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    Homeowners Insurance and Your Home-Based Business

    By Young Insurance | Archives, Business | Comments are Closed | 12 March, 2020 | 2

    Getting coverage for your home-based business.

     
    Do you work from home? Perhaps you’re starting up your own side hustle? If so, you should be aware that your homeowners insurance policy may not cover several aspects of your home-based business. In order to safeguard your hard work, you may need to take out additional coverage.

    What homeowners insurance won’t cover
    It’s a good idea to review your homeowners insurance to see exactly what it does and does not cover. If you run a business out of your home, which insurers qualify based on regular foot traffic directly from your business and inventory being stored at the property, then you may need to look outside home insurance and obtain commercial insurance.

    Typically, home insurance won’t cover your business’s equipment or operations. That means if there’s a fire in the property or a client visiting you gets injured, you will be on the hook for paying related expenses and damages.

    Additional coverage
    There are a few ways to protect your business property:

    • Home insurance endorsement: An endorsement can be added to your home coverage to increase coverage for business-related equipment and assets. You may also be able to pick up a liability endorsement in case someone is injured on your property.
    • Business owners policy: Generally referred to as a BOP, a business owners policy provides coverage for small to mid-sized businesses. BOPs offer business owners broad coverage, including general liability protection and property insurance in a single policy.
    • Separate business insurance coverage: You can select a separate insurance policy depending on the kind of coverage you want to have. For example, you might purchase business income insurance (also known as business interruption insurance). You can also purchase general liability insurance to protect your business from third-party lawsuits.

    Are you looking for reliable insurance for your California home-based business? Contact the team at Young Insurance, serving Burbank and neighboring cities.

    Homeowners Insurance and Your Home-Based Business

    Young Insurance

    Whether you are shopping for auto insurance, home, health, life or business insurance, our highly experienced team of insurance agents can help you find the right coverage at the lowest rate no matter what your needs are.

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