If it’s business related, it’s probably not covered.
If you use your laptop, printer and desk for your home based business, they likely wouldn’t be covered. Your home insurance liability also ends where your business begins. A classic example is a client slips on your icy driveway and sues you. You wouldn’t be covered because they came to your house of your business.
It doesn’t have to be expensive…
Many home-based businesses are quite straightforward, particularly if clients and customers don’t come to your home. Insurance companies calculate premiums based on the risks associated with your business. if you’re making mittens and selling them online, it would likely be considered less risky than say, a home-based hairdresser who has expensive tools and clients visiting daily. Many home-based business premiums are under $500 per year. In some cases you may not need any additional coverage. If a stand alone policy isn’t right for your business, some insurance companies allow you to add home based business coverage to your home insurance policy. Every business is unique, our team can help you find the right coverage for your business.
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Riskier Home-based Businesses
Home-based businesses where you deal with valuable items or vulnerable people are considered to be riskier. For example, if you own thousands of dollars in camera equipment for your photography business or store vehicle parts and repair vehicles, your premiums are likely to be higher simply due to the fact that you have more to lose. Consider a home-based business policy that is heavier on the property component.
If you give professional advice then your liability risk is much higher. For example if you’re an account and your advice causes a client to lose money they may sue you. Insurance for your home based business can protect you for professional liability not covered by your home policy. Professional liability insurance can now be purchased online, in under two minutes on our professional liability insurance site Coveradvantage.ca.
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