Starting a home design business is an incredible experience and a goal for many individuals. Needless to say, it’s not easy. Yet, as you learn some of the tricks of the trade, the journey becomes somewhat easier. From hiring the right people to building brand identity, the path is filled with trial and error. Insurance is one of the most important considerations because lack of adequate coverage can put you out of business immediately. It’s recommended to work with an insurance professional who can provide sound advice on the types of products that are available for your business. Some types of business insurance for interior designers include:
Professional liability insurance
As the name suggests, this policy protects professionals and quasi-professionals against liability losses. As the owner of a home design business, you should be protected from specific risks in your field. A disagreement can be solved, but an error with carpeting, for instance, can turn out to be costly. You’re invited into many homes and even businesses. Clients trust you to make the right decisions. At times, unhappy clients will find reason to sue. What will you do then? Regardless of how careful you are or detail-oriented, mistakes are bound to happen. When that error impacts your client’s finances, you risk getting sued for professional negligence. Besides professional liability insurance, you need general liability insurance, which protects in the event of property damage or bodily injury.
Commercial auto insurance
If you own or lease two or more vehicles to visit worksites, commercial auto insurance is paramount to obtain. If an accident were to occur, you would enjoy financial protection. Commercial vehicle insurance covers for amounts, situations, and usage that aren’t covered by a personal auto insurance policy. When handling home improvement projects, it’s often necessary to ship furniture. In the old days, interior designers would acquire furniture without giving clients the chance to try the pieces out in person. Now, thanks to reality, people can get a sense of what the furnishings would look like in their homes. If you have sophisticated visualization tools, you can streamline the process.
Getting back on topic, the furniture can’t be shipped directly to the residence. It has to be inspected for damages; when calculating shipping costs, consider your experience with the vendor. Most importantly, take out bobtail insurance. You’ll want to protect yourself from lawsuits and substantial expenses if an accident takes place. It’s better to act now. In future time, it will be possible to transport items without the help of a human operator. Nevertheless, it will be a long time until drones will carry beautifully wrapped pieces of furniture. Based on the plethora of potential options, you might have a difficult time reaching a decision.
Commercial property insurance
Finally yet importantly, it’s recommended to take out commercial property insurance. How much you’ll pay depends on the value of your business assets. This type of office insurance policy covers everything from your computers to furniture and important documents. If a severe storm hits the building where your office is located, the commercial property insurance will cover for the damage. Your home design business has unique needs, so it’s a good idea to work with an expert to customize your insurance policy. That’s the best course of action. Don’t let worries keep you up at night.