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Can I Rely Exclusively on My Homeowner's Insurance Policy to Insure My Home Business?
No. First of all, it is more likely than not that your homeowner's policy will not cover all your business assets. For example, if something you use exclusively for work, such as a fax machine, is stolen, it may not be covered under your homeowner's policy, and you may not be reimbursed for it under the policy.
Second, even if something that is covered on your homeowner's insurance is damaged or stolen, you may still not get reimbursed for it because you did not disclose to the insurance provider that you were running a business out of the house, rendering your policy void.
Also, any business-related injuries may not be covered under your homeowner's policy.
What Should I Do to Insure My Home Business?
First and foremost, you should fully disclose your home business operation to your home insurance provider. You can add riders, which are additional insurance provisions purchased separately from the basic insurance policy, to your homeowner's policy to cover normal business expenses. Make sure to get insurance coverage for your business assets (i.e., property used for your business, such as electronics and furniture), including automobile insurance if you do any unique business tasks involving your automobile.
In addition, you will want to get liability insurance for any other people that are injured in the course of business and might sue you. While your homeowner's policy would probably protect against social guests who may trip and fall or are otherwise injured on your property, it probably does not cover work associates or employees. That is why you will need a separate insurance policy for work-related injuries.
Keep in mind that you may need more than just a rider on homeowner's insurance to properly cover all work-related assets and activities.
What Should I Do If My Insurance Provider Has Rejected a Work-Related Claim Based on My Home Business?
You may want to contact an experienced business attorney. Your attorney will be able to advise you of your rights and let you know if you would be able to legally enforce your claim in a lawsuit against your insurance provider.
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Last Modified: 09-09-2014 02:24 PM PDT
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