It’s true that your homeowner’s policy may provide a limited amount of coverage for business-related personal property in the home. However, it may not provide full coverage for property loss or if someone sues you due to your negligence. Don’t wait until you have a loss to determine your coverage. Contact your insurance agent or broker to figure out your insurance needs before you have a loss.
Business-related losses typically covered under a homeowner’s policy
The typical homeowner’s policy will cover a limited amount of businessrelated property. It also may cover a small amount of business activity, such as a boarder, or an in-home office with limited clients. However, homeowner policies generally include exclusions for business-related losses. It is very important to discuss your business with your agent or broker so they can make a complete assessment of your business insurance needs.
Types of coverage to consider
- Business-related personal property coverage (computers, furniture, etc.)
- Inventory
- Off-premises coverage for business-related personal property
- Business property of others
- Accounts receivable (up to a specified limit)
- Liability coverage, which may include personal injury, products and completed operations, incidental contractual liability, and general commercial liability
- Electronic data processing coverage
- Valuable papers
- Business interruption and extra expense
How to find home-based business coverage
Most insurance companies that offer homeowner coverage will also offer a "rider" or extension of your homeowner’s policy. This broadens your coverage to include your home-based business.
However, if your business employs full-time employees or generates a sizeable income, you probably should think about more complete protection provided by a commercial policy. Commercial policies are separate from your homeowner policy. Your insurance agent or broker can help you decide your coverage needs and what coverage is available to you.
If you are a home-based business owner, you might also check within your community for trade groups and industry organizations for additional assistance. Often these groups can provide information and access to discount or specialized coverage tailored to your particular business needs.
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