Home-Based Business Insurance

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Operating a home-based business can be a sweet gig. You have greater flexibility, no commute and better overall work-life balance.

You have worked hard to create and build your home-based business. Don’t make the common mistake of assuming you’re covered under your home insurance. You’re not. Business activities are excluded. Get the protection you need with home-based business insurance.

With ThinkInsure, you can get a flexible home-based business insurance policy that meets your unique needs and budget. We can find you the most affordable quotes and coverage from the top insurers in Canada. Speak with one of our advisors to get a quote and make sure your business is insured properly.

What Is Home-Based Business Insurance?

Home-based business insurance is designed specifically for sole proprietors, self-employed individuals, and businesses with one or two employees that operate our of their home or dwelling. It provides coverage for equipment, the area of your house used for business, and additional protection against other types of threats.

What Does Home-Based Business Insurance Cover?

Woman working from home business doing paperwork

Home-based business insurance covers you against common commercial perils. Get protection for :

Theft
Damaged equipment
Customer slip and fall
Customer property damage
Lawsuits
Company property
Closures
Product and service liabilities

How To Get Home-Based Business Insurance Quotes

Insuring your home-based business is quick and easy. Tell us about the type of business you operate. We’ll help you compare quotes and choose the right plan.

Provide your home-based business insurance details

Tell us a bit about your operations and coverage needs.

We’ll compare quotes from the top insurers

We’ll compare options and packages from the top insurance companies.

Choose the lowest quote

You select the lowest premium and then get insured.

Types Of Home-Based Business Insurance

More and more people work remotely and are running things out of their house. Insurance companies are creating affordable packages that meet a variety of home-based business needs.

There are three types of plans to consider :

Liability Insurance For Home-Based Business

This protects your assets from damage or loss. Without liability insurance, an accident or an injury claim may be very costly. It protects you from third-party claims due to injury on your property or caused by a product you sell.

Home-Based Business Contents Insurance

Think about your office. Imagine that you had to replace your laptop, printer or office furniture. What if your equipment was damaged? Having this insurance lowers the threat of loss or damage to assets you need to operate.

Legal Expenses Insurance

A lawsuit or legal issues can happen to any size business. With legal expenses insurance, you can ensure your are protected against legal issues and fees.

Different Ways To Get Home-Based Business Insurance

There are several ways you can insure your home-based business. They include :

Add an endorsement to your home plan : Add a rider to your existing plan. This is ideal for freelancers and part time business owners.
Get a home-based business insurance policy : Take out a standalone policy. This will be more but will give you more protection. This is ideal if you have clients come to your location or if you have inventory on hand.
Commercial home business insurance : This is the most comprehensive option. This is the same type of plan other small businesses use. This gives you more flexibility and solutions. It is ideal if you have multiple employees and more perils.

Home-Based Business Insurance Tips

Woman working from home business getting packages ready

Get insured : Insurance tends to be an afterthought for many home businesses owners.
Don’t make assumptions : Don’t make assumptions about what may or may not happen with your business or the type of insurance you will need. Consider all options with an open mind.
Get the right level of insurance : Not all home-based businesses need all types of insurance. For example, if you don’t use your vehicle for business, then you don’t get that type of plan. Choose a package that is specific to your needs.
Get professional advice : Commercial insurance advisors provide invaluable advice. Use this resource so you can make an informed decision about your insurance.
Shop around annually : Getting a quote each time your policy is up for renewal is important. It allows you to reassess and ensure you have the right amount of coverage.

Home-Based Business Insurance FAQs

Do I Need Home-Based Business Insurance?

Yes. You can never have too much protection. Without it, you could put your property and other personal assets in a compromising situation. Liability is your biggest threat as a business owner. If you have clients and employees come to your home, then this coverage is a must-have.

How Much Does Home-Based Business Insurance Cost?

Costs vary based on the type of business you operate. Many factors impact premiums. For example, adding a rider to your home insurance or taking out a separate policy makes a difference.

Then things like your annually revenue, your profession, product and service offerings, claims history and more can all impact premiums. Rates can start as low as $500 per year and go up from there. You can add an endorsement to your homeowners policy for as little as $50 and up.

What Are Home-Based Business Insurance Requirements?

There are no insurance requirements for home-based businesses in Ontario or Canada. But you are required to notify your insurer if you are running a business out of your home. If you don’t get insured, you could void your homeowners plan.

While it’s not legally required, it’s highly recommended. Without it you would personally be responsible if something happens.

Can I Use My Homeowners Policy To Cover My Home-Based Business?

Your Ontario home insurance may offer very limited protection for a business. It will not cover expensive work equipment, computers, product inventory, legal expenses, or liability.

Do You Need Home-Based Business Insurance To Work From Home?

Working remotely from your home and owning a business are two different things. You do not typically need a plan if you work from home. However, there may be instances where it is recommended. Speak with your employer and insurance advisor to assess your needs.

Is Home-Based Business Insurance Necessary If You Are Self-employed?

Yes. All self-employed individuals should consider home-based business insurance if they work at home.

Get Home-Based Business Insurance Quotes

Make sure you have protection at all times for your business. We’ll help you get affordable coverage to protect your home-based business. Speak with a ThinkInsure expert today. Call 1-855-550-5515 or get started online.

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