Learn how to find the right coverage for your home business.
If you work from home, then you have coverage from your home insurance. However, a standard homeowners policy will not cover many aspects of your business. Does this mean that you need to pick up a business insurance policy as well? Here is some information to help you find the right coverage for your home business.
What does standard homeowners insurance cover?
Your homeowners policy generally covers your home, your belongings (such as furniture, clothing, electronics, etc.), and your personal liability. This means that if a lighting storm damaged your roof, then your homeowners insurance would pay for repairs. Additionally, if you were to accidentally damage your neighbor’s home, your insurance would cover your legal fees.
Is my homeowners insurance enough?
No necessarily. For instance, if you have business equipment or supplies, then your policy might not cover them. Additionally, your homeowner’s insurance probably will not cover business documents even though you keep them in your home. Finally, if you have employees working from your home or if you clients coming to your home, then your home policy won’t cover them if they are injured.
How can I get the additional coverage my home business needs?
If your homeowner’s insurance cannot protect your home-based business, then there are ways to get the additional coverage you need. For instance, you might be able to add an endorsement (aka policy rider) to your homeowners insurance. Having a separate liability policy can also help cover your business’s liability risks. Other coverage possibilities include an in-home business policy, errors and omissions (E&O) insurance, or a business owners policy (BOP).
Use this information to find the right coverage for your home business and speak to your insurance provider to determine your risks. Looking to get coverage for your business? Then you should trust the experts at John Scott Insurance. Contact us to get covered today!