Well, do you? Ever thought about it at all? You’ve got a Homeowners Insurance Policy. Right? Well, years of experience tell us that most people think their home business is covered with just their Homeowners Insurance. And that is fine for your 12 year old daughters’ lemonade stand. But when the “hobby” becomes a business, things can change!
The Royal Institution of Chartered Surveyors warns that if you can’t get insurance for your house, you’re in big trouble. Mortgage lenders won’t lend on houses that are uninsurable and as a result its value could fall by up to 80%.
Many small business owners truly believe that when they have a proper and comprehensive insurance program for their business, they will be “fully protected” from financial losses. Setting aside the grey areas on the fine print of most insurance policies, there are many losses that insurance cannot be extended.
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