If you have a home-based business or work from your home, you should consider getting business insurance. Business insurance can protect you against loss or damage to physical property or the loss of your business' ability to operate and generate income.
Commercial property insurance pays for damage to or loss of your business premises. It also protects against damage, theft, or loss of the business property or inventory.
Public liability insurance protects your business against third–party liability claims. For example, a delivery person who slips and falls at your place of business may be able to make a claim against you for the expenses and the effect of an injury, or you could be held responsible if your product causes damage to others.
Errors and omissions insurance protects service providers against claims made against them because of a mistake they may have made.
Home or tenant insurance will generally not pay for claims related to your home-based business or business activities that take place in your home. For example, inventory stolen from your home will not be covered by your home or tenant insurance policy.
If you have a home-based business or conduct business in your home, it is important that you declare it to your insurer and arrange for business or commercial coverage.