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Home business insurance

Home-based businesses are a huge portion of small businesses in Canada. But most home-based entrepreneurs have little to no insurance coverage for their business.

That’s because home insurance policies in Canada almost always exclude business property and business activities. Rather than buy an expensive commercial insurance policy or a one-size-fits-all home business endorsement, many home-based business owners choose to operate uninsured. This leaves them with insufficient protection for their business property, the goods they’ve produced, or their lost business income if their home is damaged and temporarily unusable during repairs.

Square One offers the only customizable business insurance in North America available to home-based entrepreneurs. With us, you choose what business exposures to insure, so you only pay for what you need. And best of all, you can add home business insurance coverages to your Square One home insurance for as little as $7/month.

With home business insurance from Square One, you can get coverage that’s perfectly tailored to your business. Keep reading to learn about all the coverage options available (and how much they cost).

Learn how you’re protected with Square One

Does home insurance cover my home business?

Most home insurance policies don’t offer much coverage for home businesses, if they offer any at all. An exclusion for business property and business activities is pretty standard on home insurance policies in Canada.

You might be able to add limited coverage for equipment or other property that you use for your business. But home-based business owners will have a much harder time finding home insurance that covers business interruption, business liability, customers’ property in their possession, and other important things that a home business needs to worry about.

What does home business insurance cover?

Home business insurance from Square One has you covered for all the most common risks faced by home-based businesses.

1. Business property

Whether your business property is a single computer or a whole workshop, you can protect it. In addition to protecting your business-related equipment, furniture, and other property, here’s what else you can get coverage for:

  • Detached structures. If your workshop or studio is in a separate structure from your home, you can insure it whether its wholly or just partially used for your business.

  • Bailee’s property. If your business involves holding on to your customers’ property while you work on it, you can insure it while it’s in your possession.

  • Data, papers, and records. If documents are destroyed in a fire or other covered peril, it can be costly to recover or recreate them. This coverage helps with those costs.

  • Materials in transit. This is coverage for goods, samples, or equipment while they’re enroute to your customers.

  • Leased property. If you lease any property for your business, like equipment or furniture, you can protect that as well.

2. Business interruption

Damaged property is bad enough, but what about the costs of lost productivity if your home is temporarily unusable due to a fire or flood ? Here are the Business Interruption coverages you can add to your policy:

  • Extra expenses. Following an insured loss, business interruption covers extra expenses you incur to minimize the harm to your income—like if you need to temporarily rent a coworking space after a fire in your home office.

  • Income loss. If an insured loss causes a temporary drop in your typical business income, this coverage will help make up the difference. For example, it would protect against a drop in your income because you can’t see clients for a few weeks while some water damage is repaired. Coverage is also included if it takes a short time to return your business to its normal operations.

3. Business liability

Accidents happen, and everyone makes mistakes. If those mistakes should end up costing your business money, you’ll be happy to have business liability coverage. Here’s what that includes:

  • Premises liability. If one of your customers is injured on an icy sidewalk while visiting your home, you could be liable. This coverage can help cover damages and legal costs.

  • Employers’ liability. If an employee is injured due to the employer’s negligence, or if a third party is injured or suffers property damage due to an employee’s actions while they’re on the job, this coverage can help cover damages and legal costs.

  • Property damage liability. Protects you if you’re found liable for damage to a third party’s property that’s not in your custody. For example, if your display at a trade show tips over and damages the neighbouring exhibit.

How much does home business insurance cost?

Every small business has unique needs. That’s why our home business coverage is totally customizable—you can choose which coverages you want at whatever limits you need. Adding all of the home business coverages above to your Square One home insurance policy starts at $22/month!

Or, pick and choose the most important coverages for your business:

  • Business property coverage starting at $7/month
  • Business interruption coverage starting at $8/month
  • Business liability coverage starting at $7/month

What is the deductible for home business claims?

In addition to flexible coverage limits, you can choose a deductible (the amount you’re responsible for if you make a claim) that suits your business, too. Choose a high deductible to save on your premiums, or a low deductible for greater coverage.

Standalone business insurance policy deductibles often start at $1,000. With Square One, your home business coverage is subject to the same deductibles as the rest of your policy, starting as low as $250.