Business Tools Downloadable checklists, model business plans, forms and other documents. Our small business online advice columnist. CCH Online Store Books on small business topics. Free E-mail Newsletter Monthly updates on developments affecting small businesses. Even if it is totally unrelated to your business, an auto accident that leads to a large legal judgment against you can be hazardous to your personal economic health and to that of your home business.
Liability insurance is the most important.
It provides compensation to persons who would be able to sue you for personal injuries, medical payments, loss of earnings, or damage to their property arising out of an auto accident. Property damage coverage includes such collision and comprehensive coverage, which compensate you for damage to your car, and assorted damage to it caused by such things as fire, theft, and vandalism. In most states, all motorists are required to have a specified amount of liability insurance, although it's usually not enough to protect you or your home business. If your auto is financed through a bank or other commercial lender, the lender will require you to carry both collision and comprehensive coverage. Impact on your business.