Prestige Insurance Group, Inc.

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Prestige Insurance Group, Inc.

Woman Working From HomeDid you know that approximately one-third of all homeowners run a business out of their home? It can be rewarding to work from the comfort of your own house, but it would be unwise to overlook the fact that every business faces risks — even home-based businesses.

Though your home insurance protects your house and the assets within it, coverage is very limited when it comes to assets belonging to an established business. In fact, most standard home insurance policies will only cover up to $2,500 of business property — which may not be enough to fully cover computers, software and other equipment. For higher limits and other coverage options, you'll have to look towards a business insurance policy.

Endorsements


Some home insurance policies may offer you the option to add on an endorsement that extends coverage to business assets. For instance, this may take property coverage from $2,500 up to $5,000. The added coverage may be sufficient for a one-person operation with minimal equipment, such as a freelance graphic designer.

In some cases, you can purchase in-home business insurance on top of your home insurance policy. This gives you quite a bit more property coverage — up to $10,000 — along with liability coverage. In-home business insurance may be a better option if your business involves valuable equipment or if you have visitors — such as couriers — that could file a liability claim against you.

Business Owner's Policy (BOP)


Some home-based businesses may need more comprehensive coverage, which is when a Business Owner's Policy (BOP) can come in handy. A BOP essentially a custom-built policy that combines the coverage options of your choice. These policies are particularly helpful for larger home-based businesses, such as those that operate from a home and sell from a storefront.

Covering your bases before you face a loss can help give you the peace of mind you need to run a successful business. And considering the cost of a total loss, business insurance is often an affordable, effective option.

Learn more about coverage options today. Call Prestige Insurance Group, Inc. at (888) 969-8778 for more information on Florida business insurance.
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