Home Businesses & Insurance – What you need!

Posted in General, Home Insurance, Commercial Insurance, Did you know?

If you operate a business out of your home or work out of your home you require insurance coverage.  Many people do not understand the risk involved in not having additional insurance coverage for this.

Home Business Insurance Coverage – What you need! When working from your home you have to protect the business equipment you use daily, for example, furniture, equipment, computers/software, inventory and other property. Not to mention if you have clients to your home you may require liability insurance.

There are three different insurance coverages available to choose from; Business Property Insurance, Product Liability Insurance and Business Premises Liability Insurance. Below we have outlined what is involved in the coverages;

Business Property Insurance

Protecting the business equipment, inventory, etc. you have on your personal property

Product Liability Insurance

Protecting you if something is wrong with the product you are selling or if your product causes personal injury or property damage to the consumer

Business Premises Liability Insurance

Protecting you if someone gets hurt at your personal property while there on business, i.e. if someone falls walking into your home while conducting business

We hope you have found this blog helpful and informative on the risks involved in operating a business out of your home without advising your insurance company. Remember, there are some businesses that are excluded from home business insurance coverage, such as, a business that has product sales that ship outside Canada. Speak with your insurance broker today to discuss if you are covered for your home business activity.

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