If you have started your own business, then there’s a good chance that your home is the base of your operations. While you might assume that your homeowners insurance will cover your business, this isn’t the case. Because standard home insurance policies usually exclude coverage for business-related liabilities and property, you need to secure other coverage options. Here’s how you can insure your home business.
If you need to secure insurance coverage for your home-based business, then you have some options. One way to secure additional coverage is with policy endorsements. Many insurance providers offer homeowners the ability to add endorsements to their existing home insurance policies to protect things like their business equipment and assets. It’s also possible to secure liability endorsements for your home business, but this coverage is subject to certain conditions. Typically, insurers only offer these types of endorsements for home businesses that receive few visitors and clients.
If the coverage offered by home business endorsements isn’t enough, then you can also secure a business owners policy (BOP). BOPs offer small business owners a range of basic commercial coverages in a single policy. Typically, BOPs offer general liability, commercial property, and business interruption insurance. Many insurance providers also give business owners the opportunity to customize their BOP coverage by adding additional coverage such as cyber liability, equipment breakdown, and product liability insurance.
If you need specialty forms of coverage not available through endorsements or a BOP, then you will have to secure separate business insurance policies. Because your home business may not have the same coverage needs as traditional small businesses, make sure you work with an insurance agent you trust to secure the necessary coverage.
This is what you need to know about insuring your home-based business. Do you have additional questions about your homeowners insurance? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona. We are ready to assist you with all your home coverage needs today.
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