Insurance Maze Blog

Some homeowner’s policies offer very limited insurance coverage for certain personal property that would be used in a home business, but there is no liability coverage for your business. There are some insurance companies who offer endorsements to a home insurance policy, which provide limited coverage for an “incidental business”. For the most part, your home business is not adequately protected by your home insurance policy.

 

So, What Should You Do First?

The first thing to do is to contact a local professional business insurance agent, tell the agent about your home business and what type of work you do or the services you offer. You and the agent should be able to decide on the types of business insurance you need and in what amounts.

Your Business Insurance Needs May Include:

• Property Insurance
  Take an inventory of all business property including office furniture, copy machine, fax machine, computers, software and any other office equipment used in your home business. Also, if you inventory any type of products or materials, you will need to know the value of these items.
• General Liability Insurance
  This area may be a little more complicated than the property insurance estimate. You need to fully understand the exposure of your home business to a potential lawsuit for personal injury or property damage. Do customers or potential customers physically come to your place of business? Do you demonstrate a product in a customer’s home or place of business? Do you actually install a product in a business or residence? You need to think of all possibilities where your home business could cause personal injury or property damage to someone else.
• Commercial Auto Insurance
  If you use a vehicle, even your private vehicle, in the course of operating your home business, it probably should be insured on a commercial auto insurance policy.

 

 

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