This insurance policy protects your personal real estate and its contents. Just as property insurance protects your commercial real estate, homeowner's insurance can protect your home against structural damage or loss, contents damage and loss, and provides liability coverage.
If you’re a home-based business owner, you may think your homeowner’s policy is killing two birds with one stone by guarding your home and your business. But the truth is that homeowner's insurance policies don't cover business-related property or liabilities.
Because more than half of the businesses in the United States are based out of the owner's home, business owners should know the limits of homeowner’s insurance coverage. Your home might not be open to the public, but that doesn’t mean your home premises aren’t used for business purposes all the same. In fact:
There are a couple of routes you could go to fill the coverage gap left by your homeowner’s insurance policy. You could add a commercial rider to your policy, but that option usually doesn’t offer much coverage. The better method is to apply for a business owner’s policy, which bundles general liability and commercial property insurance together for low-risk small businesses.
Insureon helps small business owners compare business insurance quotes with one easy online application. Start an application today to select the right policy limits for your risk exposures.