40 - Wednesday, May 11, 1994 - North ‘Shore News Insuring a home-based business Turning your home into an office takes smart planning WITH THE economy recover- ing ever so slowly, more and more people are looking towards creating their own jobs. One solution which is gaining popularity is to start . your own business, usually out . of your house or garage. By Mi.H. Parnu Contributing Writer Thanks to modern technology, such as computer hook-ups and fax machines, many corporations now allow some employees to work out of their homes. No matter what the reason for working out of your home, it's important to have a very clear idea of what setting up a business means ~~ both as a time commitment and a financial reality. Part of that financial reality includes insurance for your home- based business. You shouldn't assume that because your small business is being run out of your home. that your home: insurance _ policy. -will' protect you. In most. © Cases it won't. “This is an area where | your insurance agent can be_a big help,” says Chester Wozniak, a business insurance expert. “You may have to consider a number.of basic insur- ance coverages, which are available with a business insurance policy.” : These. coverages will: protect you and.your property in-case of loss and can be categorized into four. general areas: legal liability, ~'* physical ‘assets; loss_ of use, and human assets. a . ~ Legal Liability . . * Liability, coverage insures a “business against accidents and injury occurring on the premises, as well-as exposure’ ‘to any of your : ‘company ’S Products.’ Some exam- ‘pless ke A, messenger or customer visits “your home on business and slips on™ “your: steps: Your home policy. may.” not cover you but business liability" - coverage: -would, including any legal expenses you might incur: ~fegardless of whether or.not you’ Te: : found at fault. a “, You're running a smal catering’ i business. out:of your- ‘home and a- client gets food poisoning. Again, - : _.* proper: business liability. insurance’ ” would Protect you. at , : Physical Assets — =~ ~ Business Froperty Insurance... : “ More than likely, your home insurance policy will not provide | protection for your business proper- . ty. This includes items such as your . desk, ,chair- filing, cabinets, comput- ér} tools," ell-astany stock held for sale. Do any of the above items ever leave: your. premises? If so,:ask -to arrange coverage on a “floater” basis, which’ would include theft protection from a locked vehicle. FINANCIAL SERVICES ‘Dollar Cost Averaging If you would: like information on this investment strategy, phone 925-1009 for a free newsletter. g Avis M. Lapham RFP, CLU, CHFC. § “#300 - 1497 Marine Drive, - fi West Vancouver, BC V7T 1B8. f Tefepione: (604) 925-1009 & Most business policies provide replacement cost coverage, which means items will be replaced at taduy's prices, Loss of Use — Business interruption Insurance If you fail to purchase loss of use for your assets, you may be doing only half the job. Although your business stops operating due to a loss, you will still have expenses that continuc, such as rent and utilities. Coverage is available so you can continue receiving an income while totally out of business as well as regaining your customer base. Liability/Physical Damage For Your Automobile Don’t forget to advise your insurance agent if you use your vehicle for business purposes. If you don’t let your agent know and you have an accident, in the worst case scenario your claim could be denied und your policy cancelled. Human Asset Protection You are the most valuable part of your business, and as such you need to protect yourself. Coverages normally available as an employee of 4 large company are not there for you when you are a sole proprietor, You could lose. your business and all your assets ?£ you become disabled. You need to have both disability and life insurance protec- tion. “Most home businesses should be able to purchase all the cover- ages we've outlined,” says Wozniak, “Carrying the right type of insurance for the proper limits is an essential part of your business oper- ations. It can mean the difference between being in business for the short term or the long run.” If you’re 55, it’s a great time to be a VanCity member. That's because now you can ‘begin taking advantage of our Gold Club — a complete “package of. : no-charge . financial services.:And it’s _ easy ‘because Gold’ Club: a membership i is automatic. Great Rates. ‘Plus™ A. Bonus. VanCity’s non- redeemable annual interest term deposit rates already beat the posted rates of the five Lote major banks, Canada Trust and the HongKong Bank of Canada by V/4% and for a limited time on our 5-Year Non- Redeemable Annual interest Term Deposit, we beat them by 3/4%.* GUARD Rate Watch ... THE RETIREMENT SPECIALISTS Monthly income or $50,000 Investment AGE RRIF Minimum pe ee | 60. | 404200 | ea 82 | 361.16 139.00 | 260, 200.2 | 434. a2 | aos. | 381.97 | 167.00 | 402,92 477.75 | 445.17 | 418.47 | 308.60 Ta a) Solguard Financial Ltd. . 401-100 Park Royal S., West Vancouver Building better retirement incomes since 1974 For Gold Club members, the news .is even better: On tional 8% And vas Let vt Us send You Away “For A Term. Here’s a offer ‘special - any ‘member can. take Depcsit, you can ‘enter to wina $5, 000 o‘dréam, vacation to anywhere in the world. 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