Home Office or Part Time Home Business
In this economy, working from home can be a great way to supplement your income or start a new business.
A home office has a great many benefits, such as saving gas and time on commutes, the flexibility to be home for kids and the family, and the chance to start a new business venture with little overhead.
The key point however, is that it is business which is being conducted. Like any other business, it needs to be insured.
Many folks that utilize a home office and/or work out of their homes make the unfortunate assumption that their homeowner‚Äôs or renter‚Äôs policy will cover any losses. Those policies don‚Äôt cover businesses. Personal auto policies generally do not cover your auto when being used primarily for business purposes.
In addition, many policies have exclusion provisions for ‘illegal’ acts which could include business being conducted in a residential area, so it is important to check your town‚Äôs specific ordinances and business permitting.
If you are just starting out running a business from your home, it is important to meet and review with your licensed insurance professional how your business operates and conducts business. That way, together you can determine the right coverage for your home based business.
Normally, there will be a liability and property policy needed as well as worker‚Äôs compensation. Often, your insurance professional can combine the liability and property coverage into a business owner‚Äôs policy.
Do not risk your home and assets on not knowing. If you have a business, you have risk.
Talk to your licensed insurance professional and learn what is needed to protect your business, no matter how small or large.