Wendy’s Briefcase: Business Personal Property at Home

Attention business owners and especially artisan contractors, did you know that storing business personal property at your home could possible jeopardize your homeowner coverage?  Some insurance companies exclude coverage for detached structures, either used in your business, or in which you store your business personal property.  These exclusions vary from company to company, and can be found only by reading your entire policy, including the legal policy forms.  Your agent may not even be aware that 1) your policy includes such an exclusion or 2) that you are using your detached structure for this purpose.  To ensure you have the proper coverage for your business property and that you will have no problem with your pole barn when it blows away in a tornado (just for an example, it is spring after all), speak with your professional insurance agent about adding any structures, used in your business (even if it is only occasionally) to your commercial policy.  By taking this action, you will have proper coverage on both your home and business.