In Massachusetts, home-based business owners need clear answers about coverage available to them. Since they operate from home, they may face confusion when it comes to what is covered and what isn’t. The following are commonly asked questions about home-based businesses answered by insurance agents in Milbury MA.
What Equipment is Covered Under the Policy?
Any equipment that is used during the operation of the company or to provide services is covered under the policy. The business owner must provide a comprehensive list of all equipment they used to their insurer. The itemized list ensures that all items receive adequate coverage in the event of a disaster.
What Portion of the Property is Included in Coverage?
The business owner must define the exact measurements of the area used for their company. If the area is a home office, they should acquire the exact measures of the room to provide to the insurer. However, if they use any additional areas, they must include them as well.
Are Separate Phone Lines and Cabling Covered Through Business Insurance?
Yes, if the homeowner establishes a separate phone system and network cabling for the business, they acquire coverage through the business insurance. These installations must have a separate account number and be listed in the company’s name. The owner may use their name if they are an independent contractor and don’t use any specific business name on their license.
Are Home-Based Businesses Limited to General Liability Coverage?
No, they are allowed to acquire any business related insurance policy that applies to their company. If they hire workers, they need worker’s compensation. If they provide services at their location, they need extended liability coverage in the event of a premise’s liability. These policies provide coverage based on how the business operates.
In Massachusetts, home-based business owners have unique needs in terms of insurance. An agent helps them review potential policies that protect them and their reputation in their industry. They also prevent financial losses due to lawsuits and other common liabilities. Business owners who need help contact Insurance Agents in Milbury MA.