Is Your Home-Based Business Protected from Risk?
As people are looking for ways to save money and find a greater sense of work-life balance, home-based businesses are becoming more and more popular, especially as job stability and reliable childcare have been affected this past year.
We get it, there can be a lot of perks to working from home, including:
The options are endless for the type of business you choose to run from your home, but we most commonly see:
It is appealing, but there’s a small catch. Your business isn’t covered under your home, tenant or condo insurance. However, an amendment can likely be added to your existing policy to protect you from business-related risks and it’s generally pretty affordable.
For example, if a client or a courier came to your home for business purposes and injured themselves—you would not be covered under your home policy. Or your house floods and your computer and electronic equipment is drenched—you would not be covered for the replacement. Alternatively, a customer buys an item you made and injures themself using it—you would not be covered for legal fees.
To ensure you’re covered, add a home-based business endorsement to your insurance by calling Costen today. Our friendly brokers can help find you the best option for your unique circumstance.
A Home-Based Business (HBB) endorsement can often be added to a homeowner’s, tenant or condominium policy. Most of the HBB endorsements have the following requirements:
Depending on the type of the business, or if it does not fit the above criteria, then it would be insured through a separate commercial policy.
The HBB endorsement will provide the following types of coverage:
An HBB endorsement usually classifies eligible businesses into three categories, including Office and Office Services; Sales and Crafts; and Other and typically costs between $200-300 per year.
If you have any questions regarding the above information or to ensure that your property and Home Based Business are adequately insured, please contact one of our knowledgeable Brokers who would be more than happy to assist you.