Home based business insurance

[Peachie]

Hi busy, busy preparers.

I have been doing insurance shopping recently and am interested in a policy for my home based tax business. I have gotten several quotesfor policies including one from my current agent who seems quite high in comparisoon and the policy isn't quite as good in its coverage as some of the others. Can you guys give me some guidelines on what I should look for and reasonable cost for this product. I know the prices will vary but I am asking for what your coverage and costs have been. I am not sure I need a stand alone policy or if one from my insurer would work as well, not as an endorsement or rider, but a business polcy under my homeowners umbrella.

Any comments will be greatly appreciated. I think I have been fortunate that I have had no problems with my business all of these years because for some reason Ii thought I was covered. Better to know now before something happens. If you want to e-mail me, please do so.

Thanks.

Peachie

[BOB W]

Mine cost me a flat $500. Don't know what it covers but my laptop screen got crushed in my car and they covered it.

[S T]

I checked with my HO

Peachie, I checked on this as I am also a "Home Office" Business.

Here is what my agent stated under my current policy:

To be able to add the coverage to your home the following must be met:

Business must be incidental to the operation of the premises. (meaning cant be a house you run the business out of then go home to your residence at night)
Solely owned by named insured and/or spouse. No partnerships, joint ventures or corporations.
total area inside house can not be more that 500sq ft used by the business.
no more than 1 full time employee
no store front.
No coverage for you for off premises while conducting business.
No professional liability coverage included.

Does cover you for Liability on premises, and up to your personal property limit of your homeowners policy for your business equipment.

Charge to add incidental office is $21.00 a year.

If you need better coverage than this, then you need to get a commercial package policy to cover you on and off premises.

Seems it is more for liability protection, and has no coverage for any office equipment, Hope this helps

Sandy

[Lion]

Insurance

I have similar to Sandy's with my homeowners' insurance, except I did add another rider to cover electronics, but I think it only goes up to $2,500 (or maybe that's what my homeowners' had and the rider increased it). Sorry I don't remember many details now as it renewed by July and is filed away somewhere in my husband's cabinet. I also have an umbrella policy with the same insurer. Unrelated to those, I have an E&O policy through a professional association.

[Peachie]

Thanks for the insurance responses

Thanks so much learned preparers.

My agent has told me were something to happen reagrding my HBB-insurance would not cover it. I need additional coverage and it costs an additional $150 year. I am thinking of moving my insurance-the new company provides greater liability coverage and at a cheaper price. I will insure the business with the new agent/company. In addition, other things that I'm interested in come in lower also. I think I have finished my research and will move forward.

I am appreciative that I can come here and ask questions and get the assistance I require.

Peachie

[BOB W]

Insurance........ I tell all my clients that they need to shop ALL their insurance every 2 or 3 years. Do they listen, NO. But when they do shop it they are suprised how much cheaper they can find it.
Insurance companies know that consumers are creatures of habit and are reluctant to change routines. So they slowly increase premiums until you find another insurer.

Everyone must KEEP shopping.

[Peachie]

You are so correct Bob.

Insurance........ I tell all my clients that they need to shop ALL their insurance every 2 or 3 years. Do they listen, NO. But when they do shop it they are suprised how much cheaper they can find it.
Insurance companies know that consumers are creatures of habit and are reluctant to change routines. So they slowly increase premiums until you find another insurer.

Everyone must KEEP shopping.

I, too, was a creature of habit but when I lost my fulltime job, I started to take a long, hard look at my expenses. I am now getting around to car and homeowners insuance and what a difference an examination and research makes.

Peachie

[S T]

Bundle

Peachie, try to keep your auto and your homeowner's with same carrier, as they usually will offer a multiple discount of 10%-20%.

Sandy

[Peachie]

You are so correct Sandy.

Peachie, try to keep your auto and your homeowner's with same carrier, as they usually will offer a multiple discount of 10%-20%.

Sandy

I am in the process of doing exactly what you suggest. My car insurance rate reduced 11% just on my credit rating alone. Will reduce more when I add my homeowner's policy to the mix. Thanks.

Peachie