Home Business & Insurance?
This is the second posting, as everyone who answered seemed to not understand what I was asking:
I am starting a home-based business in WV. I have obtained the required licenses in my state and have registered with the WV Secretary of State’s office.
There are no empolyees and almost all activity pertaining to the business is conducted elsewhere (at shows, flea markets, etc.) however a physical address was required to register the business, so I used my home address.
Question: What does this do to my homeowners’ insurance?
I will purchase a separate policy specifically for the business, so the liability aspect is covered. This question is ONLY about the homeowners’ insurance…
My policy right now clearly states that it is for residential only. A commercial policy is 3x what the residential costs. Does registering a business to my home mean that I must get a commercial policy?
Liability aside, say my house burns down. Will the insurance company say that they will not cover because I had a business registered to the address and the policy was for strictly a residential dwelling????
What do people with internet-based home businesses do? Are they required to purchase a commercial policy just because business is conducted at the home? My situation is very similar to this.