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Is Your Home Business Properly Insured?
Many homeowner policies provide only $2,500 of business personal property coverage at your house and $250 away from your premises. That will barely cover your desk, file cabinet and computer.If you are using a garage that’s separate from your house for storage or any other business operation, you may be subject to a broad policy exclusion that excludes all coverage for that building.
Your home insurance provides no coverage for business interruption – payment for the lost profits and continuing expenses during the time it takes you to rebuild your business after a fire, windstorm or other insured loss.
Business liability incidents are also excluded by most home policies. A client visiting your home or an injury you cause would not be covered. There is no product liability insurance in a homeowner’s policy. Personal umbrella insurance offers no business coverage either.
via Chuck and the MLM Business Opportunities Blog.
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Scott Simmonds on October 29th, 2005 12:57 pm
Great Article. Interesting, full of great info.
More business insurance info at http://www.insurancebuzzer.com
Nice blog
PPL-4Ever on October 29th, 2005 5:06 pm
Interesting information. As a home business owner, I had never put much thought into that aspect of my insurance. I just thought that my regular policy would handle it. Now I will have to investigate a bit more.
Thankfully, I have no product at my house and I will not be having clients come here either. That is not the nature of this business, so I will have little to worry about in those areas.
Well, at least I have legal coverage for all of the personal and business issues that come up. Nice to know I am ahead of the game on at least one area!
Thanks for the info…
P.S. If you want to know how you, too, can have legal coverage for all your business and personal issues at a reasonable cost, check out my web site.
Knowledge Jolt with Jack on January 9th, 2006 11:44 am
Knowledge Jolt has 1000 entries
If all goes well, this will be my 1000th post to Knowledge Jolt with Jack since I started in May 2003. Thanks to all my readers — and thanks to all the people out there I read and who inspire me to think and participate.
cassy on February 9th, 2009 2:10 am
interesting question! here in our country only big business are insured,most of small and home business are not insured but we pay our tax,but if need why not?that is for the good of the business there is nothing wrong about it,for me i will agree to insured home business for safety reason!
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