What You Need to Know about Insuring Your “In Home” Business, But Were Too Busy to Ask

May 1998
by Mike Mansel, CIC

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What do publishers, authors, cosmetic salespeople (Avon, Mary Kay, etc.), and multi-level marketers have in common? Many of them have “in home” businesses. Bingo! You were right. Evidencing the increased numbers, 43 million (according to the Bureau of Labor statistics) “in home” business owners shed bathrobes for casual attire, merely shuffling from the kitchen to the office down the hall when they go to work. About 60% of these hardworking folks mistakenly rely on their traditional homeowner’s or renter’s policies for insurance protection or don’t even give the matter a thought. Sadly, almost half of the “in home” business owners who have already experienced a claim or loss still lack the insurance they need to adequately protect themselves.

What basic coverage does the “in home” business need?

The basic insurance protection needed for “in home” businesses is property and liability coverage. Property coverage will protect the business owner’s real property, dwelling, structures, and possessions against claims for theft, fire, water damage, and the like. Liability coverage insures against injuries or damage claims from business visitors, clients, and other parties. While homeowner’s and renter’s insurance policies are generally similar in coverage from one insurance company to the next, most fail miserably to provide all but a few basic insurance coverages for “in home” business owners. None address coverage for business liability-in or away from the home business lo…IBPA Members – Click here to view the full article (login required).

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