The Hanover Insurance Group, Inc. has launched a suite of coverages designed to protect homeowners who generate income through home-based businesses or short-term rentals of their properties.
The Hanover’s new offering addresses a gap insurance coverage and is designed to ensure customers operating a business from home or renting out their property are fully protected. The Home Business Solutions suite features four a la carte coverage options designed to protect homeowners who are generating income through a home-based business or through short-term rentals of their home.
According to a recent online poll conducted by The Harris Poll on behalf of The Hanover Insurance Group, nearly one in five homeowners (18%) said they have started a home-based business in the last six months, yet 60% of home-based businesses are uninsured or underinsured, Census.gov statistics show.
Home Business Solutions features four coverage options, which can be chosen individually:
- Home-based business coverage is designed for businesses located within a primary residence, with up to three employees, and regular visits from customers. The coverage includes bodily injury, property damage liability, business property, personal and advertising injury, business income protection, and more.
- Permitted incidental occupancies coverage for sole proprietors or independent contractors with inventory in their homes to protect but few or no visitors where business income protection is not needed or desired.
- Business pursuits coverage for employees or independent contractors who don’t need property coverage but could benefit from liability coverage.
- Home sharing coverage for homeowners who occasionally rent their homes (up to 60 nights) through a home sharing platform such as Airbnb or Vrbo and need protection against theft and property damage. The coverage provides protection of the landlord’s furnishings, lost rental value and damage to the renter’s belongings.
These coverages can be added onto any existing Hanover homeowners policy, including Hanover Prestige, the company’s high-value brand designed for customers with more to protect and complex coverage needs. Customers can select the protection that best meets their home business needs without requiring a separate policy.
The Home Business Solutions offering is available in most states and will continue to rollout throughout the rest of its personal lines footprint this year for Hanover agents.
The Hanover Insurance Group, Inc. is the holding company for several property and casualty insurance companies, providing coverage through a select group of independent agents and brokers. The Hanover offers standard and specialized insurance protection for small and mid-sized businesses, as well as for homes, automobiles, and other personal items.
Was this article valuable?
Here are more articles you may enjoy.
The most important insurance news,in your inbox every business day.
Get the insurance industry’s trusted newsletter