Wednesday, September 3, 2014
Do
you run your business out of your own home? If so, then you need to
obtain an add-on (or rider) to your existing homeowner’s policy to
cover your business. Many others fail to obtain this add-on because
they are confused with what’s already covered by their homeowner’s
(or renter’s) policy. You should know that if you failed to
disclose your home-based business to your insurance provider, any
claim for losses or damages sustained or caused by it may be refused.
Your insurer may even cancel your policy altogether.
If
your home and business location are one and the same, your best bet
is to obtain coverage for your business as well. Did you know that if
the delivery guy comes with a business package at your door and he
slips and injures himself in the process, you could be paying for his
medical expenses from your own pocket? There’s no coverage for this
type of injury in your homeowner’s policy, and with the amount of
loss you could be facing, you’re sure to regret not obtaining
insurance for your business in the first place.
An
add-on to your homeowner’s policy generally provides around $2500
additional coverage, which is usually enough for sole
proprietorship-type business. However, if you have a lot of valuable
equipment and a lot of people visiting your home for business
matters, consider acquiring an in-home business policy.
