The joys of working from home! You set your own schedule, work from your home office (or perhaps your dining room table), and you can still take care of the house, family, pets, garden, and more. While you have taken the time to register your business and make it credible, you may be lacking critical coverage areas in your insurance policy for your Newfoundland and Labrador home-based business. Depending on the industry and nature of your business, a few different insurance products could apply; therefore, it is always best to consult with an insurance professional.
Finding Suitable Insurance for Your Newfoundland and Labrador Home-Based Business
Even though you work from home, don’t rely solely on your homeowner’s insurance. You have an obligation under your policy to notify your broker of any material change in risk and this includes the operation of a home based business. The exact coverage you must have will depend on the type of business and assets associated with your business, but some common types of insurance policies you may want to consider include:
- Business Property – Home insurance does not have adequate coverage for those items owned by your business, especially when you have expensive specialty equipment. While homeowner’s insurance may have some property coverage, there is a limit, and it may not cover specialty equipment, computers, etc. Also, your homeowner’s policy will not cover business property off your home’s premises. So, if your laptop is lost while you are at a coffee shop, it may not be covered.
- Business Liability – While you have the advantages of working from home, you are still exposed to risk and liability as a business. General liability policies are a good starting point for home-based businesses. However, if you have clients visit your home as part of your business, you may need even more than general liability.
- Professional Liability – Depending on your line of practice, you may need professional liability coverage to protect you from lawsuits. If you are a home-based lawyer, accountant, physiotherapist, construction engineer, contractor, etc. you should seek adequate coverage to protect yourself against claims of malpractice, wrongdoing, and other forms of professional liability.
- Product Liability – If you create a product from your home, you may want a product liability insurance policy. This will protect you in the face of lawsuits and claims resulting from defects or the malfunction of your product.
Regardless of what kind of business you are operating from home, making sure you have the right amount of coverage is critical. Steers Insurance offers the best rates and customized insurance solutions to suit the needs of a home-based employee or business owner. We can assess your type of business, potential liabilities and find the right coverage that suits your budget.
Request a quote online or call us at 1-877-478-3377 today to discover your options for home-based business insurance in Newfoundland and Labrador. Don’t hesitate to contact us online with questions about your specific business insurance requirements.