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Home Based Business Insurance

If you're working at home -- STOP-- and review your insurance coverage. Your homeowners insurance probably doesn't cover your business. A typical homeowners policy provides only $2,500 coverage for business equipment which is usually not enough to cover all of the business property. You also need coverage for liability and business interruption.
To insure your business, you have three choices--endorsements to the homeowners policy, an in-home business policy or a small business owners package policy.

1. ENDORSEMENTS

Depending on the type of business you operate, you may be able to add an endorsement to your existing homeowners policy. For as little as $25 a year, you can double your standard homeowners policy limits for business equipment from $2,500 to $5,000.
Some companies have begun offering endorsements that include property and limited business liability coverage. Endorsements are typically only available for businesses that generate $5,000 or less in annual receipts. They are available in most states.

2. IN-HOME BUSINESS POLICY

The insurance industry has responded to the growing number of home-based businesses by creating in-home business insurance policies. For about $200 per year you can insure your business property for $10,000. General liability coverage is also included in the policy. A business owner can purchase anywhere from $300,000 to $1 million worth of liability coverage. The cost of the liability coverage will depend on the amount purchased.
If your business is unable to operate because of damage to your house, your in-home business policy will cover lost income and ongoing expenses such as payroll for up to one year. The policy also provides limited coverage for loss of valuable papers and records, accounts receivable, off-site business property and use of equipment.
In some cases, the companies that offer these policies require that you purchase your homeowners and auto policies from them.

3. BUSINESSOWNERS PACKAGE POLICY (BOP)

Created specifically for small businesses, this policy is an excellent solution if your home-based business operates in more than one location or manufactures products outside the workplace. A BOP, like the in-home business policy, covers business property and equipment, loss of income and extra expenses, and liability. However, these coverages are on a much broader scale than the in-home business policy.

AUTOMOBILE COVERAGE

If you are using your automobile for business activities--transporting supplies or products or visiting customers--you need to make certain that your automobile insurance will protect you from accidents which may occur while on business.

In order to get insurance coverage that will not overlap with your homeowners policy or leave any exposures, you should consult with an insurance professional with experience in this field. To find an expert, contact your home insurer.