Prestige Insurance Group, Inc.

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Prestige Insurance Group, Inc.

Woman Working At HomeMillions of people operate a business from the comforts of their home. For them, a home-based business is a cost-effective way to start their corporate venture, as they don't have to worry about paying rent for an office suite

However, many homeowners don't consider how their business could affect their home insurance. In turns out, there are several issues to keep in mind.

Home Insurance Doesn't Cover Home-Based Businesses

To be clear, home insurance policies usually don't cover home-based businesses. If you have a home-based business, your home insurance provider likely won't cover your business assets if you experience a loss.

With that in mind, you must buy certain types of business insurance to protect your company. Without it, you will likely be financially responsible for losses.

Potential Losses Stemming From A Home-Based Business

The fact that home insurance doesn't cover commercial ventures leaves both your home and your business at risk. For example, electrical business equipment could cause a fire that damages your home. Or a visiting client could slip and fall on your lawn, which could lead to an injury lawsuit. Without adequate business insurance, the financial liability from these scenarios will fall on you.

It's important that you file claims for business-based incidents under a business insurance policy. If you file a claim against your home insurance policy for these incidents, you could be committing insurance fraud. Insurance fraud is serious. If caught, you may be subject to a fine or jail time.

Your Options For Home-Based Business Insurance

Insurance companies are aware that many people are operating businesses in their homes. As a result, insurance companies now offer business insurance for these homeowners. By purchasing this specialty insurance along with home insurance, business owners can know that they have the coverage they need to protect them financially.

If you operate a home business, enhance your coverage by choosing add-on options. You may add business interruption or key persons' business insurance to protect the business from extra risks.

Home insurance doesn't cover home-based business. To have the protection you need, buy home-based business insurance. With business insurance, you won't have to worry about insurance fraud or covering the damage from a house fire with personal money.

Prestige Insurance Group, Inc. can help you get the correct policy to protect your home-based business. Call us at (888) 969-8779 for a free Florida business insurance quote.
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