevation. Think about how and where you will elevate all your critical equipment and documents to a sufficient height to not get wet. Have large ziplock bags and garbage bags ready to place items in. Get all your electrical cords that run along the floor up to four feet or higher.

7. Conduct Meetings Away From Home
Limit the number of customer or supplier visits to your home office. Face it there are a lot of crazy people out there. When possible, meet with potential new clients or vendors at public locations like a coffee shop. Not only is this for your own personal protection but it also reduces the risk of an accident (like a slip and fall) at your residence.