Home Business & Insurance?
I am staring a business which is based at my home address. (This is in West Virginia) This business does not require that customers come to my house and actually all "business" will be conducted elsewhere. I just resgistered it at my home address because a physical address was required for me to register the business.
Problem: I didn't think about this until now... My homeowners' insurance is marked "residential." Insurance designated as "commercial" costs about 3x as much.
Question: Because this is my place of residence, am I still required to change my insurance policy because I am running a business out of my house as well? Also, does it matter that the business will be conducted elswhere, but is just registered to my residential address.
I was just wondering what people with internet-based businesses do about their home-owners insurance. I imagine thaey don't even tell the insurance company that they have the business. Is that fraud?
Home insurance covers lots of different things. I'm not familiar with the West Virginia laws and regulations, so I suggest you contact a local home insurance agent. http://www.usinsuranceadvisor.com/Home-Insurance.html They will be able to assist you.
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