Your renter’s insurance policy provides limited or no protection for business-owned tools and equipment. However, if you run a business from a rented property, you have several options to secure coverage. If you live in the Southgate, CA area, our ANA Insurance Brokerage Inc. team is ready to discuss your options and identify the coverage that best suits your needs.
Renter’s Insurance and Home-Based Businesses
Operating a business from your home, whether you own or rent the property, offers many benefits. However, it’s crucial to understand that your business requires commercial insurance protection. Your basic renter’s insurance policy covers your personal assets and liabilities, not those related to your business.
Like home policies, most renter’s policies cover business assets up to $2,500 in value. Considering the cost of office electronics, furniture, tools, equipment, or inventory, this limit can be easily exceeded. If you have limited business assets, adding a rider to your renter’s policy can increase your coverage to $5,000 in business assets. If you need more coverage, a separate commercial insurance policy is necessary.
Importantly, your personal policy does not cover liability for work colleagues or customers who are injured while engaging in business activities at your property. Plus, your business may require other commercial insurance protections such as Workers’ Compensation and other elements common to small businesses.
As always, discuss your unique situation with your insurance agent to ensure you and your business are adequately protected.
Working with ANA Insurance Brokerage Inc.
ANA Insurance Brokerage Inc., proudly serving the Southgate, CA area, is ready to help you choose an insurance plan to protect your personal and business assets. Stop by today or call (323) 563-6146 to schedule an appointment.
