Do I need to contact my insurance company about my new home-based business?

Do I need to make changes to my homeowner's insurance now that I run a small business from home? I only use a computer and a printer for my job. There aren't any clients coming to my home; everything is done remotely. The only new equipment I have now is my upgraded computer.

Answer
“You are in luck; most homeowner’s insurance policies provide some coverage for a small home-based business.
Every carrier is different so take a look at your current policy or contact your insurance agent for specifics.
In your situation, the main concern may be how much coverage your policy has for electronics. The standard coverage for business equipment is $2,500.
Since you have purchased a new computer, you may want to look at increasing the coverage. Usually, for just a few more dollars, you can increase the limit to $10,000.
If you have clients or employees come to your home in the future, you will need to purchase a business owner’s policy for protection against any lawsuits or workman’s comp claims.
If you are unhappy with the coverage your current homeowner’s policy provides, get quotes from multiple companies to find the lowest rate.
To simplify this process, download the free Jerry app. Jerry works with over 50 companies and delivers the lowest quotes directly to your phone.”
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Shannon Martin
Answered on Jul 27, 2021
Shannon is an expert in personal lines liability insurance with 13 + years of insurance industry experience. She also served as a special insurance liaison to AARP members for 6 of those years. She is a graduate of UL Lafayette and currently resides in NY with her family. Shannon is also an amateur juggler, ukulele player, and is a time travel paradox theory enthusiast.
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