2. How can a homeowner be sure they are sufficiently covered by Business Pursuits-On Premises coverage?
What is Business Pursuits-On Premises Coverage in Homeowners Insurance?
Business Pursuits-On Premises coverage is an optional addition to a Homeowners Insurance policy that covers a person’s business interests that are carried out on their premises.
This type of coverage is important for those who run a business from their home, as it could provide compensation for any claims that result from the business activities conducted on their premises.
The following are some of the most common aspects of Business Pursuits-On Premises coverage that could be found in a Homeowners Insurance policy:
1. Property Damage
This type of coverage will provide reimbursement for damage done to the property due to a covered business activity.
2. Liability
This coverage will provide protection against any claims that result from the business activity, such as those brought forward by customers or employees.
3. Business Income and Extra Expenses
This coverage will provide reimbursement for any income that is lost due to the interruption of business activities on the property, as well as any additional expenses that are incurred in order to resume the business operations.
4. Equipment and Supplies
This coverage may offer compensation for any equipment or supplies that are damaged during the course of business activities.
5. Personal Property
This coverage will provide reimbursement for any items that are used for the business and are destroyed, stolen or damaged.
In conclusion, Business Pursuits-On Premises coverage is an important part of Homeowners Insurance that can provide compensation in the event of a claim due to any business activity conducted on the premises. It is important to consider carefully when looking into a Homeowners Insurance policy to make sure that it meets your specific needs.