March 2009 Dec Page
Question of the Month
The standard homeowners policy excludes coverage for bodily injury or property damage arising out of or in connection with a business conducted from an insured location (the residence premises) or engaged in by an insured. The purpose of the exclusion is to separate the normal liability risks facing a homeowner from those risks associated with running a business.
However, many homeowners do conduct business operations from their homes and accordingly, need insurance protection for the possible liability claims that may arise. Insurers do offer such coverage, usually in the form of an endorsement to the homeowners policy or as a stand-alone policy. The Insurance Services Office has an endorsement, HO 07 01, that may be used to insure a home business. When HO 07 01 is attached to the homeowners policy, the liability section of that policy is expanded to address the majority of situations the home businessowner may encounter.
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