All home owners need insurance for their property. But, when the personal and professional meet, a problem might arise when it comes to your homeowners insurance. If you are a doctor, you might sometimes bring your work home with you. You might need to make appropriate changes to your homeowners insurance to get this coverage. It doesn't matter if you don't see patients from your home, which few doctors do these days. Instead, you might still need to insure a portion of your business under your homeowners policy. Here's how you can do so.
Business Assets Within the Home
Suppose that you have a medical practice, but you also have a home office where you work a couple of days a week. You might use it to catch up on paperwork, dispatch bills to your patients or review cases. Therefore, equipment and materials travel between the two properties regularly.
But, what happens if you experience a problem at home, like a fire or theft occurrence. Not only could your home sustain damage, but so could your business materials. Fires don't discriminate in what they damage, after all.
When you go to file a claim for these business losses, you might find that your homeowners insurance might not cover them. Homeowners policies frequently only cover business assets in very limited and precisely-defined ways.
When You Might Need to Expand Your Homeowners Insurance
Depending on how your in-home medical office operates, you might have to buy commercial insurance. You'll need to buy this policy in addition to your standard homeowners policy.
- If you see patients from your home, or have an employee who works from the office, then you likely will need commercial insurance. This might include getting both general liability insurance and workers' compensation.
- When it comes to commercial property, you might or might not need commercial property insurance. If you use certain equipment exclusively for business, such as a computer, then you might need additional policies. However, if you use these assets personally, too, then your regular homeowners insurance will likely cover you.
Depending on the value of your commercial property, you may be able to get this commercial insurance in a couple of ways. Sometimes, you might only need to add an endorsement to your homeowners policy to insure these items. In other cases, you might have to buy a separate commercial property policy for these assets.
Speak to your agent at 757.583.1828 if you regularly transport equipment between your business and your home. They can help you determine which policies will apply to these assets at which times.
Also Read: Homeowners Insurance for Houses with Pools