With the holidays upon us, the season of craft fairs has begun. In cities across the United States, many individuals will set up tables at craft fairs to sell holiday trinkets, jewelry, clothing, accessories, baked goods and other items they have proudly crafted. While you may think of this as “small business”, the creative industry continues to be an avenue for individuals to supplement their income with a “side gig”. According to the Association for Creative Industries, the total size of the creative industry in the United States is $43 billion dollars!
Why Should I Consider Home Based Business Insurance?
If you are one of the many people who will be selling products at craft fairs this season, are you protected from an unexpected loss? Many individuals mistakenly rely on their homeowners policy thinking this additional income is a hobby instead of a business. However, they face real exposures which require protection beyond a personal insurance policy. If a shopper slips and falls at your booth at a craft fair or if someone steals your inventory, your homeowners policy will not cover liability costs or loss.
How Can I Protect Myself?
USLI recently launched a new Home-Based Business Insurance Policy, created specifically to fit the coverage needs for this unique liability exposure. On average, Home-Based Business Policies cost approximately $300 in annual premium. Coverage typically includes but is not limited to: coverage for the property you sell while it’s stored in your home up to $100,000, coverage for the property you sell while outside your home up to $15,000 (for example, selling at a craft fair), liability coverage up to $1,000,000, and coverage for loss of income.
You need a policy with coverages such as:
- Liability at home and at craft fairs. Coverage for someone who slips and falls while picking up an order at your home or in a booth at a craft fair.
- Business Personal Property at home and at craft fairs. Protection for your inventory and the products you use whether it is damaged in a fire at their home or stolen from a table at a craft fair.
- Ability to add a venue as an Additional Insured. Many times, the owner of the craft fair venue will want to be added as an Additional Insured. We can make it easy to add this coverage.
- Annual policy for as low as $182 per year!
To get coverage, or just a quote, please visit the online quoting portal on our website at https://www.easterninsurance.com/insurance-quotes/personal-insurance/home-based-business-insurance
For more information on Home Based Business Insurance, or to discuss any of your other insurance needs, contact a member of our customer service team at Eastern Insurance. They can be reached by phone at 1-800-333-7234, or by email at firstname.lastname@example.org.