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The relationship between home and work continues to evolve, with more people working full-time, part-time, or running businesses from home. With this change, it’s crucial to understand that home insurance policies generally provide limited coverage for business assets, making commercial insurance essential for many home-based businesses. If you live in the Pearland, TX area, consider the Barry Insurance Group team to create your home and business insurance plan.
Home Insurance and Working from Home
Most home-based businesses require office electronics, furniture, and supplies or tools. Some also have inventory, highlighting the importance of commercial insurance as your business assets grow.
Home insurance policies cover personal, not business, assets; many cap their business asset coverage at $2,500. Any business asset above $2,500 is uninsured if you don’t have a commercial insurance policy.
Smaller home businesses with limited assets often add a business property endorsement to their home policy, doubling the base business coverage. Businesses with more assets need commercial insurance; many also need professional or business liability insurance.
In-home business insurance may be sufficient for companies with less than $250,000 in revenue. These policies typically include the property, liability, and other commercial insurance elements many businesses of that size need.
A Business Owner’s Policy (BOP) is for businesses with revenue of $250,000 or more. It often includes the primary elements of more sophisticated commercial insurance policies, such as Workers’ Compensation and liability coverage.
Working with the Barry Insurance Group
The Barry Insurance Group team serves homeowners and businesses in the Pearland, TX, area. Call (281) 464-3384 today to schedule an appointment or stop by our office so we can create an insurance plan that works for you.