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