Covering home base
Covering Your Assets
Congratulations! You have achieved your dream of being your own boss, and conquering the world with your new home-based business. While you may have dotted all the i’s and crossed all the t’s, you may think that your current homeowners insurance will help cover any business-related damages or losses at your home. The truth is, your home insurance policy will likely be missing key coverages you need to protect your business and its assets. For example, your policy probably won’t cover any of your inventory that gets damaged or stolen. Here are some other things not covered in your personal policy:
If your expensive business equipment gets damaged or stolen
If your business equipment causes an electrical fire or similar disaster
If you damage a customer’s property, such as their car
It gets even worse: if your home insurance provider doesn’t know about your home-based business, they might not even cover your home at all in the event of a disaster. Business-related risks like the ones above could cause damage to your property, and if your home insurance provider isn’t aware of these additional risks, they might invalidate your home insurance policy and leave you without any home coverage. So what should you do? The first thing is to check over your current homeowners insurance and make sure that you are covered. If not you can contact a trusted, local agent to look over your policy for you. Commercial property insurance can help you cover your home and your home-based business. This coverage can help you protect your business contents if they’re damaged or lost, including inventory, your electronics, and any specialized equipment you use for your business operations. Commercial property insurance also covers things outside of your home, including outdoor signs, fencing, and landscaping. With commercial property insurance, you can make sure that your home-based business is properly protected, inside and out.