Home Based Liability Insurance
EzineArticles.com:
Did you know that there are 11,000,000 home-based businesses in the U.S.? If you are among the growing number of individuals who want to start a home-based business of your own you should know that in order to protect yourself and your family you should carry a liability policy separate from your homeowner’s insurance policy.
Approximately 45% of all home-based businesses are made up of occupations like finance, law, consultants, management, education or even health care. With these types of businesses you should also understand that you may have a significant exposure to professional liability losses arising out of your business activities.
Homeowner insurance policies do not afford any liability or professional liability coverage for home-based businesses. Most homeowner policies also have a limit on the amount of contents that will be covered for a loss sustained by a home-based business. For a home-based business the amount of contents typically covered under a homeowner’s policy ranges from $2,500 – $5,000. However, a typical home-based business has between $10,000 and $15,000 of contents that would be comprised of a computer and associated equipment, desk, chair, filing cabinets etc.
A homeowner’s policy also does not afford any business interruption insurance for your home-based business. If you suffer a covered loss the time and cost to get your business back up and running would not be covered under a homeowner’s policy. Read full article.
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