As more people spend all or part of their work hours at home, there is increased awareness that most home insurance policies provide limited coverage for work-related tools and equipment. This article covers several options for adding that coverage. If you live in or near Oviedo, FL, the Karla Salmon Insurance team will gladly review your options and create a home and business insurance plan that works for you.

Home Insurance and Working From Home

As the name implies, home insurance covers personal assets and activities. It does not protect business assets and activities, whether you or your employer owns the assets. Typically, a home policy covers only $2,500 in business assets, so you should obtain additional coverage if you own a business and keep some assets at home.

You have several methods to obtain coverage that depends on your business size. Self-employed or freelancers often gain enough coverage by adding a business property endorsement to their home policy. However, check whether your business assets exceed the policy limits ($5,000 is standard.) If so, increase the policy limit with an endorsement.

Businesses with employees and less than $250,000 in revenues can benefit from in-home business insurance. These policies cover property, liability, and other elements typical of commercial insurance coverage.

Finally, a Business Owner’s Policy (BOP) may be appropriate for home-based businesses with revenues exceeding $250,000. BOPs package the commercial insurance elements you need, like Workers’ Compensation, and add liability coverage for colleagues or customers injured at your residence. 

Working with Karla Salmon Insurance

We recommend discussing your situation with your agent, such as Karla Salmon Insurance. Our team proudly serves homeowners and businesses in and near Oviedo, FL. Call us or stop in today.