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[SITUATION] · [QUIET] · [BUSINESS]
2 clusters · 5 sources · 5 days · First seen · Last updated
Insurance coverage gaps for home-based businesses
Overview
In the United States, entrepreneurs operating businesses from their homes face significant insurance vulnerabilities. While approximately 19 million U.S. businesses operate out of residential properties, standard homeowners and renters insurance policies are generally designed for personal use rather than commercial activity.
Dennis Shirshikov, a professor of finance and economics at City University of New York/Queens College, indicates that although these personal policies may provide limited coverage for business equipment, they frequently exclude coverage for professional mistakes, lost income, inventory, customer claims, and business-related injuries. A primary risk for these owners is the potential for denied claims if an insurance carrier discovers business operations are being conducted on the property without prior notification.
Entities
City University of New York · TheZebra.com · Dennis Shirshikov
Timeline
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23 days ago
[BUSINESS] 3 sourcesHome-based businesses face potential homeowners insurance gapsHome-based entrepreneurs face potential insurance gaps, as standard homeowners and renters policies often exclude business-related liabilities, injuries, and inventory losses.
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28 days ago
[BUSINESS] 2 sourcesRisks and essentials of business insurance coverageBusiness insurance is essential for managing risk and meeting legal requirements. Underinsurance can lead to severe financial loss and the potential exposure of an owner's personal assets to legal claims.
Sources
b2bnn.com · findlove.com · forestry.arkansas.gov · hcnews.com · kesq.com