Millions of self-employed professionals operate their businesses from home and rely on their homeowner’s insurance policies to provide protection for their home based businesses. While your house is protected, your important business files, equipment and operations may not be. To properly secure your home business, you should seriously consider home based business insurance.
In fact, using your home for activities your insurer isn't aware of (like operating a home based business) may invalidate your homeowner’s policy, leaving both your home and business at risk.
Home based business policies are designed specifically to handle the business insurance needs of a business that is operated from an insured’s home by providing coverage for business personal property (equipment, inventory and supplies) and business-related liability exposures. In addition, a Home Business Insurance policy can provide coverage for lost income. Coverage provided includes losses or damage from business activities conducted at the insured’s home or off-site at another location. That means business property is protected while an insured is in transit and provides liability coverage when they are performing business-related activities at a craft show or someone else’s residence.
Home Business Insurance policy is specifically designed for home-based businesses, crafters, and hobbyists. Some examples of In Home Businesses are: selling clothing, jewelry, skin care products, Tupperware, nail art, makeup, small consulting practices, online retail operations.
Insurance Solutions can include:
General Liability Policy – If you don't have inventory or equipment in your home or at offsite locations, you might want basic coverage with a general liability only policy. This will protect you if you’re sued for negligence, personal injury or a faulty product.
Business Owner’s Policy – Helps cover structures on your property - where your home-based business operates. Can also cover damage to inventory or loss of business income if your home is damaged by fire or high winds. A standard business owner’s policy combines property and liability coverage.
Business Owner’s Policy with Endorsements – You can tailor your business owner’s policy with added endorsements like Data Breach for example, if your business stores personal information about customers or employees. Add Optional Business Income for Off Premises Utility Services (OPUS) coverage to help cover a loss of business income resulting from an interruption in utility services.