1. What types of business activities may be covered under Off Premises Homeowners Insurance?
What is Business Pursuits – Off Premises Coverage in Homeowners Insurance?
Homeowners insurance is intended to cover a variety of risks in order to protect the homeowner from financial loss. One of the coverages offered is Business Pursuits – Off Premises coverage.
What is Business Pursuits – Off Premises Coverage?
This coverage is designed to provide financial protection to the insured if they sustain a business-related loss caused by an insured peril. This can include but is not limited to equipment, inventory, materials and supplies used for the business.
What is Covered?
Typically, a Business Pursuits – Off Premises coverage policy will include the following types of losses:
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- Property damage to necessary equipment, inventory, materials, and supplies used for the business
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- Lost income due to a disruption in business caused by an insured peril
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- Liability from a lawsuit related to business-related activities
What is Not Covered?
The coverage will not cover any activities that are not deemed to be related to business pursuits as defined by the policy. Additionally, the coverage will not cover liability resulting from professional services, contracts, or any intentional misconduct.
How to Obtain Business Pursuits – Off Premises Coverage?
Business Pursuits – Off Premises coverage is generally added on to a homeowner’s insurance policy as an endorsement, or rider. The cost of this coverage will depend on the type and amount of coverage needed as well as other factors such as the number of employees, type of business, location, and amount of stock, among other things. An experienced insurance agent can help you determine the best coverage for your needs.
Business Pursuits – Off Premises coverage is an important part of any comprehensive homeowners insurance policy. It provides financial protection in the event of a business-related loss due to an insured peril. Contact an insurance agent today to learn more about how you can get the coverage you need to protect your business.