It depends on the type of policy and coverage you have. Generally, a standard home insurance policy does not cover losses related to business activities, so if you are using your home as an office or workspace it is important to speak with your insurance provider about purchasing additional coverage. Some policies may include limited coverage for damage or theft related to business equipment, so it's best to check with your provider before assuming any additional protection is necessary. Additionally, since many businesses have unique needs that may be better covered under a commercial policy, it's wise to explore these options if you plan to use your home as a workspace for an extended period of time.  No matter what kind of coverage you decide on, make sure that all areas of potential risk are fully understood and adequately addressed. This will help ensure that your business is properly protected against the unexpected.

Yes, a self-employed person can deduct health insurance premiums as an adjustment to income on their tax return. This self-employed health insurance deduction is allowed for any premiums paid for medical and dental insurance or qualified long-term care coverage for the taxpayer and their family. The deduction cannot exceed the net amount of self-employment income for that year and must be reported on Form 1040. Speak with your accountant or tax professional to determine if you qualify for this deduction.

You can certainly report your claim directly to the company especially if the damage is significant and is more than your deductible. If you are not sure what your deductible amount is or have questions about the loss, call your agent. We are here to discuss your options and answer your questions before notifying the company.

If you have employees, you have to buy worker’s compensation coverage. If you’ve entered into a lease agreement, you’ll need to procure liability & property coverage. There are many other coverages that would be recommended depending on your specific business. To find out, contact one of our business insurance professionals.

Your policy premiums are dependent on three primary variables: insurance carrier capacity, your exposures, and your loss experience. If there’s a shortfall of capital in the insurance marketplace, the cost of all insurance will be high. The more property you have to insure or the more exposures to loss you have, the higher your premiums. The higher your historic losses, the less likely insurers will want to take on your risk, thereby increasing your premiums.