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Running a business from your home?

Global Administrator

If you operate any type of business or commercial activity from your personal residence, your home insurance policy is most probably not protecting you. The typical personal property policy was never intended to cover any kind of business operation and therefore has minimal, if any, coverage for business stock, business property and, most importantly, liability.

Many insurance companies offer reasonably priced "home business" policies or extensions generally as an option under your home insurance. Premiums typically start at about $150 and increase from there depending on the type of business and risk involved.

For the amount of premium involved, it is just not worth risking everything in the event of an uninsured loss. Liability losses in particular e.g. "slip & fall" or product related, can be substantial and leave you financially ruined even if you are "accused" of causing injury or damage. Liability insurance also covers the cost to defend you whether groundless or not.

Ryan Guthrie, CAIB, CIP

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