| According to a recent survey by The Global Entrepreneurship Monitor, 69% of new businesses start at home, and 59% continue to be run from home after the startup phase.
It's very likely that some of your customers have a home business exposure that you don't know about. It could be a homemaker who bakes cakes and cookies and sells them locally, a recent college grad who has started designing websites for local businesses, a retired music teacher who gives piano lessons or an accountant who offers tax prep services. There are endless of possibilities for home business entrepreneurs—and they all need insurance.
Many home-based business owners believe that their homeowners or renters policy will automatically cover any loss or damage to their business equipment, supplies, and inventory, etc., when in fact most policies exclude coverage for business exposures on the premises. Make sure to regularly ask each customer about any home-based business exposures, and then review their policies to determine if they need additional coverage.
RLI offers a Home Business policy which provides affordable coverage and includes up to $1,000,000 in business liability protection, up to $100,000 comprehensive coverage for business personal property, $5,000 per person for medical payments to customers injured on-premises and coverage for loss of income.
The product is targeted to more than 100 retail and services risks which present minimal product and/or professional liability. Coverage also extends to business personal property that is in transit or temporarily off-premises (such as an insured is offering their products at a county fair, trade show, gallery, etc).
For more information on RLI's Home Business policy, visit www.rlicorp.com/products or contact April Shrewsbury. |