Articles
I’m running a small business out of my home. Do I need to make changes on my house
insurance?
Definitely yes! Standard house, condo, mobile and apartment
policies are not designed to cover the operation of any business out of the
home.
Check your wordings and you will find some or
all of the following exclusions:
1) books, tools, instruments, computer hardware and software pertaining
to a business, profession or occupation limited to a maximum of $5000 or $6000
2) this limited coverage is only for items on your premises, (in some
cases when being transported to your home)
3) samples and goods held for sale are not insured
4) liability coverage excluded when claim results from business
pursuits or any business use on the premises
In most cases, coverage can be added to the
home policy through standard add-ons … and often at a very reasonable price.
You should consider reviewing your policy if
you are involved in any of the following home-based businesses (and more!):
baby-sitting drafting
bed & breakfast sewing
music lessons catering
esthetician hair
stylist
telemarketing consulting
farmers market handicrafts
bookkeeping appraising
financial planning framing
Add-on coverage packages remove the
exclusions for business in the home, and add other coverage. The extra coverage is reasonably priced and
can include:
·
contents including stock
·
computer, incl. breakdown
·
property covered in transit and
at temporary locations
·
signage
·
accounts receivable
·
valuable papers
·
business interruption
·
crime coverage
·
commercial general liability
and tenant’s legal
In some circumstances it may be necessary to
get a separate commercial policy – especially when professional liability
coverage is required.
Remember – if you are using your vehicle for
deliveries, picking up or transporting clients or supplies, your insurer should
also be advised of the change in risk. | 
