Home-based Business Insurance

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Your guide to home-based business insurance

Easily and quickly compare insurance quotes to protect your home-based business.

There are approximately 2.7 million self-employed Canadians, many of whom work out of their homes. As a small business owner with a home-based business, you know that setting up shop where you live has many perks. But, did you know it also opens up a whole host of risks that, without proper home-based business insurance coverage, could leave you exposed? 

Why is it important to have home-based business insurance?

When your workplace is also your home-base, then you might be under the belief that a home-based business is automatically insured under the liability and contents coverage of a home insurance policy. This is a myth. In fact, your business likely isn't covered, which is why getting insurance for your home business is vital to ensuring you-and your business-are properly protected.

Running a home-based business: What could go wrong?

A home-based business insurance policy will ensure you've got the protection you need if:

  • You're the victim of theft and your business equipment, tools, work laptop and phone, or inventory is stolen.
  • You're sued by a client, or courier, who slips and falls at your home while there for business reasons.
  • The product or service you sell, in some way causes harm to a customer, and they sue you for damages.

    It is unlikely, your home insurance policy would adequately cover you, if at all, for any business-related risk that comes with operating a home-based company-especially if they are unaware that you work out of the home. Yet, previously the Insurance Bureau of Canada has said that about 39 per cent of Canadians who operate a business out of the home indicated that they don't have insurance that specifically addresses the needs of their home-based business. While entrepreneurs are accustomed to taking risks, this is one risk not worth taking as it could be financially devastating if the worst should happen.

    Insuring a home-based business

    There are a couple of options for insuring your home-based business. You can get an extension from your home insurer that will cover your business through your home insurance; however, you may find that the limits are, well, limiting. Instead, you may find that a home-based business insurance policy better suits your needs.

    • Did you know? If you run a business out of your home, you need to keep your home insurer in the loop-even if you have separate home-based business insurance policy. Depending on the insurer, you may have to switch companies because some won't provide home insurance if a business is on the premises.

    As a business owner, if you don't protect yourself, who will? You work hard to ensure your business's success, but sometimes, your success can be affected by events often outside of your control. It is for times like these, when-with home business insurance-someone else will also have your back, and you won't be alone. Protect everything that you're working hard to achieve and compare home business insurance quotes today at Kanetix.ca.

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