Barb’s QuikTip #1
What your insurance agent may never tell you
The minute you hang out your crafts business shingle, you need to be concerned about your home insurance policy. It’s important to tell your insurance agent that you run a business at home because your regular homeowner’s or renter’s policy will not cover business equipment, supplies, or inventory nor, in all probability, any losses due to fires that may be caused by such things. Note that “goods for sale” are considered business property that must be separately insured, either with an individual policy or a special rider.
A BUSINESS PURSUITS ENDORSEMENT to your homeowner’s policy is a good answer for many craft businesses since it offers some liability coverage for people in your home for business purposes as well as materials and products you are storing. If you are storing over $3,000 of inventory, however, you should probably obtain a separate fire, vandalism, and theft policy. Note that a business rider on your home insurance carries no personal liability coverage for your business.
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