A lot of businesses in America are home-based.
A lot of businesses in America are home-based. However, just because you set up a shop in your home, does not mean that your homeowner’s insurance will cover all of your business needs. Typically, homeowners insurance does not cover liabilities such as the loss of data or your income. Doing your research and having a business plan assures you that you’ll have the right type of coverage as well as the right amount. If you’re curious to learn some tips about home-based insurance, then keep reading. We’re here to give you some tidbits about how to protect your home business.
Some Homeowners Policies Have Increased Business Property Limits
Some policies cover up to a specific dollar amount for personal property that you use or require storage inside of your home. You may also receive coverage for any personal items or merchandise used outside of the house. Depending on how small your home business is, this may be enough coverage. If you find yourself needing more coverage, then what you can do is increase your coverage amounts with a homeowners policy endorsement.
In-Home Business Policies
If your work requirements a lot of equipment, then this may be the best plan for you. It offers more comprehensive coverage for your work materials than a homeowner’s policy would. Another name for this kind of policy is an in-home business endorsement. Depending on the insurer you go with, policies vary. You may want to consider this option if:
- Less than $5,000 worth of business equipment is at your home
- You never invite customers to your home
A Business Insurance Policy
A homeowner’s insurance policy can indeed come with liability protection. However, it does not cover home-based business activities. For example, if a customer makes a visit to your home and ends up injured, the homeowner’s insurance may not cover this incident. You can fill the gaps in coverage with a business insurance policy. You want to consider business insurance policy if:
- Customers come to your home so that you can provide them with a service (filing taxes, hair services)
- $5,000 or more worth of equipment related to your business is at your home
- You rely on your home business to support your family or household
Partner with Malden Solutions Today
Malden Solutions has a wealth of expertise in providing employer insurance solutions, HR solutions, and individual insurance solutions to businesses both big and small. Our team of seasoned professionals can help you navigate the rapidly-changing world of insurance with ease. We partner with businesses and individuals throughout the country to provide our dedicated services for employee benefits but also work within our surrounding communities in Maryland, Northern Virginia, and Washington, D.C. Contact us today to learn more about how we can provide effective, dynamic solutions for your business. Stay connected with us on Twitter, Facebook, and Linkedin.