Several trends have influenced the relationship between home and work, including the increased number of people running full-time, part-time, or side gig businesses from home. Regardless of the type of business you operate from your home, you likely need office electronics, supplies, or tools. You may also have inventory or other equipment. As the value of your business assets increases, it’s important to note that home insurance policies typically provide minimal coverage for business assets. Therefore, you should consider commercial insurance coverage. If you live in the Odessa, FL area, consider contacting the A. L. Saland Insurance Solutions Inc. team to create a comprehensive home and business insurance plan.
Home Insurance and Working from Home
Your home insurance policy covers personal assets, not business assets. Home policies often cover only $2,500 in business assets. Anything beyond that is uninsured without a commercial insurance policy. Small home businesses with limited assets may only need to add a rider or business property endorsement to their home policy. However, riders typically only double the base business coverage from your home policy.
Businesses often need to insure more than assets and may require professional or business liability insurance.
In-home business insurance can work for companies with revenues below $250,000 and generally offers property, liability, and other common commercial insurance elements.
A Business Owner’s Policy (BOP) may be needed for businesses with more than $250,000 in revenue. A BOP includes the core elements of an in-home policy plus Workers’ Compensation and liability coverage for your residence.
Working with A. L. Saland Insurance Solutions Inc.
The A. L. Saland Insurance Solutions Inc. team serves homeowners and businesses in the Odessa, FL, area. To schedule an appointment, call (813) 955-0292 or use our appointment request form.
