Working from Home or Home Based Business? Are You Covered?
Working from home has become more common this year, as 42% of Americans found themselves spread out at the dining room table accomplishing daily tasks. When it comes to military-connected families, 41% of military spouses find remote working an ideal employment situation.
But many people haven’t given much thought to how working from home may affect their insurance coverage. Is your professional equipment covered if your house suffers damage from fire or tornado? What if you have employees? Is worker’s compensation covered? There is no time like the present to talk to your AFI agent about the potential gaps between your home policy and what coverage your home business needs.
We want to make sure you're covered for business property and liability, either through your home policy or by purchasing a business policy. Let’s take a look at some of the options.
Question: Is my business property covered under my homeowner policy?
Answer: Our policies have a limit of $2,500 on for property used primarily for business purposes. If you have more than that in business property, we’ll need to look at additional coverage.
Question: Does my home office need additional coverage?
Answer: You can add an endorsement to your homeowner policy to allow you to have an office or studio covered for certain types of business activities. The Permitted Incidental Occupancies Endorsement provides liability and personal property coverage as well as a specified amount of physical damage coverage if you have a separate structure on your property for business activities.
Question: I have employees that work on-site, inventory, or customers that come to my house, do I need more coverage?
Answer: If you have employees that work on-site, customers who come to your home (like into a studio for photography), or inventory on the property you may need a separate policy for the business. Let AFI help you find the right coverage through our network of partner carriers.
Question: I have a home-based business, what things do I need to consider for coverage?
Answer: The things we’ll look at to identify gaps and recommend coverage include employees, business vehicles, and additional buildings or structures on the property. We’ll also consider the amount of property you have to see if your current coverage is enough.
If you aren’t sure if you have a gap in your insurance coverage, we’d love to talk about your concerns. We’re ready to help you fill those gaps with the right coverage for you. Call us at 855-307-8652 today.