Many people who operate home-based businesses assume that their homeowners insurance also covers their business. This is certainly a logical assumption if you are operating a business out of your home, but the reality is that homeowners insurance usually only covers up to about $2,500 for business related losses. Some homeowners policies will not cover any business related expenses, so you might want to check your current policy to see if you are protected at all.
If you think that you do not need home office insurance, think again. You need this type of insurance coverage to protect your computers, software systems, office supplies, and client information. Even if you are not worried about the potential loss of a computer, printer, fax machine, or phone, you should seriously think about the data you have stored somewhere in your home (or on your computer) regarding your clients.
If confidential client information were to be compromised, you could be liable if one of those clients were to be harmed in any way because of the actions of the person who stole the information. Lawsuits can be very messy and expensive, so it is best to protect yourself from the beginning so that you do not have this type of worry hanging over your head. Whether the information is in print, stored on your computer, or on a flash drive, you are still responsible for keeping that information secure.
As you consider the items that you need home office insurance coverage for, take a careful inventory of your home office area. Every computer, printer, desk, filing cabinet, fax machine, and copier should be accounted for; but you should also include the smaller items that you use in conducting your business. In addition, don't forget about your office furniture such as your desk, chair, and any tables that you might use for operating your business.
If you have an insurance agent who handles your other policies, you might want to talk to that person about home office coverage. Even if that particular company doesn't offer those types of policies, your agent can probably refer you to a reputable company that does offer that type of protection.
You should keep in mind that even if a particular company is recommended to you, you need to make an effort to obtain at least two or three different quotes for policies. You don't want to limit yourself to only talking to one company about insurance coverage. Sometimes it pays to shop around; just make sure that you do not compromise on coverage in order to obtain a cheaper rate.
If your home-based business provides any services to customers that requires them to come to your home for appointments or consultations, you will need to make sure that liability coverage is included in your policy. This gives you some added protection in case someone happens to trip and fall while on your property to conduct business.
The extent of the coverage that you will be able to buy will depend on the state you live in. If you want more coverage than a company is offering, ask them if your coverage amounts can be increased. In some cases, a rider can be added onto a policy that will offer you some additional type of protection for certain events.
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