There are many benefits to a home based business. There are also many unforeseen costs, such as insurance. Many home business owners assume that since they are running their business out of there home that their homeowners insurance will cover everything. That’s usually not the case however.
Your office equipment may or may not be covered under you homeowners insurance policy. General office equipment kept in the home is usually covered up to approximately $2500. If you have a large amount of expensive equipment kept in your home that could be deemed more business property than personal property, you could be underinsured by relying solely on your homeowners insurance.
Homeowners insurance will also not cover production interruptions. So, if your house is destroyed by fire, and you must take a temporary residence in which you cannot operate your home business, homeowners insurance is not going to cover your income loss. To avoid this situation you should invest in a small business insurance package that includes business- interruption insurance.
There is also the issue of liability. If your home based company services customers at your home, your homeowners insurance will not cover any accidents your customers may have while being in your home. Your homeowners insurance will also not cover product liability if your business is selling a product. If your business is not incorporated to shield your personal property from litigation, then investing in a small business policy with product liability coverage is highly recommended.
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