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Small business owners already have enough on their
plate and don’t want any unnecessary stress added. Between managing employees,
talking with customers, and planning for the future of your business, the last
thing you want to worry about is an electrical issue or major appliance failure
bringing everything to a halt. And while insurance is an important necessity,
it doesn’t always cover everything. That’s why some business owners have turned
to home warranties for extended peace of mind. But are home warranties always
the best option for your small business? Let’s look at the costs associated
with them, the advantages they provide, and what you should consider to make an
informed decision.
The
Costs
The idea behind a home warranty is to limit the amount
of unexpected costs for your business in the case of a failure. However, to
mitigate that risk for the future, a home warranty requires payment on the
front end via annual premiums. Similar to the way an insurance policy works, home
warranties require payment now for added protection that will come in handy
later.
Depending on where your business is located, the costs of a home warranty will vary. For those in the US, states in the northeast have higher average annual premium costs compared to those on the west coast like California and Washington. There are many variables that go into premium pricing, but states like Connecticut — which has the highest average annual premium costs in the US at $679 — tend to have older structures and much harsher weather. On the other hand, states like Washington on the west coast generally have newer buildings and much less severe weather so the average plan costs are less.
Besides location, it’s also important to factor in
other fees when addressing the costs of a warranty. … Read More
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