If you are running a home based business you should have insurance in place. Your home insurance policy may NOT provide adequate coverage for your business. Most home owner policies exclude or restrict business property and exclude liability on premises where business is conducted.

Getting the insurance in place, however, is not complicated and in many cases it can be a simple endorsement to your homeowners policy. Depending on the type of business, you may need to get a special commercial policy.

Some of the items that you may need to insure would include business contents –inventory supplies and equipment used in the business. Business contents off premises will also normally be included in the home based business endorsement. This will insure your business contents when you transact business away from your premises.

Business liability will also normally be included in a home based business endorsement and will follow your homeowners liability limit.

If your home based business has higher gross receipts, more employees than the insurance company accepts, or if the coverage limit on the personal homeowners endorsement is not adequate, then a commercial policy would be required. In many cases the prepackaged commercial policies are not that expensive in relation to the risk being insured.

For more information, please contact one of our brokers.