Home-based businesses such as tutoring services, tax preparation services, crafting businesses, and agribusinesses can be profitable sources of income for many Berville, MI residents. However, it’s important to make sure that your home-based business isn’t just generating money but also protected from unfortunate incidents. Home insurance may indirectly cover some aspects of your business, but most of your assets won’t be protected in the event of an unfortunate incident.
Home Insurance: Coverage and Coverage Gaps
Home insurance is designed to protect your personal property. It will cover the home’s structure, appliances, furnishings, and your personal belongings. If your home becomes uninhabitable due to a covered peril, home insurance will compensate you for the cost of staying elsewhere while your home is repaired. However, home insurance won’t cover business assets and inventory in your home. Additionally, your home insurance liability and property damage policies don’t cover incidents involving client visits. Your nephew, for instance, may be covered if your dog bites him while he’s over for a visit, but the same can’t be said for one of your customers. This same point applies to property damage that occurs on your premises.
Which Commercial Insurance Policy is Best for a Berville, MI Home-Based Business?
If your home business is small and relatively low-risk, you may be able to purchase riders to add to your home insurance policy. However, these riders may only offer limited coverage and/or have low liability limits. Tell our team at Mitten Heritage Fraternal Society of Insurance about your business industry, size, and growth plans to get custom policy recommendations to meet your specific needs. Mitten Heritage Fraternal Society of Insurance specializes in both commercial and home insurance policies and can help you ensure your business is protected from a range of potential perils.
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