There are several types of insurance policies available for in-home businesses. They include:
Incidental business endorsement: depending on your business, you may be able to attach an incidental business endorsement to your existing homeowner’s policy, which will cover other structures or equipment on your premises that you use for business. This endorsement can also be tailored to include your business liability.
Business owners package policy: if your in-home business does not qualify for coverage under the “incidental business endorsement” you can purchase coverage for your home-based business under a business owners package policy, referred to as a bop, which provides property and liability coverage.
In-home business owners policy: some insurance companies offer policies that combine homeowners and business owners coverage into a single policy, designed specifically for in-home businesses. These policies provide both business coverage such as business liability and replacement of lost income and homeowners coverages such as fire, theft, and personal liability. These policies eliminate gaps and duplication of coverage, and the rates reflect the in-home status of your business.
Vehicles operated in your business: If you have a personal vehicle that you sometimes use for business or if your in-home business is the owner of one or more vehicles, LoPriore Insurance can advise you whether you will need to purchase a personal or commercial automobile policy.
Remember that in order for any business to be successful, it must be run like a business, regardless of its location. A crucial element in business success is the ability to minimize risks, which can be accomplished with a comprehensive insurance program. Check with LoPriore Insurance for the best business coverage for your in-home business.