Your basic home insurance covers many things, such as your personal property and some of the business materials and equipment stored in your home. However, it does not necessarily cover merchandise, specialized computer equipment (your wonderful 3D printer, for example!) or civil liability for your business. Fortunately, there are made-to-measure insurance options available for home businesses.
To find out, the best bet is to contact your insurance broker. Your home insurance includes coverage for items in your business, but this coverage is limited. Additional insurance to cover your home business could therefore be worth your while. Such protection covers the replacement cost of your business items, for coverage ranging from $10,000 up to $50,000; it also includes civil liability for your business.
Do you need more extensive and flexible made-to-measure insurance for your business? If so, business insurance is what you need. It covers all aspects of your business, from buildings to furniture, as well as equipment, goods, operating losses (due to business interruption), civil liability and breaches of confidentiality.
This kind of insurance can be extremely useful, especially if you receive clients in your home. It covers the costs incurred for bodily injury or property damage suffered by third-parties (your clients) at your place of business (your home) or caused by your products or services. For example, if one of your clients falls on your icy entranceway when coming to pick up an order and then decides to sue, your civil liability insurance will cover your legal expenses.
To be fully covered, you can also take out professional liability insurance, otherwise known as “errors and omissions” insurance. This protects you against errors and negligence causing bodily injury or financial losses. It’s a highly practical option if you work in a field, such as law, accounting, architecture or engineering, for example, where practitioners are often taken to court.
Looking for the best insurance to cover your needs? Call your broker without delay to obtain coverage that will fit you like a glove!
Source: Intact Assurance