There is a lot you need to know when running a business out of your home. You may be saving money on rental space and general overhead. That’s all well and good. Yet just because you are self-employed and run a business under your own roof does not mean you don’t need extra protection. It’s very possible you could need home-based business insurance.
The National Bureau of Labor Statistics says three out of every ten homeowners operate some sort of business out of their homes. It is estimated that more than half of home-based businesses are under-insured.
Why? Well, start with the homeowners policy. Many people may be under the mistaken belief that the homeowners’ policy covers all things business-related, as long as it is all under the roof of the home. This is not always the case.
If you think this may apply to you, the first thing you want to do is check your homeowners policy. It is possible your “standard” homeowners coverage does not offer full protection for your home-based business.
You have options. You may be able to get an endorsement of your existing policy that will have higher limits. This might be a good option if your home-based business operation is relatively small.
The owner of a larger home-based business can explore a home-based business insurance policy. Such a policy can provide liability coverage and insure things like records and loss of income.
For more information on home insurance in Connecticut, call: 1-866-479-3327
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