Industry Magazine Grand General Agency Spring 2016 | Page 30

IN-HOME BUSINESS INSURANCE

IN-HOME BUSINESS INSURANCE
Are You Covered?

INDIVIDUALS running businesses out of their homes rarely
purchase In-Home Business Insurance. Statistics have shown that
two-thirds of insureds that manage a business from their homes do
not have adequate insurance. Homeowner’s policies are not designed
to cover losses stemming from a business. Most people making money
from their home don’t realize their liability.

Why an In-Home Business Policy is Important

If an insured is making money from the confines of his or her home or
managing a business from the house, their homeowner’s policy will not
usually cover damages related to the business.
The Family Liaison Office has estimated that over 3 8 million
households in the United States run businesses from their homes and
are not adequately insured.

Hobbies Are Businesses Too

While the staggering statistics are alarming, the low levels of
coverage are mostly due to unawareness. Many small business owners
consider the way they make money in their home to be a hobby. As
such, they don’t perceive the need. Hobbies are businesses, too!
If a hobbyist sells goods or services, then it is classified as a busines