Is My Home Business Covered On My Home Insurance?
You may be running a home business operation out of your house that is insured, but NEWS FLASH! The business isn’t covered under your homeowners insurance policy. Not only do
you have work property that could be damaged, destroyed or stolen, but you also
have data and business income whose value wouldn’t be covered under standard
home insurance. Additionally, you might have inventory or the property of
others stored at your house. If it is lost or destroyed, you will need coverage
from a small-business policy.
The good news is small companies and sole proprietorships
are booming in the United States, and insurers have responded with multiple
types of insurance policies for in-home businesses. Some are written for the
most basic protections — property loss and liability claims — while others are
highly specific about the type of business you run, such as catering, cosmetic
sales, tailoring or music lessons. Notice that some at-home businesses involve
children and other clients entering the home. Very expensive, very serious
claims that run up astronomical legal bills can arise any time your business
entertains in-home visitors, especially children, so have an in-depth talk with
your Trusted Choice® Independent Insurance Agent about liabilityinsurance for your business, possibly including umbrella, or excess, coverage
that broadens your protection.
With ransomware, malware and all sorts of other
cyber-security concerns, a conversation with your insurance agent about cyber
risk insurance is another smart move, as is taking online backups and cyber
security seriously.
And if you have employees who work in your home or make
deliveries for you, you’ll need to look at workers compensation and business
auto insurance. Commercial auto coverage is also important if you use your own vehicle
for business purposes. There are increasingly flexible options, which makes
picking a tailored policy possible in many circumstances.
With the new boom in entrepreneurial spirit and myriad
opportunities to be your own boss, there is a new freedom in earning a living.
But there are also important administrative considerations, with appropriate
business income, liability and property protection topping the list. Whether
you want a business owners policy (BOP) that fits well for your small business
at home or a set of stand-alone commercial insurance policies, your Trusted
Choice Agent will be able to guide you to a great set of affordable choices.
Author: Jennifer Burnett
Original Content from MAIA The Mix
Author: Jennifer Burnett
Original Content from MAIA The Mix
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