When you run a business out of your home, you know there’s a unique set of risks that come with the territory. But your regular Florida homeowners insurance policy doesn’t cover many of these threats to your home business. That’s why it’s so important to get equipped with the right home-based business insurance.

Fortunately, a Florida independent insurance agent can help you find the right kind of home-based business insurance for you. Even better, they’ll get you set up with more than enough coverage, long before you ever need to file a claim. But before we jump too far ahead, here’s a closer look at home-based business insurance.

What Is Home-Based Business Insurance?

A bridge between homeowners insurance and Florida business insurance, home-based business insurance is designed to protect businesses that are run out of the home from numerous perils. Home-based business insurance covers professional equipment, technology, and business files and papers, along with liability related to business activities that home insurance wouldn’t cover. A Florida independent insurance agent can help you find the right coverage for your home business.

What Does Home-Based Business Insurance Cover in Florida?

Home-based business insurance covers a number of important aspects of businesses run out of the home. According to insurance expert Jeffery Green, common core coverages provided by home-based business insurance are:

• Business-related liability: If a third party sues your home business for claims of property damage or bodily injury, your homeowners insurance is unlikely to cover the legal expenses. A home-based business insurance policy would cover these.
• Business equipment and inventory: Your homeowners insurance policy is also unlikely to cover all of your home business’s equipment and inventory against perils like fire, theft, etc.
• Business interruption: You’d need a home-based business insurance policy to protect your home business if operations were suspended or shut down due to covered perils like fire and more. This coverage helps to reimburse for lost income.

A Florida independent insurance agent can further explain the basic coverages provided by standard home based business insurance policies.

What’s Not Covered by Home-Based Business Insurance in Florida?

Though home-based business insurance provides a lot of important protection for businesses that are run out of the home, it can’t cover just anything. Green said that the main excluded coverage in home-based business insurance is any damage to the home unrelated to the business. So, it would be your regular homeowners insurance policy that responded to other home damage.

Home-based business insurance also excludes:

• Business owner or employee dishonesty
• Routine maintenance fees
• Intentionally malicious acts

Your Florida independent insurance agent can help address any concerns you may have about what your home-based business insurance excludes.

Home-Based Business Stats

Home-based businesses are much more prevalent than you might expect. Check out some recent stats below for home-based businesses in the US.

With home-based businesses occupying half of the market in the US, it’s easy to see just how critical home based business insurance really is. A Florida independent insurance agent can further illuminate why coverage is important for your home based business.

What Is Public Liability Insurance for Home Businesses?

Green said that public liability is a narrow form of liability insurance for home businesses that covers only visitors, delivery personnel, customers, and other members of the public. He noted that the coverage is more economical, but has the same broad coverage as general liability for businesses. Your Florida independent insurance agent can help you decide whether public liability or general liability insurance would be a better fit for your home business.

How Much Does Home Business Insurance Cost in Florida?

The cost of your home-based business insurance will vary depending on several factors. Many smaller home-based businesses could pay only between $250 and $500 per year, while others could pay into the thousands or even more.

The cost of your home-based business policy will depend on factors like:

• If you have any employees
• Your home business’s revenue
• Your home’s location
• The age of your home’s structure
• The risk level of your home business

A Florida independent insurance agent can help you find exact quotes for your area, as well as scout out any discounts you may qualify for.

Here’s How a Florida Independent Insurance Agent Can Help

When it comes to protecting home-based businesses against lost revenue, property damage, and all other disasters, no one’s better equipped to help than an independent insurance agent. Florida independent insurance agents search through multiple carriers to find providers who specialize in home-based business insurance, deliver quotes from several sources, and help you walk through them all to find the best blend of coverage and cost.