As the commonality of home-based business continue to rise, it is becoming increasingly more important to make sure that your business is adequately protected. Many business professionals that run their business from their home are misinformed and assume their assets will be covered under their existing homeowners’ insurance policy or business insurance policy that applies in the office. However, depending on your line of work, you may need additional coverage in order to receive full protection.
If you answer yes to any of the following questions, you may need to purchase additional coverage:
- Does your standard homeowners’ insurance policy have a limit in coverage of business equipment?
- Do you work from home on a regularly basis as opposed to your office at work?
- Do you ever conduct business in contacts’ homes or allow contacts or employees to visit your home?
- Is any of your business data stored at home?
Typical Home-Based Business Insurance Policies Include:
- Rider to a Homeowners/Renters Insurance Policy – This is the least expensive option because it only provides limited additional coverage. If your business is run by a one-man operation system with limited liability exposure, this may be the perfect choice for you.
- In-Home Business Policy – This will offer you coverage for business liability protection, and replacement of lost income from fire, theft, or any other disaster. This will act as a single policy, eliminating any gaps or duplications in coverage.
- Business Owner’s Policy (BOP) – This will over you the most comprehensive coverage, protecting you from unexpected business interruption, damage to data or business equipment, and protection from malpractice or professional liability claims.
Stromsoe Insurance Agency is available for all of your California business insurance needs. Contact us today and allow us to provide you with the peace of mind knowing your assets are adequately protected.