It seems that more and more Albertans are operating a home-based business; health & beauty products, jewelry, clothes, oils, food, lashes, nails, you name and it’s likely happening – the trouble is that most people don’t understand how that could adversely affect their home insurance. More importantly, how their home insurance does not cover them & how an insurance company could deny a claim in the event something happens.
A home-based business insurance plan will cover your office equipment, business inventory on and off-premise (all that product you keep in your vehicle while running errands before your scheduled demo) and business interruption insurance if anything were to happen to your home because of an insured loss. Most importantly, it will cover you for additional liability for clients, delivery personnel and employees.
Some of you may be asking what is liability coverage? Liability coverage insures your business against bodily injury or property damage relating to your company’s products or services, as well as an accident or injury occurring on the premises, such as a messenger or customer visiting your home business and slipping on your steps, tripping over toys and falling, being bit by your dog or a customer having an adverse reaction to a service you are providing.
If you are operating a home based business and you unsure if you are properly covered or have further questions/concerns on this topic, we urge you to contact your broker today.