Q: I run a business out of my home. What kind of insurance do I need?

A: Setting up your business’s headquarters in your home doesn’t mean your homeowners insurance will adequately protect your operation.

Your homeowners policy may cover up to $1,500 worth of personal property. This coverage protects business property while it’s used or stored inside your home. The policy may also offer up to $750 worth of coverage for your business property while it’s away from your home. If your home-based business is small, this might be enough coverage.

If this coverage isn’t sufficient, consider an in-home business policy, which provides more comprehensive coverage for business equipment and liability.

While your homeowners insurance policy might come with liability protection for certain incidents that happen inside your home, it does not extend to home-based, business-related activities. For example, if a customer comes to your home to make a purchase and falls, there may not be coverage under your homeowners policy. Coverage gaps can easily be fixed with a business insurance policy.

Consider a business insurance policy if you:

• Provide services directly to customers while in your home.

• Have $5,000 or more worth of business property kept at your home-based business location.

• Rely on the income from your business to support your household.

Have further questions? I’d love to answer them! Feel free to call or text my office at (704) 526-0887 or visit us in person at 9539 Idlewild Road or online at MyMintHillAgent.com.