Insuring Your Home Office: What Options Do You Have?

Working from home is considered a benefit. Making your own hours, controlling your own income or simply getting away from the office to work for a day or two in peace – who wouldn’t want that?
No matter how you go about it, you’ll need to create a home office with electronics and equipment, possibly an area for clients and a storage area. Unfortunately, during these arrangements, many forget a crucial part of the equation: Getting it all insured. In fact, 60 percent of those who work from home aren’t properly insured.
A standard homeowners’ insurance policy doesn’t offer sufficient coverage for your equipment or property and liability issues. What factors do you need to consider?
Your Arrangement and Supplies
At the most basic level, your equipment needs coverage. This likely includes a computer, printer with a fax and scanner, a modem and router, phone, cabinets, software and your smartphone.
Additionally, depending on the scope of your business, other structures like a barn or garage for storing supplies should also be considered.
If you’re truly a home-based business rather than a company employee who works from home, you need to be aware of:

• Liability related to intellectual property, copyright infringement and trademarks
• Workers’ compensation
• Liability coverage for attorneys and accountants
• Liability for accidents or injuries that occur on your property
• Coverage for business interruptions

Furthermore, if you’re a home-based business, do you:

• Have clients frequently visiting your office?
• Have a few employees in your home?
• Provide home care or caretaking services?
• Have a business sign or display?
• Handle and hazardous or flammable materials?

Policies
There’s no one-size-fits-all solution for home-based businesses and workers, so you’ll need to examine a range of policies to find one suited to your needs:
Business Owners’ Policy (BOP) – A common solution for small businesses, this policy loops in multiple forms of basic coverage with a single, discounted rate.
In-Home Business Policy – This option focuses more on your equipment and still offers liability coverage.
Scheduled Personal Property – Most ideal for employees who work at home, this rider added to your homeowners’ insurance policy can cover office equipment, buildings and other structures, furniture, inventory, securities, accounts receivable, improvements, machinery, books and documents, cars and signs.
Looking to explore policies and coverage for your home office? Contact Ion Insurance to discuss your options. Give us a call today at 203.439.2815.