Before you leap into launching that home business you’ve been considering for a while, stop for a minute and think about the insurance implications. Is it something small that won’t alter your home situation at all? That being the case, it might not impact your home insurance. However, there are a few points you should consider as some home based enterprises in Chicago won’t be adequately protected by the home policy.
Monetizing a blog, or writing from home on a freelance basis from your existing PC is unlikely to impact your home insurance, although in the latter case it may if you have clients visiting your home. You’re using the space you’ve always used for your computer based activities and the main difference is that you’re now being paid to do what you love doing.
Even using your home as a base for a business that you conduct elsewhere – perhaps as a mobile mechanic – needn’t impact your existing coverage. In this example, you should look at commercial vehicle coverage for your van, but that is separate to your home insurance – but you would want to ensure your tools were covered if they were stored in your garage.
Where you could run into difficulties is if you’ve invested in business equipment and that is located in your home and/or you anticipate having people coming to your house for business purposes. You should call your insurance agent to discuss your plans and the best strategies you can implement to protect both your home security and that of your new venture.