If you run a business from home, your homeowners' insurance may not provide all the protection you need. Some homeowners insurance companies have denied claims that they decided to be related to business rather than a legitimate homeowners claim. Consult our agent if you need commercial property insurance in addition to your homeowner.
What does commercial property insurance cover?
Commercial real estate insurance is designed to protect a company's physical assets (property and equipment) against covered hazards such as fire, theft and natural disasters. It can cover:
- Building where the business is housed
- Computers, telephone systems, furniture and other office equipment
- Inventories in stock
- Accounting register
- Important company documents [1
Many small business owners and entrepreneurs work from home. If you have the opportunity to start your working day in your coat and slippers, it does not make your business less real or less in need of insurance coverage. Neither a homeowner's insurance nor a tenant's insurance covers a home business. To be adequately protected, you will probably need some form of business insurance package, including commercial property insurance.
How can commercial property insurance protect your home business? This can include office furniture, a computer, a printer and other equipment. In the event of a fire or other disaster, your homeowner will not pay insurance to reimburse commercial real estate, but a commercial insurance company will.
Do I need other business coverage in addition to commercial property insurance?
Our friendly agent can advise you on the types of business insurance you may need to protect your home business. The following are common types of coverage purchased for home-based businesses.
In addition to protecting your corporate property, you may also need liability insurance if customers or other visitors come to your home for business purposes. Corporate liability insurance protects your company against liability for damages to others who are harmed by others on your property. For example, your homeowner's insurance will not cover you if someone visiting your home for business reasons was injured on your property. This is when commercial liability insurance begins.
Commercial car insurance
If you use a vehicle for business purposes, you may need commercial car insurance. Business travel can involve visiting customers, making deliveries, picking up items related to your business or other business. Your personal car insurance may not cover you if you are involved in a crash when using your vehicle for business purposes.
Product Liability Insurance
For a company that manufactures or sells any type of product, you may want to consider product liability insurance. It is designed to protect your business from liability for damage to persons or property caused by your products. You may need this coverage if you are involved in the design, manufacture or delivery of products.
Professional liability insurance
Professionals working from home need liability insurance to protect them in the event of a claim due to negligence or failure to deliver. You may need professional liability insurance if you are a consultant or professional with a home-based business.