Running a business from your home can offer a lot of benefits. At its best, a home based business can enable you to work a flexible schedule, balance work and family life, and limit overhead costs. And the commute can’t be beat.
But a home-based business faces risks just like any other business—and it’s important that you put the right insurance coverage in place to protect yourself. While your homeowners or renters insurance may provide coverage for some of your business property, it may not be sufficient to cover the broader range of risks faced by most home businesses.
Different types of businesses face different risks. To find the right insurance, consider what your business does so you can identify what coverages you need. The most common risks to home based businesses include:
In addition, if your business has employees, your business must comply with applicable laws requiring you to purchase workers compensation insurance coverage.
For many home-based businesses, you may be able to find sufficient coverage from the following options:
Depending on what type of business you operate, you may need to obtain additional coverages. You may be able to add optional coverages to your BOP, but in some cases, you may have to purchase separate policies. Other coverages to consider include:
The right business insurance can provide peace of mind and help your business recover from adverse events. You may also need insurance to meet contractual or legal requirements. For example, government agencies often require contractors to carry certain coverages.
At the same time, your business will benefit if you take actions and establish practices that prevent claims in the first place. Consider taking these steps to reduce risks and improve your operations:
This document is advisory in nature and is offered as a resource to be used together with your professional insurance advisors in maintaining a loss prevention program. It is an overview only, and is not intended as a substitute for consultation with your insurance broker, or for legal, engineering or other professional advice.
Chubb is the marketing name used to refer to subsidiaries of Chubb Limited providing insurance and related services. For a list of these subsidiaries, please visit our website at www.chubb.com. Insurance provided by ACE American Insurance Company and its U.S. based Chubb underwriting company affiliates. All products may not be available in all states. This communication contains product summaries only. Coverage is subject to the language of the policies as actually issued. Surplus lines insurance sold only through licensed surplus lines producers. Chubb, 202 Hall's Mill Road, Whitehouse Station, NJ 08889-1600.
We can help with that.