If you currently own a home-based business, or you've thought about starting one, it's important to have the right business insurance coverage for your circumstances—even if your business doesn’t require you to have insurance.
Depending on the type of business you own, there are different types of insurance coverage to consider, including:
- Property Insurance Coverage protects the physical structure where you operate your business, such as your home office space. While your homeowner's policy will likely cover your home in many circumstances, it may not cover your home office if the damage originated from your business. You should either get a separate policy for your business, or make sure your homeowner's policy doesn't have exclusions for business activities conducted within your home.
- Business Equipment Coverage is a good option to consider for a wide range of home office equipment, from laptop computers to more complex machinery. You can typically get coverage that pays for repairs (with or without a deductible) or provides replacements while your damaged equipment is being repaired. This type of insurance is especially helpful if losing your equipment for any period of time would cause your business to shut down.
- Business Interruption Coverage protects you and your business against loss of income due to events beyond your control, such as prolonged loss of power due to a natural disaster. This type of coverage will help your home-based business stay afloat until it returns to full functionality. Circumstances will vary, so be sure to discuss your coverage in depth with a trusted insurance agent.
- General Liability Coverage protects you and your business from third-party injury and damage claims (above and beyond your homeowner's insurance). Consider this: If your client is injured while visiting your home office to discuss business, would you be covered by your homeowner's policy? If you're not sure, it's time to review the specifics of your policy.
- Professional Liability Coverage is usually required for those who operate within a regulated area of business. Examples include attorneys, doctors, accountants, contractors, engineers, therapists, real estate professionals, and financial planners/brokers. This type of coverage will protect you and your business from potential errors and omissions caused by the service or advice you give as a business professional. If you're required to maintain this type of insurance, it will be outlined by your state when you apply for a business license. Your specific type of professional liability coverage may vary depending on your profession.
- Business Auto Insurance Coverage is a wise option to explore, especially if you use personal vehicles for business purposes. Many personal auto insurance policies won't cover vehicles against accidents that occur while they're being used for business. So if you park your business vehicle at home—or use personal or business vehicles for your home-based business—just make sure your policy is designed to specifically cover business activities.
In addition to the insurance coverage options listed above, you may find others that apply to your situation. We're proud to connect you with McGriff Insurance, an insurance broker that's a fully owned Truist subsidiary, to help ensure you have the coverage you need. Consider talking with a broker by calling 877-643-6227 to find the right type of coverage for your business wherever it's based.
Looking for more business insights?
Ready to explore?
The information provided is not intended to be legal, tax, or financial advice. BB&T hopes you find this information useful but we cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided to assist you in estimating the approximate costs associated with any bank activity. Your actual costs may vary. You should consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.
McGriff Insurance Services, Inc., and McGriff Seibels & Williams, Inc., are subsidiaries of Truist Insurance Holdings, Inc.
McGriff Insurance Services, Inc. CA License #0C64544.
Investment and Insurance Products:
• Are not FDIC or any other Government Agency Insured • Are Not Bank Guaranteed • May Lose Value
Truist, BB&T®, BB&T Securities®, Sterling Capital®, BB&T Investments, BB&T Scott & Stringfellow®, SunTrust®, SunTrust PortfolioView, SunTrust Robinson Humphrey®, SunTrust Premier Program®, AMC Pinnacle®, AMC Premier®, Access 3®, Signature Advantage Brokerage, Custom Choice Loan®, SunTrust SummitView® and GFO Advisory Services® are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners.
Services provided by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by SunTrust Investment Services, Inc. and BB&T Securities, LLC, and P.J. Robb Variable Corp., which are SEC registered broker-dealers, members FINRA, SIPC, and a licensed insurance agency where applicable. Investment advisory services are offered by SunTrust Advisory Services, Inc., GFO Advisory Services, LLC, BB&T Securities, LLC, Sterling Capital Management, LLC, Precept Advisory Group, LLC, and BB&T Institutional Investment Advisors, Inc., each SEC registered investment advisers. BB&T Investments and BB&T Scott & Stringfellow are divisions of BB&T Securities, LLC. Mutual fund products are advised by Sterling Capital Management, LLC. Mortgage products and services are offered through SunTrust Mortgage, a tradename for SunTrust Bank now Truist Bank.
The information contained herein is for informational purposes only and does not represent an official statement of your SunTrust Investment Services, Inc. account. Please refer to your monthly or quarterly statements for a complete record of your transactions, holdings, and balances.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of Truist Financial Corporation: SunTrust Bank now Truist Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., a registered broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products; SunTrust Advisory Services, Inc., a SEC registered investment adviser which provides Investment Advisory services.
SunTrust Private Wealth Management, International Wealth Management, GenSpring, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by SunTrust Bank now Truist Bank, SunTrust Investment Services, Inc., and SunTrust Advisory Services, Inc.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of Truist Financial Corporation and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.
Branch Banking and Trust Company, Member FDIC.
New York City residents: Translation or other language access services may be available. When calling our office regarding collection activity, if you speak a language other than English and need verbal translation services, be sure to inform the representative. A description and translation of commonly-used debt collection terms is available in multiple languages at www.nyc.gov/dca.
Branch Banking and Trust Company is now Truist Bank. Learn more.
BB&T and SunTrust have merged to become Truist. Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing. Our friendly teammates at your local SunTrust branches will be happy to walk you through their respective products. You can also learn more by contacting them at 800-SUNTRUST or SunTrust.com.