Three Policies You Might Need if You Operate a Home-Based Business
thinksem-dev • April 11, 2014
Do you run a business out of your home? Do you think your homeowners insurance will cover you if a deliveryman slips and falls on your front porch? What if you have a fire and your office equipment and records are destroyed?
The typical homeowners insurance policy provides little, if any, coverage for business-related claims. What can you do to get appropriate coverage? Consider the following three types of policies.
- Endorsement on your homeowners insurance policy. You can add an endorsement to you homeowners insurance policy that will cover a minimal amount of business equipment, such as $2,500, and additional liability coverage for those slip-and-fall incidents. This type of endorsement is appropriate for people who are employed by a larger company but work full-time out of a home office, or for those who run a home-based business with minimal office equipment and records and infrequent business-related visitors. Freelancers and contract workers: this coverage may be for you!
- In-home business policy. You can purchase an in-home business policy that might cover up to $10,000 in business property and from $300,000 to $1 million in business liability. It also includes loss of use coverage, which provides reimbursement for lost income and ongoing expenses if you are unable to work because of a covered event in your home, such as a fire. In-home business policies also provide coverage for loss of valuable documents, accounts receivable, offsite business property and use of equipment.
- Business owners policy, or BOP. A BOP is an “off the shelf” policy designed to provide several types of more comprehensive coverage for small businesses, bundled into one affordable policy. A BOP is recommended for home-based businesses that operate in more than one location or that manufacture products outside the workplace. If you need more than $10,000 of business property coverage as well as coverage for damage to equipment and other assets, a BOP is probably the right policy for your in-home business. BOPs also provide liability coverage for customer injuries, loss of critical records coverage, and business interruption coverage.
Depending on the type and size of your business and the amount of equipment and assets you keep inside your home, you might need additional policies. You also will have additional insurance needs if you have employees. Other policies you might need to consider include professional liability insurance, workers’ compensation insurance , commercial automobile insurance and more.
Do you have an in-home business and fear you might not have adequate insurance coverage? Contact us today to discuss your needs.
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