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Major companies like Apple, Amazon, Google and even the Walt Disney company each started in a garage. Many well-known companies developed their roots as home-based businesses. According to studies, over half of all business in the United States are based out of homes. However, many of these businesses aren’t adequately insured.

Many business owners run under the assumption that home-based businesses don’t need separate insurance because they think are covered under their homeowner’s or renter’s insurance policy. Although some homeowner’s insurance policies may cover some aspects of a business, many don’t. Of the few that do offer coverage to some degree, most policies don’t cover liability, lost income or lost data. 

If your inventory is stolen or catches fire, count it all lost if you don’t have specific insurance that covers your home-based business.

If the UPS man brings a commercial package to your house and falls and breaks his arm on your property, without proper insurance, guess who is held liable and has to foot the entire bill?

Or perhaps you make a mistake in your business by giving a client advice that costs him money? If you don’t have errors and omissions insurance, you could face a costly lawsuit that you must pay for out-of-pocket.

Typical homeowner’s insurance policies don’t provide any coverage at all for claims that are related to a business run within the structure. Some policies even consider the operation of a home-based business to be a violation of terms. Consider additional coverage.

When You Should Consider Additional Coverage

Do you have business equipment?  Most homeowner’s policies won’t cover this.

Do you keep data related to your business at home? There are policy options available to help protect home-based businesses from threats of technology failure and security breaches.

Do you have an office away from home but work from home frequently? If so, you may want to consider additional coverage to protect your business and yourself.

What Kind of Insurance Do I Need?

Although some insurers offer an indorsement on their homeowner’s insurance, they rarely offer professional liability. Other options for home-based business owners include:

General liability insurance: It is important that home-based businesses are covered under general liability insurance to protect for many reasons, including protection against any claims of personal injury. This may not only cover someone who is injured in your office, but also your belongings at your client’s office. For instance, if you are at a client’s office and they trip over your laptop, you will have coverage in the event that they sue you.

Professional Liability Insurance: Professional liability insurance is a highly important part of your business. This is also referred to as errors and omissions. If someone sues you for a mistake you made (or even if you didn’t), your policy will cover you.

Business Owner’s Policy
: A business owner’s policy, or BOP, is an excellent option as it combines protection for your business equipment along with general liability coverage. 
To find out more about home-based business insurance coverage recommendations, contact us today!

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