Changes in technology and the economic downturn mean more of us than ever before are working from home. What some ask and many don't realize is this practice has special insurance needs because it is likely that it won't be covered on you homeowners policy, for liability for instance, or there will be restrictions on the level of protection on damage to property. If you are employed by someone else, you should check with them to see how the coverage applies, but if you are self-employed, you almost certainly need additional coverage.
What kind of coverage might you need?
- Well, first you might be able to get an endorsement added to your homeowners policy to increase protection on business property.
- If your business income exceeds about $5000 though, or you are worried about liability you need a separate home business insurance policy, which can also cover the loss of income if your business is interrupted due to damage to your home.
- For maximum protection, you should consider full Business Owners Policy. This can protect you from most hazards you can incur in your home business.
If you are in business at home, you should definitely talk to us. Give us a call or respond on our website.