Does your homeowner’s policy cover your home business?
Your homeowner’s policy is not designed to adequately cover your business, regardless of how large or small your business may be. Some insurers offer an endorsement for small home-based businesses. Commercial insurance is the best option for any business. You must also advise your home insurance representative when you start a home-based business such as a daycare. Your home is no longer what it was when you originally insured it: it’s now a home and a business.
If your business is home-based, do you need liability coverage?
Yes. Liability is perhaps, the greatest risk with a home business. Most businesses provide some product or service for which they are For example, a courier may slip and be injured on your icy walkway while delivering a parcel addressed to your home business. If you damage someone’s scalp with a hair treatment in your home salon or if a client trips on the stairs to your basement office, you may find yourself in a legal mess. While the personal liability portion of your homeowner’s policy will not provide coverage for such events, commercial liability insurance would cover most damages awarded against you and would pay the legal costs to defend you in a lawsuit.
Underwriters Insurance Penticton invites you to come and speak with one of our knowledgeable insurance advisors to determine which business insurance makes the most sense for you and your home based business.
