home Insurance The Risks of Being Uninsured

The Risks of Being Uninsured

Most people these days have some sort of insurance; some kinds are even required by law. Whether it be medical insurance or coverage for your property, insurance is a must have in order to save time and money in the long run. However, it’s a sad truth that many business owners operate without adequate insurance.


Recently, home based business owner Brandi Greygor came to a startling realisation. The fact that she had no insurance for her business and personally drove around every day delivering merchandise was a recipe for disaster. Her every day schedule involved driving to home parties, exhibition halls and the homes of her clientele for her company ‘Sassy Mama Boutique’ selling women and children’s clothing and accessories.

As part of her business, Greygor used to drive merchandise to halls, gymnasiums, and conference centers for a show or exhibition to be held the following day. As a result, the products were left unattended for the entire night. More alarming than that, however, was the fact that this merchandise would easily be worth $20,000 to $30,000 of her income, severely curtailing or even bankrupting her in case of theft or destruction. Greygor’s home based business was uninsured for close to a year before realizing the chances of loss where extremely high in cases of accidents, fires or theft.

Greygor’s story is not uncommon. According to the Independent Insurance Agents and Brokers of America, more than 60% of the home based business owners lack sufficient coverage in their insurance policies. Like Greygor they face the very real possibility of severe losses in cases of unexpected accidents. As Greygor who finally purchased an insurance plan points out, she could very well have been in a situation where she lost everything as a result of being uninsured.


For many who rely on delivering their goods to and from locations, there is an urgent need for a sound insurance policy. For instance, Logan Hale of ‘Your Little Film’, a video and graphics company based in Los Angeles found out that the lack of insurance could have resulted in heavy losses for his business. Being a professional videographer, he would often travel with very expensive equipment. In 2011, Hale decided to purchase an insurance that protected his equipment from the dangers of theft or damage. He also made sure that his insurance policy covered property damage that could have taken place while he was inside a customer’s house or filming outdoors. These addendums to the policy, he said, made for an easy night’s rest and ensured that he did not have to face a financial crisis.

Finding the right business insurance for your home based business is an important step towards continued success. While it’s easy to overlook these scenarios as unlikely, having a good insurance policy is the best protection against risks both known and unknown. It allows owners to sleep easy and night, and spend their valuable time and attention on the core tasks of the business rather than worrying about disasters.

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