America’s home-based businesses are taking a big risk because 60 percent of them do not have proper business insurance coverage, according to a study commissioned by the Independent Insurance Agents and Brokers of America.
Sure you run a home-based business, but you really don’t need insurance. Well, think again because your business needs protection against theft, accidental damage, natural disasters, vehicle accidents and liability if one of your employees suffers an injury while on the job. Or perhaps you have business guests in your home – an accident may result in a lawsuit. The bad news is that homeowners insurance normally does not protect you in these situations.
To protect your home-based business, check your homeowner’s policy. Keep in mind it was not designed to cover business exposures, but you may be able to obtain an endorsement to add this type of coverage to your existing policy. Check it out with your insurance company or agent.