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.
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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