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After the recent rash of natural disasters, people all over the United States have been struggling to get back on their feet and rebuild their businesses. Many of these business owners ran their businesses from home, but found out the hard way that they weren't adequately covered for their losses. However, those with home-based Manteno business insurance policies were surprised to find out that they were.

What is home based business coverage?

Home based business coverage is an insurance policy that covers a business owner’s content within the home. There are three types of home business cover:

  • Endorsements to your current homeowners insurance. Endorsements on your existing homeowner’s policy will slightly increase the amount of cover for contents. However, most of these endorsements are limited to businesses that make less than $5000 dollars per year.
  • A separate home business policy. A home business insurance policy will cover you for a slightly higher amount for your business contents. You also have the ability to choose how much cover your business needs. In most cases, this insurance will cover loss of income due to damage in your home or theft.
  • Business owners policy package (BOP). The BOP policy is suitable for small business owners who operate from more than one home. It is also recommended for home-based business owners who manufacture products. This form of homeowner’s business insurance has a higher liability coverage amount. Keep in mind however, that this is a more expensive policy since it offers you more coverage.

Does this cover natural disasters?

Most homeowner’s policies do not cover content damage from natural disasters or even an accident such as a flooding or a fire. General homeowner’s policies also don’t cover home-based business owners from loss of income. It is best to sign up to a home business insurance policy to guarantee cover for these items. 

After a natural disaster, there may be extensive damage to your home and business contents. With business contents insurance, you are given the option of resupplying your business equipment as well as obtaining a form of income until you are up and running again. Most home based business policies will cover your income for up to one calendar year.

For more information about whether a home based business insurance or contents insurance is best for your home-based business, contact HomeStar Insurance Services at 815-468-8763.

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