If you count yourself among many creative professionals across Canada who run their businesses from home — especially now because of Covid — do you know how well you are protected from loss, damage or theft? You may be surprised to know that your regular home insurance may not cover your business.
In fact, according to the Insurance Bureau of Canada, many are not adequately insured. They explain that most home insurance policies provide low coverage limits for equipment, tools and professional service instruments. To ensure your business is properly protected, here is a short list of things to consider:
Choosing the right self-employed, home-based business insurance: Be selective. Don’t let a lower price be your only guide, as the coverages vary by company. Take an inventory also of your business equipment to get an accurate snapshot of the total value. Being thorough from the start will ensure you are fully protected.
Fire: If there is a fire in your home that damages your professional equipment, you may not be able to make a claim against your regular property insurance, resulting in expensive losses.
Break-ins: Similar to fire protection, if someone breaks into your house and steals or damages your computer and other equipment, you may not be fully covered. The same can be said if your business-related equipment is stolen from your car, as these types of items may not be included under your regular auto insurance.
Visit the Insurance Bureau of Canada’s website to learn more.