If you are one of the many people that run your business from home, it is vital that you contact your insurance agent about any necessary changes or coverage that must be purchased to ensure you are adequately protected for your business risk.
Whether it is a small business on the side, or your primary source of income, many homeowners and renters insurance policies exclude certain types of business if the correct amendments or riders are not purchased. Potential risks of not properly covering your individual business could include strict limits on business property or denial of a claim all together for liability or business property.
For example, if someone runs a carpentry business out of their home and one of the products sold causes harm or injury to a customer, there would be no coverage under a standard homeowner’s policy. It is important in a situation like this to have the right business liability so that should a scenario like that arise, that person would be adequately covered.
We can help make sure there are no gaps in your business coverage, but it is essential that you tell your agent about any and all business that may be run out of the home.