Insurance insights: new products available for home-based businesses.(Professional Resources)

Over the past decade, the number of home-based businesses in the United States has grown tremendously. In fact, a 2002 survey by the Independent Insurance Agents & Brokers of America (IIABA) found there were 12 million home-based businesses in America. This survey also reported that a majority of the home-based businesses were not properly insured. Madelyn Flannagan, IIABA vice president of education and research, stated, "Proper insurance coverage can protect business owners from losses that can devastate a home-based business."

MTNA, through the Robert H. Clarkson Insurance Agency, now has available a variety of new insurance products geared toward home-based businesses.

Home-based businesses, including music studios, are at risk for significant losses associated with accidental damage, theft, natural disasters, automobile accidents and liability if an employee or business guest is hurt while visiting the home-based business. Many people may not be aware of gaps in their current coverage. For instance, someone using a personal automobile to drop off the mail at the post office on the way to their music studio has an accident. Is this covered under a personal automobile insurance policy or the studio's business policy?

There are many other similar examples of gaps in insurance coverage. The IIABA recommends the following:

* Check your homeowner's and automobile policies; homeowner's insurance (and personal automobile insurance) is not meant to cover your business exposure and, in most cases, excludes it specifically.

* Check your business insurance policy options: there are several choices to consider, and many can be tailored to suit your specific needs.

* Protect yourself: this is your full-time occupation and, as a business owner, your life, health, disability and worker's compensation insurance play a vital role in overall protection.