In: Root » Legal and finance » Wealth building
Most people understand the importance of insurance for a home - it gives them coverage to repair or rebuild their house in case it is damaged or destroyed due to a fire, flood, earthquake or other unexpected disaster. But for people who work from home - either as a contracted employee or through their own home-based business - insurance can be incredibly important. Not only is their home where they live, it's also their place of business, and this can create some interesting insurance situations.
Many people might think that their home insurance policy would also cover their home-based business. But in most cases, coverage for the home is not sufficient. For example, if you have a client in your home for a business meeting and they slip and fall, your personal home insurance policy will not cover your liability. This could leave you vulnerable to a major lawsuit, putting your personal and professional life at risk.
When you get a home owner insurance quote, it also likely won't cover your business losses that you incur when your home is damaged or destroyed. Even an umbrella policy will likely only cover your personal losses - not your business losses. Most personal insurance policies will only provide $2,500 in coverage for business property on premises, $250 in coverage off-premises, and no coverage for lawsuits resulting from your business.
So if you have a home-based business and you are getting a home insurance quote, it's a good idea to seek out an additional policy to cover your business needs. Not only can these policies provide you with liability coverage or property coverage for your business interests, but they can also help you get your business back up and moving as quickly as possible - including paying to lease a temporary office while you get your house back in order.
Getting your home business insurance from the same provider who handled your home insurance online can be a good idea - it can help you avoid needless overlaps in coverage and paying additional, unnecessary premiums each month.
Lou Albini is a freelance writer specializing in financial services and insurance. His work has been published in major print and online news sites. He lives in Brooklyn, NY.
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