How To Get Home Insurance When You Run A Home Business

Many home-based businesses don't have an adequate level of business insurance. This may not seem like a big deal because the businesses are based in homes. However, the scope of home-based businesses has grown quite a bit in recent years. It's not unusual to find such businesses with equipment worth hundreds of thousands of dollars or with merchandise worth thousands of dollars.

Additionally, if the merchandise was to hurt someone when the business owner was out meeting with a client, they could still get sued. Therefore, it's important to explore all options to ensure you have adequate home insurance to cover your business as well.

Add a Rider to Your Homeowner's Policy

As it is, your homeowner's policy probably doesn't cover your business. In fact, if your business wasn't disclosed to the insurance company, it could negatively affect legitimate claims.

You can get around $2,500 of additional coverage by adding a rider to your existing policy so that it covers your business as well. This can cost you around $100 extra annually. If you're running the business alone, you don't have expensive equipment, and you don't receive many visitors in relation to your business, this can be a good option for you.

In-Home Business Policy

This type of policy is specifically meant for home businesses. These policies can protect against theft of funds, loss of important documents, and many other issues. This type of policy may be issued by a specialty firm or by the home insurer, and it can provide as much as $10,000 in coverage. You will be able to cover as many as three employees against theft or injury.

This type of cover can cost you between $250 to $500 annually, and if you're running a serious business from your home, you should at least consider this option.

Business Owner's Policy

If you need a cover that's worth more than $10,000, you should consider a business owner's policy which is more comprehensive. This is the same type of cover that owners of brick-and-mortar business use.

This type of cover can protect you from most eventualities ranging from liability from injuries to professional liability claims. These policies can even protect you while driving a personal car for purposes related to your business. Businesses with equipment worth tens of thousands of dollars should definitely go for this option to ensure they're covered in case of any loss or damage.

To learn more, visit websites like http://gateway-insurance.com.