A homemaker bakes and sells goods locally. A recent college grad designs websites for local businesses. A retired music teacher gives piano lessons.
There's an endless list of possibilities for entrepreneurs to do business from home—and all of these scenarios require insurance.
According to a recent report of U.S. businesses by The Global Entrepreneurship Monitor, 69 percent of new businesses start at home—and 59 percent of those continue to operate from home after the startup phase. That means some of your customers likely have a home business exposure you don't know about.
Many home-based business owners believe their homeowners or renters policy will cover any loss or damage to their business equipment, supplies, inventory and the like. They're wrong: Most policies exclude coverage for business exposures on the premises. As an agent, you should regularly ask each client about any home-based business exposures, then review their policies to determine if they need additional coverage.
RLI's At Home Business policy provides affordable coverage for home-based businesses, including:
- Up to $1 million 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
- Loss of income
The product targets more than 100 retail and services risks that present minimal product liability or professional liability. Coverage also extends to business personal property that is in transit or temporarily off premises, such as when an insured sells their products at a county fair, trade show or gallery.
For more information, contact Lynn White, senior RLI account manager, at 893-4156, ext. 322; or Stacey Chester, RLI account manager, at 893-4156, ext. 349.