I own a home-based business, do I need business insurance or is my homeowners insurance enough?
Depending on the type of home-based business you own, a Business or Commercial Package Policy may need to be in place for the business. Rural Mutual’s homeowners policy has minimal coverage for business personal property and liability for someone who works from home for another company.
Discuss with your agent
There are some home-based businesses that can be endorsed to the homeowners policy, but would be the discretion of a Rural Mutual Underwriter. It is best to be upfront with your agent on any home-based business you own and operate out of your home, so they can make sure you have adequate protection.
Each situation is subjective but a few coverages Rural Mutual offers for a home-based business include:
- Increased business property limits
- Special computer coverage – Adds additional covered perils for computer equipment
- Coverage for liability and certain property for incidental types of business conducted on the insured location
- Home Day Care Coverage (subject to a maximum number of children)
- Business Pursuits liability coverage for occupations such as sales, clerical and instructional (For example, a music teacher who gives lessons at home)
Keep it affordable
If you’re worried about business insurance being too expensive, there are steps you can take to lower your rates and keep it affordable. Without the right coverage, all your hard-earned equity and assets can disappear if you’re faced with a lawsuit, accident or medical bills.
Explore our available Business Insurance Coverages that can be tailored to your business type and size. These include:
- Business Auto Coverage
- Workers’ Compensation
- Business Cyber Liability and
- Equipment Breakdown Coverage.
For specific information regarding your business industry, talk to a local agent.
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