Barrick & Associates, Inc.

717-632-7270

Text 717-259-2262

1401 Baltimore Street

Hanover, PA 17331

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Home based businesses are on the rise and for obvious reasons. Who wouldn’t want to work from home?! For some people it might be how they make a living or for others, a little extra spending money. Both ways a business is being conducted in the home and it should be insured properly.

Common Coverage Misconceptions

Some home based businesses are underinsured or not even insured at all! Unfortunately, many homeowners find this out only after an incident occurs. There are some common insurance misconceptions that should be addressed.
  • A homeowners or renters policy usually has a small amount of coverage for business personal property. However, it is usually inadequate coverage for major damages like a fire or any other major disaster that would destroy almost everything.
  • Liability is usually not covered under a home policy if the incident was associated with business purposes.
  • Personal auto coverage is limited and sometimes gone when used for business use.
 

Available Coverage for a Home Based Business

If you have a business from home don’t despair! There is additional coverage you can purchase. There are endorsements that can be added on to your homeowners policy. You can also purchase a complete separate policy which depending on your business might be the better selection. Here are a few options you can choose from:
  • Homeowners Policy Endorsement
    • This would increase coverage for your business equipment and possibly liability under your homeowners policy.
  • Home Business Policy
    • A broader, more comprehensive range of coverages than an endorsement.
  • Business Owners Policy (BOP)
    • Primarily for a small to mid-size business. It offers coverage for commercial property, general liability, business income, and crime insurance.
It may also be a good idea to look into a commercial auto policy if you use your vehicle for business purposes.

Professional Insurance Advice

It is unpredictable what disaster or event could occur so it is better to be prepared before something happens. So whether you are a photographer, a web designer, or possibly sell products to others, it is important to address this insurance coverage issue. You work hard for your business and shouldn’t risk losing what you have spent precious time building up. To speak with an experienced agent about your home based business coverage call Barrick Insurance (717) 632-7270!