Home-Based Business

Does your Homeowners Insurance Cover Your Business Losses?

Probably Not!

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At lest 60 percent of in-home businesses are not properly insured, and 68 percent of home-based entrepreneurs between 55 and 64 years old lack adequate coverage to protect their businesses - more than any other age group, according to an Independent Insurance Agents of America (IIAA) study.

The IIAA study also showed 44 percent of home-based business owners without proper coverage did not buy insurance because they thought they were covered under another policy, not because of policy cost.

If you run a business out of your home, you are at risk of theft, fire or a lawsuit. It could mean more than just losing either your home or job, you might lose everything.

Intertwining business and personal insurance needs can be confusing because your homeowners insurance policy may protect you in some areas, but not others.

The problem is that most homeowners and renters policies exclude coverage for losses related to business activities. Consequently, the small business person is counting on coverage that simply is not there, and could be out of luck in the event of a property loss or liability claim.
Some examples of business exposures typically excluded by homeowners policies:
· Damage to or theft of inventory, supplies, and business equipment.
· Liability for clients injured while visiting your home for business purposes.
· Off-premises liability, such as damage to other people’s property.
Don’t make the mistake of assuming your home business and its equipment are covered by your current policy. Just one loss could put your small business out of business. But don’t panic. There are affordable solutions to the problem.

An In-Home Business Policy extends coverage beyond the standard homeowner's policy to include business general liability, business property on and off-premises, medical payments and loss of income.

If you have a home-based business, either large or small, please call to discuss how best to insure these exposures before a loss puts you out of business or your home.