Most people that work from home have their homeowner’s policies cover thier business insurance as well. The majority of these policies, however, do not have enough coverage for all your business property, liability or interruption needs.
There are three choices available when insuring your home business. ADDITIONAL COVERAGE
Depending on the type of business you operate, you may be able to add coverage to your existing homeowner’s policy which doubles the standard limits for business equipment. Some insurance companies have begun offering an “add on” to your policy that includes property and limited business liability coverage. These “add ons” are typically only available for businesses that generate less than $5,000 gross sales annually.
IN-HOME BUSINESS POLICY
The insurance industry has responded to the growing number of home-based businesses by creating in-home business insurance policies. For about $250 per year you can insure your business property for $25,000. General liability coverage is also included in this policy. A business owner can also purchase from $500,000 to $2 million worth of liability coverage. If your business is unable to operate because of damage to your home, your in-home business policy will cover lost income and ongoing expenses such as payroll for up to one year. The policy often provides limited coverage for loss of valuable papers and records, accounts receivable, off-site business property and use of equipment.
BUSINESS OWNERS PACKAGE POLICY
Created specifically for small businesses, this policy is an excellent solution if your home-based business operates in more than one-location or manufactures products outside the workplace.
Some home-based businesses violate the conditions of your homeowner’s policy.
To get insurance coverage that won’t overlap, conflict or leave you exposed, please check with us.
USE YOUR CAR FOR YOUR BUSINESS?
If you are using your automobile for business activities ‘transporting supplies or products or visiting customers’ you should make certain your automobile insurance protects you from accidents while you are on business.
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