If you live in Memphis, TN and you have an at-home crafts business, you’re probably excited about having your own home business. Working from home and running a crafts business can be fun and lucrative. With running any business, there comes a great deal of responsibility when it comes to managing finances, ensuring your business is registered, and more. Is commercial insurance required for your at-home crafts business you might be wondering? The answer is yes, you do need commercial insurance.
Here is an explanation of why:
In the Event You’re Ever Sued
All businesses are at risk of having lawsuits brought against them, and if someone were to file a lawsuit against you and win the case, you would be required to pay out of pocket. This could potentially be a substantial amount of money, which could possibly cause you to file for bankruptcy. Commercial insurance can give you peace of mind, knowing that you can file a claim against your insurance should a lawsuit ever be brought against you.
To Provide Coverage in Case of Damage
Since you can’t ever predict if your business-related materials, equipment, or supplies might become damaged, having commercial insurance is a necessity. By ensuring that you’re adequately covered, any business-related items can be replaced or repaired, if it ever becomes necessary.
As you can see, it doesn’t matter whether your crafts business is from home or at an outside location. Commercial insurance is necessary in case of liability. If you’re obtaining quotes from various Memphis, TN insurance agencies, don’t forget about us at P3 Insurance Solutions. At P3 Insurance Solutions, we provide all types of insurance products, including commercial insurance. We have been in business for decades, and we pride ourselves on providing excellent customer service and offering fair rates. Call us today for a quote.