Do you work from home or are thinking about taking that leap? In this day and age of technology and Internet connectedness it is easier to be at the office without actually being at the office.
When it comes to insurance, though, working from home poses unique insurance questions, such as:
- Is your business property covered on your homeowner’s policy?
- What is the liability and related coverage for business clients and customers come onto your property?
So how do you provide protection for a home-based business or an office where you work from home? And how much does a policy like this cost?
Many of the insurance companies we work with offer coverage for home-based businesses and home offices. These endorsements provide coverage for your business contents, business liability, and some even provide business interruption coverage in the case of a fire or other covered peril. The cost for these endorsements will vary based on the business and of contents that need to be covered.
The basic homeowner’s insurance policy provides anywhere from $500 to $1,000 in coverage for business property in your home. This includes things like computers, desks, and tools. Liability is excluded for any business pursuit.
If you are a mechanic or machinist and own your own tools but do not work at home, there is should be limited coverage for your tools at your work place. If you are not sure about this, contact us and we can provide a policy to cover your tools.
Policies for working from home/home office are underwritten based on the business you are in. Some businesses may not qualify due to the risks involved. If this is the case, contact us and we’ll work to provide you with a separate commercial policy. Please note, this policy may be slightly more expensive.
When in doubt, please contact us to see if a Home Business Policy in your best option.