Technology has enabled more Albertans than ever to work from their homes, but if you operate a home based business you may have insurance issues you might not be aware of.
Your typical homeowner’s insurance policy in Alberta will usually contain exclusions about operating certain types of businesses from your home.. To thoroughly discuss the insurance requirements of your particular home based business, contact one of Bow Valley Insurance’s independent brokers to explore your options.
Covering Your Home Based Business
No matter what type of home business you operate, home based business insurance will cover you with additional liability protection against claims for damages made by clients, delivery personnel, employees etc.
Unlike your standard homeowner’s policy, a home based business insurance policy will cover your listed office equipment and supplies, the product inventory you have on hand at your home, and provides both on and off-premise and business interruption coverage in the event your business suffers from a covered loss.
Home based business insurance also usually covers smaller risks to your livelihood that you seldom think about. What happens if your business dedicated laptop is stolen while you are about the town for your business? What if a house fire in your garage doesn’t directly harm your business, but renders your home temporarily unsuitable for work? Rather than being forced to write off such losses, your home based business insurance policy will usually cover such unexpected expenses and keep your business viable.
Keep an Accurate Inventory and Know Your Terms
Just as with your homeowners insurance policy, you should keep a regularly updated list of all of the business related equipment and inventory you have. Ideally, you should also have documentation of your home based business income stored off site so it can’t be easily lost or destroyed.
Contact Bow Valley Insurance
Your home based business insurance needs are complicated, but Bow Valley Insurance strives to make simple. On your behalf, we can compare the policies of up to several nationally recognized insurance companies to get you the exact right coverage.