Work at Home Insurance
Advancement in technology and the advent of the Internet has contributed to the overall boom currently experienced in the work at home and telecommuting sector. To be sure, work at home opportunities are now growing rapidly and many people are attracted to the benefits that they offer. Currently, it has been estimated that an unforeseen 43 million or so home businesses are in operation.
Work at Home Insurance vs. Homeowner’s Policy
However, all too often, we see people who don’t think about adding work at home insurance coverage when they decide to set up their own home-based business. Their reason is that they already have homeowner’s policies, what would a work at home insurance do for them? In reality, homeowner’s policies do have some coverage but what they offer is limited compared to what work at home insurance does for you.
If you have a work at home business, or if you have a home-based career, this is what a homeowner’s policy covers:
* $2,500 for home office equipment and inventory in your home
* $250 for home office equipment and inventory away from home
One important factor that you should consider when looking for work at home insurance is liability coverage. With just a homeowner’s policy, you have absolutely no liability coverage offered for your work at home business to protect it whenever someone is injured while doing business with you in your home. It means that you will have to pay all the bills yourself, including lawyer’s and other legal fees in case of a lawsuit.
Work at Home Insurance Coverage Options
Now, as a work at home business owner, of course, you’re going to feel you need more coverage than that. Work at home insurance gives you additional options to help you better protect yourself, your earnings, and your home-based business. However, if you don’t like to purchase another policy in addition to the one you already have, you have other choices as well.
What you can do with your Homeowner’s Policy
There are two endorsements that you can add to your current homeowner’s policy in order to turn it into a regular work at home insurance. You can add a business pursuits endorsement to your work at home insurance if you do not own your own home business but sometimes do business from home. If you own the business, consider the permitted incidental occupancies endorsement. This will give your work at home insurance much broader property coverage, as well as add much needed liability coverage for your business.
Getting Work at Home Insurance Coverage for your Home-Based Business
You may also want to consider a separate work at home insurance for your home business. In addition to your homeowner’s insurance, you can also buy a separate policy. Your agent can answer any questions you have about what type of work at home insurance you should consider. Ask your agent about a BOP or business owner’s package if you are interested in a separate work at home insurance policy. Your agent can also put together a special policy that is specific to your business needs.
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