Do You Have a Home-Based Business?

July 27, 2011 at 9:12 AM | Posted in Home, Renters | Leave a comment
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Whether you rent or own, your home or condo policy is not designed to cover any business exposures. A basic un-endorsed home policy only provides limited coverage for business property such as a desk, computer, etc. If you sell products out of your home such as beauty products, plants and vegetables, have frequent yard sales, or perform services such as babysitting, you need more coverage than your home policy currently provides.

Depending on your situation and the scale of the business you operate from your home, there may be some additional coverage available for you to purchase on your home or condo policy:

  • Incidental Occupancies – Provides liability and medical payments coverage arising out of your business. If you have a business that you operate out of your home that is incidental to the use of the premises as a dwelling and is not your primary source of income, this coverage may work for you.
  • Day Care Coverage – Provides coverage for liability arising out of the operation of a day care in the home.
  • Incidental Farming Personal Liability – Provides coverage for the liability of the insured when farming is conducted on the premises that is incidental to the use of the premises as a dwelling, and the income from the farming operations is not the primary income.

If you have business inventory; are in the care, custody, or control of the property of others; or the business in your home is your primary source of income, you should secure a business policy. Some of the coverages you may need are: Liability to Others, Damage to Property of Others, Inventory of Business Products, and Business Interruption Coverage.

Don’t wait until after a claim to get coverage for your business. If you are not sure of what you need, call us at 1-888-850-9400 to discuss the options that best fit your needs.

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