Does my home insurance policy cover my work-from-home business?

Understanding Home and Business Insurance for Home-Based Workers

In an era where full or part-time remote work and side hustles have become commonplace, it’s crucial for everyone to comprehend the importance of financially and legally bifurcating our home and work lives. Home insurance policies offer limited coverage for work-related equipment and paraphernalia, and this blog post aims to explore how to enhance such coverage, especially for those residing around Wellsville and Fillmore, NY. At Walker and Associates Insurance Agencies Inc., we are dedicated to tailoring a home and business insurance plan that fits your unique needs.

Home Insurance and Working from Home

Your home insurance policy prioritizes personal coverage over business-related assets and activities. Typically, most home policies provide up to $2,500 coverage for business assets, a limit often surpassed by small enterprises. If your business assets exceed this amount due to items such as inventory, tools, or office equipment, you should consider adding supplemental coverage.

Options for Additional Coverage

Adding a business property endorsement to the existing home policy is a common approach for self-employed individuals. Should your business assets reach the standard $5,000 endorsement limit, consider elevating it as necessary. Businesses with employees that yield revenues below $250,000 can take advantage of in-home business insurance, which covers property, liability, and other commercial insurance aspects. Businesses with revenue exceeding $250,000 should ponder over a Business Owner’s Policy (BOP) that includes commercial insurance elements like Workers’ Compensation and liability coverage for colleagues or customers who might get injured at your home office.

Working with Walker and Associates Insurance Agencies Inc.

The Walker and Associates Insurance Agencies Inc. team is always at your service. We proudly serve homeowners and businesses in and near Wellsville and Fillmore, NY. Contact our Fillmore office at 585-207-3066 or our Wellsville office at 585-593-9678 today to schedule an insightful consultation with our seasoned agents.