Home Based Business Insurance

Home Based Business Insurance

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Home Based Business Insurance Ontario
Home Based Business Insurance Ontario

Ontario home based entrepreneur insurance

Home Based Business Insurance

Entrepreneurs have been operating businesses from their homes for decades and some of the largest companies today once started from their own personal garages. Operating a business from your home does not change the fact that you need to alter your insurance packages to ensure that you, your home, and your business are properly covered while you are operating the business from your house.

There are types of businesses that may allow you to operate while under your normal house insurance policy by adding an endorsement to the policy, but if your home based business has any of the following characteristics, you may want to ask your broker if you need a commercial insurance policy:

  • Customers visit your home
  • You keep inventory at your home
  • You have employees at your home
  • You keep confidential records at home (cyber insurance)
  • If you're a professional service, you may want to consider an E&O policy to supplement your coverage

Cyber insurance Ontario

Cyber Insurance

Most commercial insurance policies either exclude cyber events or offer a built in cyber coverage that only offers you a help line if you have had a cyber event. The help line may give some guidance, but there is no coverage to help your business financially. In order to properly protect your business due to cyber related events, you should obtain a separate cyber insurance policy.

If you keep any customers personal information, employees information, transactions, or hold any important data on your computers that a hacker could use, you may want to consider purchasing Cyber Insurance to protect your company.

Examples of third and first party coverage on the majority of stand alone cyber insurance policies:

  • Notifying clients that their information has been exposed and the legal expenses to determine notification requirements.
  • Purchasing a credit monitoring service for the affected customers of a data breach.
  • Starting a public relations campaign to manage the companies public image after your breach.
  • Business interruption coverage to offset the cost of the lost income due to a covered loss.
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