How to secure insurance protection for your home-based business.
If you are running a business from home, then you may assume that your homeowners insurance policy has you covered. Unfortunately, this probably isn’t the case. Because most home insurance policies exclude coverage for business-related assets, you’ll need to find alternative coverage options. Here’s what you need to know about insuring your home business.
If you need to secure insurance coverage for your home-based business, then you have some options. One way to secure additional coverage is with policy endorsements. Many insurance providers offer homeowners the ability to add endorsements to their existing home insurance policies to protect things like their business equipment and assets. It’s also possible to secure liability endorsements for your home business, but this coverage is subject to certain conditions. Typically, insurers only offer these types of endorsements for home businesses that receive few visitors and clients.
If the coverage offered by home business endorsements isn’t enough, then you can also secure a business owner’s policy (BOP). BOPs offer small business owners a range of basic commercial coverages in a single policy. Typically, BOPs offer general liability, commercial property, and business interruption insurance. Many insurance providers also give business owners the opportunity to customize their BOP coverage by adding additional coverage such as cyber liability, equipment breakdown, and product liability insurance.
If you need special forms of coverage not available through endorsements or a BOP, then you will have to secure separate business insurance policies. Because your home business may not have the same insurance needs as traditional small businesses, make sure you work with an insurance agent you trust to secure the necessary coverage.
This is what you need to know about insuring your home-based business. Do you have additional questions about your homeowners insurance? If so, then contact the experts at Weaver & Associates in Arcadia, California. We are ready to assist you with all your home coverage needs today.
