The biggest contribution of social media today is, it opens opportunities even for typical people to do business. Even students can easily sell a product online. Working parents juggling sideline businesses, children and home life can still get customers due to the publicity given by social media. It is such a big help for people to build their brand and earn money.
Moreover, business establishments are no longer limited to physical stores you can find in the mall or parks because virtual shops are becoming so popular. Of course, it is easier and more efficient to sell and buy things over the internet as it not only saves time and effort but increases the likeliness of being recognised as a legitimate business because your buyers can quickly leave reviews about your product.
Now speaking of reviews, it is also crucial that your product receives good feedback but what if you encounter a nuisance where one customer claimed that the product you sold to them is ineffective or even harmed them? Or what if a delivery person slips and falls on your property or your business equipment is destroyed in a fire? This is where insurance takes over.
Well, do you still need insurance if your business is home-based? Yes.
First, because insurance is a coverage specifically designed for your home business that will guarantee you protection and support in any case your business experiences a crisis. Second, a business is a business. Even if you don’t have a physical store, this doesn’t exclude you from the responsibilities of being an entrepreneur. You still need to secure the right documents so your business is legal which is no different from brands with physical establishments. Lastly, being a home-based business that will most likely leverage the use of social media to market products and make transactions over the internet can be risky too. Not to mention the amount of hackers that may try to get into your data and steal the payment system of your business and take information related to your customer’s credit; hence, this makes you more vulnerable to other types of threats that may be used against you in the future if you are not proactive enough.