Do I need insurance for my home-based NYC business?

If you have a home-based business, you should take a close look at your coverage

Gotham Brokerage

Photo courtesy of Mark A. Hershberger, via Wikimedia Commons

The tough economy and high cost of commercial space have convinced many New York residents to run home businesses. But are their business activities covered by renter’s or homeowner’s insurance policies?

Maybe, but there’s a pretty good chance that you lack complete coverage, for several reasons:

  • Added risk: Business activities bring additional liabilities for an insurer, and if you need to make a claim and the insurer didn’t know about your home-based business, there’s a decent chance that they will cancel your coverage. Insurers offer a variety of policies tailored to home businesses, and Gotham Brokerage can help you determine what additional coverage you may need.
  • Policy limits: If you use computer or specialized equipment for your business, there’s a good chance that the value of the items exceeds the policy limits for coverage of certain types of possessions, such as electronic equipment. Theft or fire could easily wipe out the tools that make your business possible.
  • Inventory: If you make items for sale, your inventory may not be protected. Business insurance can reimburse you for creations lost to theft, fire or other disasters.

Gotham Brokerage has worked with New Yorkers for 50 years to ensure they have proper coverage. We have an A+ rating from the Better Business Bureau and often can secure a policy in as little as 20 minutes.

Need help or advice? Give us a call at (212) 406-7300.

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