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Does anyone know what insurance companies are covering home-based businesses?

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Does anyone know what insurance companies are covering home-based businesses?

Postby artek » Thu Mar 31, 2011 10:53 am

Specifically, I am starting a home-based e-commerce store, and my insurance broker has told me that he is unable to find any carriers that will cover product liability for a home-based company. I know there must be some carriers out there that will, because there are thousands of similar companies to mine out there. Any suggestions?
artek
 
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Does anyone know what insurance companies are covering home-based businesses?

Postby lakeland » Thu Mar 31, 2011 10:56 am

All the companies I represent for commercial insurance do not have a problem with home based businesses per se. It all depends on exactly what service or product you are offering.

This type of insurance needs to be done by an independent local agent that specializes in commercial insurance -- none of the big name companies that specialize in auto and home insurance will likely help you with this, i.e. Allstate, State Farm, etc.

You can find a local agent through the website for the Independent Insurance Agents & Brokers of America at http://www.iiaba.net/agentlocator/findagent.aspx. All you need to do is type in your state and zip code, i.e. they do not keep any of your information or farm your information to anyone. Once you type in your state and zip code, you will be able to pull up a list of agents that are local to you and review their websites, the companies they represent and their specialties so that you can choose the agent that will best serve you.

I hope this information helps and wish you the best of luck with your business.
lakeland
 
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Does anyone know what insurance companies are covering home-based businesses?

Postby elmoor » Thu Mar 31, 2011 10:59 am

It's going to vary by state, and type of home business, but I can tell you, the product liability part is NOT insurable on a homeowners policy via endorsement. It just isn't.

There ARE thousands of companies out there similar to yours. MOST of them, are uninsured. The ones that are, have BUSINESS insurance to cover the product liability.
elmoor
 
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Does anyone know what insurance companies are covering home-based businesses?

Postby elmoor » Thu Mar 31, 2011 11:08 am

It depends on your type of business. Your broker may only have access to limited markets (ie State Farm Agents can only write State Farm policies). You should try another broker/agent.
elmoor
 
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