Kevin: Another item, or items I should say, that's a very common concern for people under their homeowners insurance is business personal property. And the reason that that is important is because USA Today tells us that three in ten people, three in ten Americans, are running businesses out of their homes. Now, unfortunately, I don't think that number's going to get smaller. I think it's only going to get bigger. And when you have property inside your home that is designed for your business operation, the homeowners policy doesn't want to cover much of that at all. the most you're probably going to get might be $2,000 to $2,500. Now, you can get more, but you have to know exactly how much property you have in your house and much it's going to take to replace that stuff if you have a loss.
Frank: The other thing that people don't think about is that's at your house. If it's away from your house, it's only $250. The second problem is a lot of people build a little building in their backyard and say, I'm going to put my stuff in there. Well, when you do that, you eliminate all of that coverage altogether for that building actually.
Kevin: Right, for that building. It's extremely important that if you are running any kind of business from you home, that you call your insurance agent immediately and make sure that they understand that there is a business operation, no matter how small it is. Even if you think you're small potatoes. A good friend of mine is a Mary Kay consultant, and she has a Mary Kay room at her house, that's what she calls it, where all of her Mary Kay supplies are.
Frank: Did she paint it pink?
Kevin: Oh, it is pink! This is a Cadillac consultant. She's for real, yeah. She has a Mary Kay room in her house. Boxes and boxes of product. Thousands and thousands and thousands of dollars worth of product. Now, she doesn't think that she's a significant enough business person to have to worry about a business insurance policy. But it's important to know that if she had a loss at her house and all of that stuff was to burn up, which would probably increase the intensity, if all the stuff was to burn in a fire or be lost in a windstorm, she's not going to get it all back. She's only going to get as much as the policy is going to give her. And if she has that conversation with her insurance agent and says, listen, i have this business, and here's how much property I have, the insurance agent can help her put a policy together that is going to deliver the check that she needs after the loss happens.
Frank: Well, the other thing, too, is there are now companies out there that have special policies for home-based businesses that are relatively cheap compared to regular business policies, so just let your agent know. Tell him, hey, I've got this business. Do I have coverage? Do I need coverage? Make sure you get it right.
Frank: The other thing that people don't think about is that's at your house. If it's away from your house, it's only $250. The second problem is a lot of people build a little building in their backyard and say, I'm going to put my stuff in there. Well, when you do that, you eliminate all of that coverage altogether for that building actually.
Kevin: Right, for that building. It's extremely important that if you are running any kind of business from you home, that you call your insurance agent immediately and make sure that they understand that there is a business operation, no matter how small it is. Even if you think you're small potatoes. A good friend of mine is a Mary Kay consultant, and she has a Mary Kay room at her house, that's what she calls it, where all of her Mary Kay supplies are.
Frank: Did she paint it pink?
Kevin: Oh, it is pink! This is a Cadillac consultant. She's for real, yeah. She has a Mary Kay room in her house. Boxes and boxes of product. Thousands and thousands and thousands of dollars worth of product. Now, she doesn't think that she's a significant enough business person to have to worry about a business insurance policy. But it's important to know that if she had a loss at her house and all of that stuff was to burn up, which would probably increase the intensity, if all the stuff was to burn in a fire or be lost in a windstorm, she's not going to get it all back. She's only going to get as much as the policy is going to give her. And if she has that conversation with her insurance agent and says, listen, i have this business, and here's how much property I have, the insurance agent can help her put a policy together that is going to deliver the check that she needs after the loss happens.
Frank: Well, the other thing, too, is there are now companies out there that have special policies for home-based businesses that are relatively cheap compared to regular business policies, so just let your agent know. Tell him, hey, I've got this business. Do I have coverage? Do I need coverage? Make sure you get it right.
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