Is Your In-Home Business Insured?

man-at-laptop-yellow-lightWorking from home is becoming an increasingly attractive and lucrative form of employment for many people. According to a recent survey by the Bureau of Labor Statistics, nearly 40% of college-educated Americans are putting in at least some work hours at home.

If you work from home, you should speak to your broker at Tegner-Miller Insurance Brokers (TMIB) to determine if you are covered for business-related claims as most homeowners policies do not include coverage  for an at home business or damage to or loss of business property.

For example, if your home is burglarized and your in-home business computer is stolen, it is unlikely your homeowner’s policy will cover the loss (if there is coverage it will be extremely limited).

Below, Tegner-Miller Insurance Brokers has listed a few types of insurance you should consider if you work from home:

  • Home Insurance Endorsement: Occasionally, you can purchase a business endorsement on a home insurance policy. While not every insurer offers this endorsement, it can be very useful if you operate a small home business or work from home for another company.
  • In-Home Business Policy: These policies provide more extensive coverage than a Home Insurance Endorsement provides and include some business liability.
  • Business Owner’s Policy: A “BOP”, as these are often called, is an even more comprehensive policy that would provide you with product liability, loss of income and coverage for company vehicles. However, a BOP, like the Home Insurance Endorsement and In-Home Business Policy, does not provide workers’ compensation insurance.
  • Commercial Package Policy: A much more comprehensive policy for larger in-home businesses.
  • Workers’ Compensation: If you have employees, you will also need a workers compensation insurance policy as none of the policies listed above include this required coverage.

If you are not sure which of the above policies is best for you, don’t hesitate to call your knowledgeable TMIB broker at 310-828-9662.

The information provided in our blogs are very brief overviews that do not provide complete descriptions of any coverage described nor do they list all of the important factors one should evaluate before deciding on a policy. Please speak to your broker at TMIB about your specific insurance needs and for more detailed information about types of coverage.