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Ph 480-535-5709

Fax 480-785-4930

Txt 480-878-7715

 600 E Baseline Rd. 

Ste B-3 Tempe, AZ 85283

AZ Insurance Team is an Arizona Insurance Broker offering Home insurance, Auto insurance, Life insurance, and Commercial Insurance in Tempe, Phoenix, Chandler, Gilbert, Mesa, Scottsdale, Ahwatukee, Glendale, and everywhere else in Arizona. We also do insurance in California, Oregon, Washington, Colorado and Texas.

© 2017 by AZ Insurance Team LLC all rights reserved

September 27, 2019

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Does Homeowners Insurance Cover Business Owners?

November 13, 2017

 

Many people run small businesses out of their home; are they covered by homeowners insurance?

 

Business Defined:

 

Business means a trade, profession, or occupation engaged in on a full-time, part-time, or occasional basis. This definition is very broad and basically ropes in all types of jobs.

 

Business Defined – Exceptions

 

-Money received is less than $2,000 for the 12 months prior to policy period
-Volunteer activities
-Mutual (nonpaid) day care services
-Daycare services rendered to a relative of an “insured” whether paid or not

 

Business Exclusions:

 

Bodily injury or property damage arising out of or in connection with a business conducted from an insured location or engaged in by an insured individual, whether or not the business is owned or operated by an insured individual or employs an insured individual.   This exclusion is not limited to an act or omission.

 

Business Exclusion – Exceptions:

 

-Renting or holding for rental an “insured location”
-Rented as a residence on an occasional basis
-Rented in part only as a residence, such as renting a room in the residence
-Rented in part, as an office, school, studio, or private garage
-An “insured” under 21 years old involved in a “business” with no employees (i.e. paper route, lawn service)

 

Business Endorsements:

 

Some insurance companies allow you to add a business endorsement to your home based business.  These typically cover business property, business income, extra expense, personal liability, and medical payments coverage.  Talk to your insurance agent for more information on business endorsements and to see if it’s something that applies to your own situation.

 

Takeaways:

Nearly all business related practices are not covered by your homeowners insurance policy and require a separate Business Owners Policy or Business Endorsement where applicable. Speak with your agent to find out what’s best for you if you’re running a small home based business or thinking about doing so.

 

AZ Insurance Team
480-535-5709
https://www.azinsuranceteam.com/commercial-quote

 

*All home insurance policies are a little different and this may not be applicable to your home insurance policy, talk to your agent to see what your home policy covers.

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