Home businesses have become increasingly popular. Not having to buy or rent a business location is a big cost saving. Whether it is a converted garage, basement, or just an office, operating from home is an advantage many opt for. At Spring Grove Insurance in Spring Grove, IL, we are here to talk to home business owners about the risks of operating out of your home and how to mitigate that risk. You may not be as covered by the insurance you already have as you think,
Your personal home insurance is designed to protect your home from many perils. It is not designed to cover a home business. Home insurance covers content, but you may find out the hard way that inventory, business machinery, and even office furniture are not covered or have limited coverage. Many home policies have caps on the amount they will pay for damage to a home office. Data loss and loss of income are not covered in any way by home insurance.
Where home insurance is grossly inadequate is in liability coverage. If you have customers or clients visiting your office or business in your home, and they are injured, or if they decide to sue you due to a product or service you provide, you could find yourself without any coverage or enough coverage.
If you are driving your personal car for business, you may find you are not covered. Many insurance policies don’t cover the business use of a personal vehicle.
Business interruption insurance
If something happens to your business, you need business interruption insurance to keep some money coming in, so you can meet your normal expenses. This is just one of the many valuable commercial insurance coverages your home business needs.
Contact Spring Grove Insurance in Spring Grove, IL for all your commercial insurance needs.