Insurance for you home-business

More and more people are starting home-based businesses, for everything from marketing homemade products to keeping a home office for a consulting business. From an insurer’s perspective, this adds new types of risk to your home, and therefore, may require additional insurance.

  • Residential policies provide limited coverage on business property

    Anything you use in running your home-based business is subject to the limits of insurance and/or might not be covered at all. Be aware that:

    • Dollar limits apply on business property, computer and software. This limit might be as low as $2,000 in total, which generally would not cover even the most basic home office.
    • Your policy might completely exclude any special equipment that you keep in your home for business purposes.
    • Items that are covered for business use are only covered while in the home. As an example, if the computer you use for your home-based business is stolen while on a trip, it would not be covered.
  • Home businesses also require added liability insurance

    Whether you cut hair, manufacture a product, provide a service, go visit customers or your customers come visit you have an increased risk of liability that your insurer may not want to cover on the basic insurance policy. Solutions are available, often they are very inexpensive.

    Always consult your insurance expert to make sure that you are covered
    Your broker can tell you more about the basics of insurance and can help you make sure your needs are covered.