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I run my business from my home. Do I need separate insurance or am I covered by my home insurance?

Home insurance and commercial insurance cover two different types of risks, so you need separate insurance policies.

Typically, a home insurance policy may not provide the coverage that is needed for your business, particularly if you want coverage for business interruption, such as lost profits. Although some contents may be covered by your home insurance, it likely is not enough to cover the full value of your business assets.

You also need public liability insurance to protect your business from any lawsuits that may result from your business activities or having clients visiting your home-based business. Your personal or home liability insurance most likely would not cover the awards and/or legal costs associated with a lawsuit against your business.

In fact, standard home policies specifically exclude commercial liability risks. Ideally, a commercial insurance policy would be tailored to suit the needs of your business.

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