Homeowners Policy Endorsement
You may be able to add a simple endorsement to your existing Homeowners
Policy to double your standard coverage for business equipment such as
computers. For as little as $25 you can raise the policy limits from $2,500
to $5,000. Some insurance companies will allow you to increase your coverage
up to $10,000 in increments of $2,500.
In-Home Business Policy/Program
An In-Home Business Policy provides more comprehensive coverage for business
equipment and liability than a Homeowners Policy. These policies, which may
also be called In-Home Business Endorsements, can vary significantly
depending on the insurer.
Some In-Home Business Policies allow a certain number of full-time
employees, generally up to three. In-Home Business Policies generally
include broader Liability Insurance for higher amounts of coverage. For
example, they may offer protection against lawsuits for injuries caused by
the products or services you offer.
Business Owners Policy (BOP)
Created specifically for small to mid size businesses, this policy is an
excellent solution if your home-based business operates in more than one
location. A BOP, like the In-Home Business Policy, covers business property
and equipment, loss of income, extra expense and liability. These coverage
plans are offered on a much broader scale than the In-Home Business Policy.
If you are not sure what type of insurance your in-home business
requires, give us a call for a no obligation quote. (603) 437-1992
Protecting Your Home Office
Having a home office can be a great way to save on
overhead but don’t try to skimp on your insurance costs. Many home business
owners make the mistake of thinking their Homeowner’s Policy will cover the
loss of costly business equipment. Most Homeowner Policies will give a small
amount of insurance coverage for inventory but there are strict exclusions
for liability claims arising from any: “for-profit” activities.
Some “office only” type businesses can be insured safely against liability
claims under a Homeowner’s Policy. It is important to note that professional
liability insurance needs would not be included in those policies. There are
insurance packages specifically designed for in-home businesses that are
available at an affordable rate.
A typical Homeowner’s Policy provides just $2,500 coverage for business
equipment, an amount that is probably not enough to cover all business
property. The business may also need coverage for liability and lost income.
Insurance companies often differ greatly in the types of businesses they
cover and the cost of the policy. Therefore, it is very important to
investigate coverage options as well as price.
No matter what type of policy you opt for, you will most likely need
Professional Liability Insurance. Some types of in-home businesses may also
require special policies. To insure your in-home business, you have three
basic choices depending on the type of business you have. Those options
include:
