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Home based business

Food Liability Insurance Program Now Live

Food Liability Insurance Program Now Live

BayRisk Insurance Brokers is proud to have aligned with the Food Liability Insurance Program (FLIP) administered by Veracity Insurance. This program is designed for artisan food manufacturers, small catering companies, and mobile food vendors including street vendors and food trucks or trailers.

Don't Rely On Your Homeowners Policy For Business Property

A BayRisk, we help thousands of small businesses. Helping small businesses often means helping home based businesses. When you have little or no employees, why spend a fortune on office space when your job probably allows you to work from home? Working from home is great; we encourage it! However, we are often met with objections on covering business contents because these home based business owners and consultants think their homeowners policy covers them for their business contents. 

Most common homeowner policies have a limitation on business owned contents of $2,000. If you have a new laptop loaded with software and a decent home office with desks, chairs, printers, etc. that were purchased with company money, you will not have enough coverage in case of a loss. Also, if you are traveling there might be limitations or no coverage for your laptop. 

Most Business Owner Policies (BOPs) will cover business contents for a very nominal charge. A one person operation can likely purchase a BOP for about $500 per year vs. just buying liability for $425 per year. $75 seems like a very small price to pay to avoid any gaps between your homeowners policy and your Business Owner Policy. Also, most small BOPs carry a low deductible of $250 or $500 per year and most homeowners policies will have a $1,000 deductible. 

You can get a quote from us and our trusted insurance carriers that can include your business contents for your home based business. Think seriously about protecting your contents and contact us if you have any questions about properly protecting your business in general. 

Home Based Business Insurance: What You Need To Know

There are hundreds of thousands of home based businesses across America. Whether you are a professional consultant, a dog walker, an eBay expert or a cosmetic sales associate odds are that you do not carry business insurance or believe you have coverage on your homeowner policy for your business.

Almost every homeowner policy excludes business pursuits from your personal liability coverage. They also have very limited property coverage for business property. If you have say $50,000 in inventory that you sell on eBay in your garage and have a fire or theft, you will likely be limited to $2,000 on your homeowner or renters policy. 

Although most homeowner policies exclude home-based businesses it should be your first plae to look for coverage. Some insurers are willing to issue an endorsement that will extend coverage to the home business. Typically, there's an additional fee, but it is usually inexpensive and worth every cent. If this is not a possibility there are many insurance copanies that can write a separate Business Owner Policy (BOP) that can protect you, your business and your business property. Typical premiums for small in home businesses are around $500 per year. 

If you provide professional advise or services such as consulting, accounting, legal or otherwise you should seriously consider adding professional liability (Errors & Omissions) coverage. This is typically more expensive coverage since it is more likely to be used if you are in a professional field. We see minimum premiums in the $1,200 per year range for $1,000,000 in coverage.

There could be additional insurance needs as you start or grow your home based business. Feel free to contact us if you have any questions on your home based business insurance needs or anything else.