With so much technology available to us today, more and more people are able to set up home-based businesses. Many times, owners of these businesses don’t realize how vulnerable they are to significant money losses if something such as fire, theft or natural disaster were to occur.
A survey commissioned by the Independent Insurance Agents & Brokers of America shows that nearly 60 percent of home-based businesses are not adequately insured. The scary thing is that they often don’t even know it. This is because respondents were under the mistaken belief that homeowner’s insurance covered their home-based companies.

These policies, however, typically exclude losses due to business activities.

By being uninsured, Maine-based home business owners risk losing their equipment, inventory and important records. On a larger scale, they are also in danger of being held liable if a client is injured somehow while visiting the home office.
There are a few options available for home-based company owners, if they have standard homeowner’s insurance:

• A home office policy. This covers certain losses in the event of a fire, theft or other disaster. It may include lost income.
• A business pursuits or incidental business endorsement, which can be added to your homeowner’s policy.
• A business owner’s policy. This is more inclusive for liability, property damage, data loss, theft and even the structure housing your business.

Contact Filler & Associates for more options for protecting home-based business properties.