0
0
Do Home Businesses Need Commercial Property Insurance?
The ever-evolving sophistication of business technology and cloud networking solutions, along with the changing demands of an empowered workforce, has vastly improved the viability of home-based businesses. In 2017, there were more than 38 million home businesses in the U.S., with combined revenue of $427 billion per year. We’re not talking about lemonade stands here. Of course, with big business comes big complexity, especially when it comes to insurance. The rapid growth in home-based businesses has led to confusion over just how these businesses should be insured, and for how much. Many home-based business owners believe they can rely on their homeowners’ insurance policy to protect business assets in cases of loss or peril. After all, the business property is in the home, right? But this common misconception can lead to owners sustaining considerable financial loss – sometimes losing their entire business – because of one unexpected event. So here’s the truth: if you operate a home-based business, you almost certainly need commercial property insurance to keep your assets protected, and in many cases, you may need additional forms of coverage as well. Commercial Property Insurance for Home-Based Businesses Commercial property insurance covers business assets in two ways that most... Read more