What is Essential Coverage for a Home-Based Insurance Policy?
Primary coverage for your home business commonly includes the below essential coverage options.
Professional Liability Insurance
Also known as Errors & Omissions insurance, professional liability insurance is for professionals who offer advice or a service to people for a fee. Coverage includes protection against alleged negligence, misconduct, and failure to provide services. Legal fees and other costs may be included in this coverage. Link to Professional Liability Insurance Page.
Cyber Liability Insurance
In recent years, cybercrime has been on the rise and has become more common, even for home-based businesses. If your customer’s data or privacy is compromised due to a cyber-attack, a cyber liability insurance policy may provide your business with required funds for legal fees, notification costs, and more. Link to Cyber Liability Insurance Page
Commercial General Liability (CGL) Insurance
CGL insurance, also referred to as “slip and fall” insurance, is required for most home-based businesses. This insurance coverage may include third-party property damage and bodily injury from alleged claims and may cover legal and medical costs.