Work-from-Home Businesses: Mixing Personal and Professional Life

Work-from-home businesses can be full-time, part-time, or side jobs, often requiring owners to purchase office electronics, furniture, supplies, potential inventory, tools, and equipment. Although many of us increasingly mix our home and work lives, keeping them financially and legally separate is important. As home insurance policies offer minimal coverage for work-related assets, home business owners should consider adding separate commercial coverage. If you reside in or close to Palm Coast, FL, consider reaching out to the team at All Counties Insurance Agency & Traffic School to design a combined home and business insurance plan.

Home Insurance and Working from Home

Home insurance policies primarily cover personal assets rather than business assets. Most home policies only cover up to $2,500 in business assets, a value that small businesses can exceed after purchasing a single computer. If the value of your tools, inventory, or office furniture surpasses your home insurance policy’s business asset limit, failing to insure these items can jeopardize your company’s operation during losses.

If your business assets are minimal, consider adding a rider or a business property endorsement to your home policy to increase your business asset coverage. This addition can potentially double your business asset coverage or more.

In-home business insurance is ideal for businesses with fewer employees and revenue less than $250,000. They offer basic property, liability, and other commercial insurance elements.

Businesses earning higher than $250,000 should contemplate acquiring a Business Owner’s Policy (BOP). This policy provides the basics, Workers’ Compensation, and liability coverage for colleagues or customers at your residence.

Collaborating with All Counties Insurance Agency & Traffic School

We advise discussing your situation with an insurance agent. The All Counties Insurance Agency & Traffic School team proudly caters to homeowners and businesses in the Palm Coast, FL area. Contact our office today at (386) 439-9254 to set an appointment.