It’s a good idea to add an insurance rider to your homeowner’s or renter’s policy in case a delivery person or client tumbles on your steps. Home-business owners typically get little or no coverage from their standard homeowner’s policy.
The cost of a rider might be around $100 a year per $2,500 of additional coverage. The added cost would vary by the type of work you do, the amount of insurance you want and the volume of inventory stored at home that you’ll want to protect from theft or damage.
If you need further coverage, you can opt for a business owners policy — an insurance package that covers your business property and provides liability coverage for clients coming to your home. These policies generally cost from $500 to $3,500 per year.
Each state has its own rules about insurance that can be offered to home-based outfits. Look up your particulars at the Insurance Information Institute, an industry trade group and information clearinghouse.
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