If you work from home, you should know that home insurance policies usually provide limited coverage for work-related tools and equipment. However, you have several options for gaining additional coverage. If you live in or near Shelton, CT, our Goodman Insurance Inc. team will happily create the home and business insurance coverage that works for you.
Home Insurance and Working From Home
Generally, home insurance covers personal assets and activities, not business assets and activities. Employees who work from home can expect their company’s insurance to cover their business assets when employees work from home, but it is best to confirm their policies.
If you run a small firm and work from home, your home policy often covers only $2,500 in business assets, so additional coverage is needed. Adding a business property endorsement to your home policy may be enough for the self-employed or freelancers. Still, many small businesses have assets exceeding the $5,000 limit standard to these policies.
In-home business insurance is another option for businesses with few employees and less than $250,000 in revenues. These policies include increased property coverage, liability protection, and other elements of commercial insurance coverage.
Home-based businesses with revenues exceeding $250,000 can opt for a Business Owner’s Policy (BOP). BOPs can package the commercial insurance elements needed for particular companies, including Workmen’s Compensation and liability coverage for colleagues or customers injured at your residence.
Discussing your specific situation and business needs with your agent to confirm whether and how your home policy covers work-related assets is highly recommended.
Working with Goodman Insurance Inc.
Goodman Insurance Inc. proudly serves homeowners and businesses in and near Shelton, CT. So, call or stop in today so we can help protect your personal and business assets.