Many large companies have started in the back room of an apartment, house, or garage. But commercial insurance isn’t only for big businesses, because however big or small your home business is, your home insurance policy won’t cover business-related claims. Whether you work at home for an employer or for yourself, home business insurance is necessary to protect your income and your future.
Just some of the home-based businesses we find affordable coverage for include:
As your broker, we’ll help you determine which coverage you need, and which you don’t. Our general recommendation is that home-based business insurance typically includes the following coverage:
Injury and damages that your home business is found to be legally liable for—on your premise or elsewhere—aren’t covered by your home insurance policy. Even a courier slipping on the icy steps on the way to your mailbox for a delivery related to your business can result in a costly claim.
Commercial general liability (CGL) insurance protects you against lawsuits should the unexpected happen to any of your clients or associates in a business-related accident or error. Whether a client trips on your stairs, or you’re found liable for a costly error, CGL is the first and most important coverage to be considered for your home business.
Most business assets that you store at home won’t be covered by your home insurance policy in the event of property damage or loss. To protect your business equipment and inventory against events such as fire, water damage, theft, lightning and earthquake, you’ll need separate contents insurance.
Be sure to inform your insurance broker about your home-based business, as failing to do so could invalidate your home insurance policy.
If you use your vehicle for your home-business, your regular auto insurance policy won’t cover you in the event of any work-related accident or mishap.
Sometimes home-based business insurance can be added as an extension to your existing home or property insurance. If your business is larger than a one or two-person operation, you may need to consider standard business or commercial insurance.
If you have any questions about your home-based business or would like a no obligation home business insurance quote, please call Mitchell & Whale Insurance Brokers at 1-800-731-2228 or email us at email@example.com. We’d be happy to help!