Insurance is something many people assume covers them for things that aren't actually included in their policies. While many are under the impression their homeowners or renters' insurance will cover home-based business costs. Often, more comprehensive coverage is required in order to cover the cost of business-related claims. With more than 15 million businesses operating out of the home, it’s crucial to have the necessary coverage.
There are myriad options for business owners when it comes to insurance. You may want a package covering many business needs, or you may opt for a more specific coverage, depending on the needs of your business.
Homeowner’s Policy Endorsement
Adding an endorsement to your existing homeowners policy is one way to get coverage for business run out of the home. This coverage is lower and doesn’t cover business that requires higher coverages in case of clients coming in and out of the home, etc.
In-Home Business Policy
This type of policy offers more coverage than a simple endorsement to a homeowners policy will. In addition to coverage for the property the business is located, many policies will also cover records and important paperwork, as well as potential lawsuits.
Business Owners Policy
This type of policy is created specifically for small to midsize businesses. The coverages in this type of policy often include liability, business equipment, loss of income, and can even cover vehicles used for the business.
Business policies cover not only the business, but the consumer, as well. There are many types of insurance and coverage options, even within the categories listed above.
If you’ve got any questions or would like to add an endorsement or quote out a new business policy, please call us at 720.335.6872.