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If I have a home-based business, is that covered under my homeowners policy?
When handling a home-based business, owners become consumed with the motivation, capital and advertising to get that business off the ground. Generally, according to research, the first five years are the hardest and one out in five businesses will fail. Besides the risks of running a home business, what happens if fire or other disasters destroy business inventory?
According to the Insurance Information Institute, a typical homeowners policy generally covers only $2,500 in business equipment. What about lost income?
You may be able to increase your business property limit. Your policy may allow you to add an endorsement that covers liability in case visitors are injured on your property. For example, if you have a tutoring business in your home and one of your students becomes injured due to a fall on your property, you want to have the best coverage in place.
Shop around for in-home business policies that may provide more benefits even covering other employees. Most will cover up to three employees that work full-time. What if that student you tutored falls down the stairs and tries to sue you? These are questions you need to ask your insurance provider.
If your business involves selling a product, different coverage is needed than someone who is selling a service. Small business policies were the solutions in the past for home-based businesses but were extremely expensive. Now you can customize your insurance to fit your needs.
Before shopping for insurance, however, it is important to have a complete inventory of your property. Keep accurate records of purchases and do keep receipts. So many are overwhelmed with the process of selling or servicing clients that they lose track of the basic needs which includes what they own as far as materials and how much it is worth. This can make a huge difference in the cost of your insurance.