Over this past year, most of America found themselves locked at home with nothing to do and no job to go to every day. Millions of people found this as an opportunity to pursue their dream of self-employment and become entrepreneurs. If you are one of those people, being properly insured is one of the first steps you can take toward ensuring a successful future. Very few homeowner's insurance policies include coverage for an at home business, so it is critical that you find the right commercial policy that covers all your needs.
At Hadley, Cook, and Quillen we customize what is known as a Business Owner's Policy or BOP for our small business customers. BOPs normally include 1,000,000-5,000,000 in liability coverage and $1,000-$100,000 in business personal property coverage (tools, small machinery, inventory, etc.). They can also cover most buildings for offices, storage, manufacturing, or retail, but if you have a home-based business, this isn't necessary as the building is covered under a homeowners policy. Barring any unusual circumstances, a Business Owner's Policy will generally range from $250-$2,000 annually depending on the type of business and amount of coverage.
Of course there are multiple other coverages that can be added to a BOP. For example, if you use your personal vehicle to deliver products or make service runs, your personal auto policy likely will not provide coverage in the event of an accident on the job. This requires a business auto policy to be added to your BOP, but don't worry, your vehicle only needs to be on one or the other so you do not have to pay for both.