A home business can be fun, rewarding and convenient. You can be with your family while you work and even engage the family in the business. At the same time you save money by not having to pay for office space. You may be a business office such as tax preparation, insurance sales, bookkeeping and paralegal, or a professional business such as an accountancy, consulting, or law firm. Cottage industries or shops with arts and crafts, mail order and internet businesses may fit this program as well. A Home-Based Business Owners Policy or In-Home Business Policy provides the insurance you may need to conduct your business from your residence.
Whatever the business may be, there are special risks involved that your Homeowner Insurance Policy will not cover. Most homeowner policies will not cover any business activity with client foot traffic at all, may not cover any of your personal possessions that are used for business, such as large amounts of computer and electronic equipment, professional cameras, retail stock, artwork, etc. and will not cover professional liability at all. Some homeowner policies will cover some incidental business use, like an office in your home where you work occasionally, as long as your routine business is conducted from an office off your home premises. The limited home office coverage from your homeowner policy would not cover you if you are off your home premises and something happens in the course of your business activity, such as someone trips over your photographic equipment while on location, and falls and hurts themselves, your homeowners, condo or renters policy would not cover that lawsuit.
For a Quote on your In Home Business Policy call (626) 584-6303
Another instance in which the In-Home Business insurance is needed occurs when your clients require that you show evidence of General Liability Insurance (business insurance), which your home policy doesn't have, and some of those clients may require that they be named on your policy which your home policy will definitely not do and a business policy WILL do. You may find that you need to supply a customer with proof of insurance or a certificate of insurance in order to get the job. Increasingly the general public is being advised to ask the vendor, you, for a certificate of insurance. Your homeowner policy certainly will not supply you with a certificate of insurance so then you figure you will just go get a regular commercial policy. If you try to insure your home-based business with a regular Business Owners Policy or Commercial General Liability, they won't take you unless you have a specific business location that is not your home and not residential.
There are special policies for In-Home Businesses or Home-Based Businesses. These nifty little policies incorporate the essentials of a Business Owners Policy (BOP) and are sometimes called HBOPs, the "H" standing for Home. Click here for a list of acceptable Home-Based, In-Home Businesses.
Call for a Free In Home Business Insurance Quote
I have been writing these types of policies for many years now so feel free to call me with questions.