Whether your work-from-home business is a full-time, part-time, or just a side gig, most business owners acquire supplies and office electronics to run the business. Many companies also require inventory, office furniture, or other tools and equipment, so it is essential to recognize that most home insurance policies provide minimal coverage for work-related assets. Most businesses need commercial insurance coverage. If you live in Medford, NJ, or the Tri-State area, consider contacting the Rock Insurance Services team to create a home and business insurance plan.
Understanding Home Insurance and Working from Home
Home insurance policies cover personal assets, not financial and legally separate business assets. The typical home policy covers only $2,500 in business assets, so if you have business assets worth more than that, you should consider a separate commercial insurance policy. Commercial insurance policies also cover business liabilities and other issues your business may need.
Home-based businesses that are limited in scope may need only a rider or business property endorsement added to your home policy. Riders commonly double your business asset coverage over the base home policy.
More substantial businesses can use in-home business insurance, designed for companies with some employees and revenues below $250,000. In-home policies generally offer essential property, liability, and other commercial insurance elements most businesses need.
For businesses with more than $250,000 in revenues, a Business Owner’s Policy (BOP) may be appropriate. BOPs bundle the core elements of the in-home policy plus Workers’ Compensation and liability coverage for colleagues or customers at your residence.
Working with Rock Insurance Services
The Rock Insurance Services team proudly serves homeowners and businesses in Medford, NJ, and communities in the Tri-State area. Call (609) 382-0100 to schedule an appointment. We will work with you to determine the best coverage combination for your business.