All You Need to Know About Personal/ In-Home Insurance
Personal/ in-home business insurance is a specific policy meant to protect a work-from-home business. Freelancers, entrepreneurs, online salesmen, consultants, and telecommuters have some equipment, important paperwork, and other job-related materials that they used to run their home business. Regular home insurance policies do not cover business-related losses. The gap in coverage can lead to significant losses.
How In-Home Business Insurance Works
There are three areas that personal/in-home business insurance covers. Business equipment is not covered by home policies. These items are costly and quickly can add up to staggering amounts if they all must be replaced. Next, valuable documents can contain intellectual property that is difficult, if not impossible, to replace. The final necessary component is work-related liability coverage that protects the business if an injury happens on the premises.
Policy Coverage Options
In-Home Business- These policies are meant for small home businesses with up to three employees and cover injury and theft with up to $10K coverage in losses. They are affordable compared to other options.
Business Owners- Larger home businesses that require more than $10K in coverage need this policy. It is comprehensive with many more facets of coverage and a higher potential payout after a loss.
Home Policy Rider- The least expensive of all personal/in-home business insurance options, a home policy rider is added on to an existing policy. It is meant for home businesses that do not have a lot of visitors or a lot of expensive equipment.
Theft, unexpected damage, or an injury can take a negative financial toll on small businesses. Specific home business protection doesn’t prevent a loss, but it provides financial security and peace-of-mind. If there is an injury at the home business, then the coverage protects the business owner under their liability coverage.
Businesses of all sizes and locations need financial protection. There are many things that might go wrong as an entrepreneur. Personal/ in-home business insurance protects small businesses, so a loss doesn’t negatively impact their livelihood.