Don’t leave your home-business in limbo when it comes to being insured.
Many believe that homeowners insurance is enough if they find that they have their business located inside of their home. And depending on the size of your business, they may or may not be correct. If you have over $2,500 in equipment your homeowners insurance will not cover your equipment. Be sure that your home-business is protected and insured from any unfortunate events that may arise.
- Homeowners Insurance
If your business is small enough, you may be able to simply add an endorsement to your existing homeowners policy. You can double the amount of coverage you get from $2,500 to $5,000, and some companies may allow you to increase that to $10,000. Liability coverage can also be added on, but is limited to companies who have only a few clients come onto their premises (like piano teachers or tutors).
- In-home Add-on
An in-home add-on allows your to be covered for more business equipment than a normal homeowners policy includes. This policy also covers business documents that may be damaged in some accident, and off-site business property that gets damaged. In-home add-ons allow for liability insurance for up to three employees and any lawsuits that should be brought against you.
- Business Owners Policy (BOP)
If your business sees more growth than you expected then, first of all, congratulations! And secondly, your in-home add-on will not be enough to cover all of your equipment and employees. A BOP was created specifically for small to mid-size businesses. Like an add-on, it covers property, liability, loss of income and equipment damage only on much broader scales.
If you want to know where your business lies and if your current insurance policy will cover everything you need, contact Perry & Carroll to limit your business’s exposure to these risks with business owners insurance coverage. For all of your business insurance needs, call our experienced team today.