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image of new baker businessEven if a business begins in your home, it likely needs insurance of its own. If you think your homeowner’s policy will automatically respond to business-related losses, you better think again!

A recent study of entrepreneurial trends revealed that 69 percent of all businesses begin in a personal residence. But when you suffer a loss there, most homeowner’s policies will not automatically respond to reimburse you for items related to your at-home business.

For example, if you are running an online bookstore out of your basement and your sump pump fails, your homeowner’s policy likely will pay to restore your carpeting, drywall and household items, but it may not reimburse you for the loss of your wet, moldy inventory of books.

Here is another example. Let’s say you have converted your garage to a taxidermy studio. It has its own entrance, used only by your business customers. If a customer slips and falls while delivering goods, your homeowner’s insurance may not respond to defend you or pay damages if the injured party sues you, because it happened in an area of the home exclusively dedicated to a business use.

There are a couple of different ways to cover business risks in the home.  First, explain the nature of your in-home business to your Allen Harmon Independent Agent. Tell your agent if you keep inventory or supplies on the premises, and whether or not your home is “open” for walk-in customers during regular business hours. With this information, your agent will recommend the best way to cover your risk.

It may be all you need is an endorsement on your homeowner’s policy, or you may need a separate business policy to give you the coverage you need. Working together with your agent, you’ll find the right solution at Allen Harmon Insurance!

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