NLIC.org

Gene Said:

Small Home-Based business insurance?

We Answered:

You can get a Business Owners Policy (BOP) that will likely run you no more than $500. Your homeowners policy may provide some coverage, but the BOP is best. Many carriers will sell a BOP policy.

Salvador Said:

Can a person deduct healtcare insurance premiums with a home based business?

We Answered:

If you are self-employed and had a net profit for the year, you may be able to deduct, as an adjustment to income, all of the amount paid for medical and qualified long term care insurance on behalf of yourself, your spouse, and your dependents.

The insurance plan must be established under your trade or business and you can only deduct an amount equal to or less than the earned income from the business.

You cannot take the deduction for any month in which you were ELIGIBLE to participate in subsidized health plan maintained by your employer OR your spouse's employer (even if you declined such participation).

Use the worksheet in the 1040 instructions. See page 24 in the instructions at the link below for more details.

Randy Said:

Has anyone heard any negative feedback about Vicki Gunvalson's home based insurance business plan?

We Answered:

Not familiar with "her" system, but, anyone can run an insurance business "out of your home." At some point in time, though, you will probably want to have an office. It's more professional. I know of an agent that has converted his garage into his office. He advertises big in the yellow pages, but, there is no address in the phone book. If he doesn't like what you sound like, he doesn't want you coming to his house!`

Good luck with what you decide and I hope this helps!

Marcus Said:

Insurance for a home based business?

We Answered:

I recommend you do a little research with the Business Opportunity Search Engine. Being community driven it’s a cross between a search engine and a Wikipedia. You can add, delete and improve the results for much more focused answers than a general search engine can provide. http://www.BusinessOpportunitySearchEngi…

Mabel Said:

What type of insurance do I need? I have a small home-based design business.?

We Answered:

If you are talking about interior design type projects at a minimum you need a Commercial General Liability or a BOP (Business Owners Policy) as suggested by Tom if you would also like to cover your sample books, inventory or other business equipment. If you have employees you will also need a Workers Compensation Policy and since you drive to job sites you should also obtain a Commercial Automobile Policy.

I would absolutely not take Justin's advice on doing the endorsement to your Homeowners Policy. Even though it costs less money, it will not work in your case because you travel outside your home to conduct your business. The permitted incidental occupancies endorsement is used for businesses such as accountants that solely operate inside the home and is intended to cover a slip and fall type claim involving a client of the business that is visiting the home. The endorsement is not intended to be used to cover the liability of the business off site or in any other way.

My suggestion is that you contact a local independent insurance agent that specializes in Commercial Insurance so that he or she can go over your exposures and provide you with two or three different quotes, coverage options, etc. You can go to this website to find an agent in your area: http://www.iiaba.net/agentlocator/findag…

I hope this helps. Good Luck!

Tracy Said:

Personal Insurance for home based business?

We Answered:

You may try to google it,here http://www.InsuranceFreeTip.info/insurance-for-free.htm has some direct resource that might be helpful.