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Home Based Business Insurance

What you need to do to protect your homebased business

This story appears in the June 2006 issue of Start Up.

If you're starting a business from home, don't assume your homeowners (or renters) coverage is sufficient to cover any mishaps you might have. Properly insuring your homebased business is crucial to protecting both your business and your home.

Beth Parquette, president of Parquette-Clement Insurance Services, an insurance agency in North Port, Florida, says, "A homebased business needs all the same insurance [as] a retail space, a warehouse or any place of business." While most homeowners policies cover a limited amount of business equipment, she says, it's likely that what you have is worth more than your policy's limits.

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