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Three Options for Home Based-Business Insurance

In 2007, the U.S. Bureau of Labor Statistics reported that 66 percent of all self-employed individuals in the United States worked from home full-time. Further, according to the 2012 Global Entrepreneurship Monitor Report, nearly 60 percent of these companies have been in business for three years or more. Nevertheless, a recent survey conducted by the Independent Insurance Agents of America revealed that 40 percent of all home-based businesses are uninsured or underinsured.

Three Options for Home Based-Business Insurance

Three Options for Home Based-Business Insurance

The reason? The majority of home-based business owners mistakenly believe that their homeowner’s insurance will pick up the tab if they incur a loss.

Homeowner’s Insurance Does Not Cover a Business Loss

In fact, homeowner’s insurance provides little or no protection in the event of a business loss. Most policies cap business property damage at $2,500 and provide no liability coverage for the business at all. For example, if a client comes to your home to pick up an order and slips and falls, your homeowner’s policy would not pay for her medical bills. Your business would.

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Before deciding which insurance option is the best fit for your home-based business, talk to an agent and explore your coverage needs. Our business insurance experts can design a package tailored specifically for you, no matter how large or small your business is. Contact us by calling 516-292-3780 Monday through Friday between 9 a.m. and 6 p.m., or request a free consultation online now.


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Floyd Arthur

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