Is BOP insurance necessary for home businesses?
No matter the location of a business, certain insurance coverages are typically recommended. Most businesses have assets that would cost significant amounts to replace, and nearly all businesses are exposed to at least some liability risk.
For these reasons, even home businesses can often benefit from getting insurance. A home business may be small and have limited risk exposure, but it takes just one disaster or lawsuit to financially devastate a small business.
Some homeowners policies might include a standard or optional provision for home business coverage, in which case BOP insurance might not be needed. If such a provision isn’t available, though, BOP insurance would likely be a wise investment.
An insurance agent who’s familiar with BOP policies can assist home business owners in finding the best way to secure the coverages their business needs.