COVID-19 has dramatically changed the way we currently live and work. One aspect that might have changed is your work location. More individuals and businesses have moved their operations exclusively into one’s home. This move has been a great saver on gas and other expenses but can create insurance coverage challenges. If you are running a home-based business, it is important that you speak with a Rue Advisor to determine if your current policy is providing the coverage you are expecting.
Here are some examples of claims that likely would not be covered under a standard homeowners policy:
- A friend, who was drinking wine at your pop-up party, gets in a car accident on the way home, and you are held liable.
- A DJ at an outdoor event has $4,500 of sound equipment stolen.
- A representative for Pampered Chef has $2,700 of inventory in their home. The inventory is destroyed when a fire damages the home.
- A customer slips and falls, injuring themselves, at a socially distant, pop-up party in your home.
- A photographer forgets to use the flash and misses most of the pictures at the wedding reception. The bride and groom sue the photographer for $15,000.
- A teacher tutors children in math throughout the year. A student trips and falls at the teacher’s home resulting in injuries. The parents sue the teacher for $42,000.
- A person sells crafts at regional craft shows throughout the year. An attendee slips over the display and falls into the neighboring booth. The attendee has $10,000 in injuries, and the person in the next booth has $3,500 in damaged inventory.
- A home-based business policy can provide you with the right coverage. At an average cost of approximately $300, you cannot afford not to insure your business!
Please give your Rue Advisor a call at 609-586-7474, email us at info@rueinsurance.com, or reach out here to determine how best to provide the coverage you may need.
