Looking for home business insurance? We’ve got you covered.
Many successful companies have started in an apartment, house, or garage. Large or small, if you operate a business out of your home, your personal home insurance policy probably doesn’t cover business-related claims. Our commercial brokers can find affordable coverage for the unique needs of:
- Consultants
- Freelancers
- Online Retailers
- Tutors and Coaches
- Artisans
- Bakers and Caterers
- Beauty Services
- Daycare Providers
- Photographers
- Therapists and Counselors
- Fitness Trainers
- Tech Repair Services
Get a free quote on home business insurance.
Home-based business insurance can be very affordable given that you don’t have a physical office or shop to insure. Your premiums will depend on several factors, including whether you need commercial auto insurance, the exact nature of your business and your annual business revenues. Being a trusted brokerage to over 70 of Canada’s top insurance companies means we have access to some of the best prices and coverage packages. Talk to one of our insurance brokers today.
What’s included in home business insurance?
We have insurance packages that can be customized to meet the unique needs of your business, but it all starts with this basic coverage:
Commercial general liability
Essential protection for your home business if you cause damage to someone’s property or accidentally hurt them. Even if you’re not at fault, legal fees can add up fast.
More about CGL
Commercial auto
If you use your personal car or truck to make deliveries or pick up business supplies, you’ll need more than a personal auto insurance policy. We can help with that.
More about commercial auto insurance
Property, inventory, and equipment
If you store business materials and equipment at home, chances are they won’t be covered by your home insurance policy – you’ll need separate business contents insurance that covers theft, damage and more.
More about business contents insurance
Cyber insurance
Cyber insurance is a must if you store electronic client data on a laptop or in the cloud, or if you promote your business online. This coverage provides protection against fines if you lose customer data due to a breach.
More about cyber insurance
Doesn’t home insurance cover me?
Some home insurance policies may cover up to $2,500 in business contents, so long as it’s in the home, but home insurance does not protect you from legal action if it is related to your business activities. It should also be noted that your personal auto insurance doesn’t cover you for business use of the vehicle. The best option is to talk to a Mitch commercial insurance broker about an affordable package of business insurance. Call today!
Frequently asked questions about insurance for home-based businesses:
How much does home business insurance cost in Ontario?
It really depends, but the good news is that because you don’t have a physical office, shop or warehouse to insure, it’s usually much more affordable. Premiums can start as low as $500-$800 a year for basic coverage, depending on factors like the following:
- The exact nature of your business
- Your experience in the field
- Your annual revenues
- Your past claims history
What does insurance for a home-based business cover?
- A basic policy includes commercial general liability insurance to protect you in the event that a client or someone else sues you for an injury, property damage or reputational harm. Maybe a client slips on an icy sidewalk while visiting you at home, or your catering business starts a fire in your client’s kitchen, or you’re accused of making false statements in your advertising.
- Because your home insurance has a very low limit for business contents, you likely need business contents coverage as well to protect tools, inventory and other business assets you keep at home.
- If you keep client data including credit card information on a laptop or in the cloud, you could benefit from cyber insurance.
- If you are a professional like a lawyer, accountant or consultant, you may benefit from professional liability coverage.
Can I just add business coverage to my home insurance?
Yes, but only for certain kinds of small businesses. Many home insurance companies offer a home business endorsement for $300+ a year that extends your personal liability coverage to your business, and includes coverage for business contents and even business interruption up to defined dollar limits. If you manufacture or import anything, have employees working at your home, use the home as a storefront or have clients visit you there, a home business endorsement on your home insurance policy is not sufficient. You need a business insurance policy.
