I have a home-based business. I have a homeowner’s policy with the optional business endorsement. Isn’t that enough to protect my business?

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Jeffrey Johnson is a legal writer with a focus on personal injury. He has worked on personal injury and sovereign immunity litigation in addition to experience in family, estate, and criminal law. He earned a J.D. from the University of Baltimore and has worked in legal offices and non-profits in Maryland, Texas, and North Carolina. He has also earned an MFA in screenwriting from Chapman Univer...

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UPDATED: May 10, 2010

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Insurance Question from NULL, NULL

Asked on 05/10/2010

I have a home-based business. I have a homeowner’s policy with the optional business endorsement. Isn’t that enough to protect my business? NULL

Answer given on May 23, 2010

The answer to your question depends on a lot of things!  First of all, you need to determine exactly what the business endorsement covers on your homeonwer’s policy.  For example, is there enough coverage for your business personal property?  To what extent, if any, will your policy cover liability insurance?  Say a delivery man for your business slips and injures himself on your home property, will that be covered?  Another consideration is your business income.  If something were to happen to your home, and you are not able to generate income, will that lost income and ongoing expenses you may still have be covered?  Depending on the size and nature of your home business, you may be better off purchasing a small BOP (Business Owners Policy).  These are generally not that expensive and are designed to cover your business property, liability for your business and completed products, as well as protection of your business income and expenses in the even of a covered loss that will stop your ability to do your business for a length of time. Good luck with your business!

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