Best Home-Based Business Insurance

If you operate a home-based business, it’s important to have the right insurance in place to protect your business. Home-based businesses are often considered to be a higher risk than other types of businesses, so it’s essential to find an insurance policy that will adequately cover your needs in the event of a loss. The Nowell Agency recognizes the vital need to protect home businesses and so we offer comprehensive and customized insurance policies for home-based businesses. Let’s explore the ins and outs of home business insurance together!

Does Homeowners Insurance Cover Home Businesses?

Many homeowners believe that their insurance policies cover home-based business operations but this is only true to a point. Homeowners insurance may cover a small part of your business equipment but that’s about it! Most standard homeowners insurance policies exclude anything more that’s related to home-based businesses. After all, a homeowners insurance policy is designed to cover personal exposures, not business exposures. Any employees or clients that visit the premises, loss of product or income, lawsuits related to injury or data losses, theft, and most other risks associated with a home business are not covered in a  general home insurance policy. 

That means if you have a home-based business, you’ll need to purchase home-based business insurance to make sure your investment is properly protected. Business insurance for a home business is designed to cover the unique risks associated with running a business out of your home, such as customer injuries, property damage, and theft. In trying to determine what insurance coverage you need for a home-based business, consider the following:

• How much is your equipment worth? 
• Does the service or product that you provide create extra liability? 
• Do you stock inventory? 
• What about vehicles – are any used for business purposes? 
• Do clients or employees come to your home?
• Do you, or your employees, perform work in customers’ homes?

Contact The Nowell Agency and we’ll happily conduct a review of your business exposures and utilize the results to select a coverage package that offers complete, customized protection.

What Business Insurance Do You Need If You Work from Home?

Home-based business insurance plans often include general and professional liability, business inventory or products, commercial property, business income, advertising injury, bodily injury, cybercrime, theft, workers’ compensation, and commercial auto coverage. Nowell Agency can customize plans to suit your needs in order to provide the most comprehensive coverage for your business.

Small Home Business Insurance

Nowell Agency offers a wide range of business insurance for home businesses and the most comprehensive plans can accommodate the scale of your specific home business. 

• Homeowners Policy Endorsement for Home Businesses:  This small business insurance plan is ideal for professions done from the home that do not have face-to-face contact with any customers and have a low-cost overhead. For example, this policy would work for a contract writer or single web developer. For a home business that interacts with clients in person, has employees, has valuable inventory, or owns substantial business equipment, this business insurance plan is not going to provide enough coverage. 
• In-home Business Policy: This home business insurance plan is for the next level of business owners who have expensive equipment, a large product inventory, or who have clients visit from time to time. In these cases, this type of standalone insurance policy will provide higher coverage levels for business equipment, general liability, and so forth. 
• Business Owners Policy for Home-Based Businesses (BOP): This type of insurance policy is best for small to mid-sized home businesses who have substantial or expensive business property and equipment, employees, and larger product quantities. A BOP covers business property insurance, general liability insurance, loss of income, equipment protection, and so forth. Although this plan is the most comprehensive insurance policy for home-based businesses, it does not include health, disability, or workers’ compensation insurance. 

At the Nowell Agency, we are your partner in safeguarding your home-based business. We can assist you with setting up one of the above-mentioned plans, or creating a customized home-based business insurance plan that provides the exact insurance protection you need, with no gaps, and no excess coverage. Contact us today to get a free quote on home-based business insurance! We’re here to help protect your valuable investment!