Home Business Information

THE GOOD NEWS IS, YOUR HOME-BASED BUSINESS IS GROWING. The bad news is--your home isn't. It's a common dilemma, but not an insoluble one. All it takes is creative thinking.

"Too often, people sit there in their muddled mess of a home office and wonder why they're not happy," says Bruce Wentworth, vice president of Wentworth-Levine Architect-Builder Inc. (www.wentworthlevine.com), a Silver Springs, Md.-based architect and general contractor that specializes in residential remodeling. "They'd be surprised at some of the solutions they can come up with," he adds.

Perhaps the most obvious solution is to find ways to do more with your home's existing space. You can convert a spare bedroom into an office or find niches that can be used to store space-eaters like files or supplies. But while remodeling is a good possibility, it's not the only one. You can outsource space-hungry tasks or turn to technology--a vast array of options stand ready to help you make the most out of the space you have.

Technology is probably the answer that presents the most flexibility. John Girard, vice president and research director with Gartner Group, a Stamford, Conn.-based research firm, cites the growing wealth of Web-based application service providers (ASPs--see related story), which offer free or fee-based services like accounting, collaboration, and calendar tools.

Not many years ago, getting proper coverage on a homebased business was challenging and expensive. But insurance companies have now responded to homebased businesses' needs with a variety of flexible products to provide appropriate, affordable coverage. You have three basic options for insurance, says Loretta L. Worters, vice president of the Insurance Information Institute.

First, you can buy an endorsement to your existing homeowners policy. Standard homeowners policies provide minimal coverage (usually about $2,500) for business equipment and include no other business coverage. An endorsement increases your business property coverage, and the cost is nominal.

Second is an in-home business policy, which provides greater comprehensive coverage for business equipment as well as liability. Worters says some in-home business policies also cover such things as important papers and records, business interruptions and the cost of operating out of temporary locations.

Third is a business owners policy (BOP), a policy de signed for small to midsize companies. Worters recommends a BOP if you operate in multiple locations or often work at your customers' sites.

Besides property and liability, be sure vehicles and employees are adequately insured. And keep up on what's new from your agent.

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