Home is where the heart is—and more often these days, it’s where the business is, too. Home-based entrepreneurs aren’t fooling around: According to studies cited by The Wall Street Journal, about 6.6 million home ventures generate 50 percent or more of their owner’s household income, and about 35 percent generate over $125,000 in yearly revenue.
What kind of businesses are people running out of their homes? Fifty-two percent are service-related; 16 percent involve construction, and 14 percent are retail. Insurance and other finance-related businesses account for about 5 percent, and 13 percent fall into the category of “other”.
A home-based business creates a unique need for business personal property and business liability insurance. Most standard homeowners policies do not extend adequate coverage for a home-based business located in a person’s home or other buildings located on your property.
Adding insurance coverage for a home-based business is affordable. Don’t hide your business from your insurance company to cut costs, that’s the worse thing you can do. There could be a liability exposure that you’re not aware of.
Ask questions about your policy, contact us today to discuss the importance of insuring your home-based properly.