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Bermuda specialty insurer AXIS Insurance has highlighted the lack of coverage among home businesses. According to its research, nearly half of US home business owners don’t have commercial insurance or know what they are covered for.
The pandemic has seen a surge in home-based businesses, it says, but many are underinsured. The company’s survey of 1,000 business owners across the US showed “patchy” insurance take-up. While 91% of owners recognise they need insurance, 44% either don’t have any coverage, are unsure or explicitly do not know what they are covered for.
“Despite the uncertain climate, home-based business owners are incredibly optimistic about the future,” said Jill Bryant, Head of Small Specialty Commercial at AXIS Insurance. “With almost half of all respondents confidently expanding their businesses, our research also suggests that many would welcome more support. There is certainly more the insurance industry can do to help these entrepreneurs realise their ambitions by educating business owners about the benefits of insurance and the appropriate coverages for their unique needs.
“Running a business from home presents risks that are not necessarily covered in a standard insurance policy designed for small businesses. For example, while the home is at the heart of these businesses, 49% of respondents spend up to half of their time working away from home, so they need insurance that goes with them. And, equally, those owners who have built their businesses out of a hobby or a side hustle may not have considered that business risks – from professional liability to crime risk – are unlikely to be covered under their home insurance policy.
“While it is pleasing that most owners would speak to an insurance agent about the insurance they need, with so many home-based businesses having no insurance in place, there is a huge opportunity for us to do more to help this thriving sector.”
AXIS Insurance, Report, COVID-19, Specialty, Insurance, Reinsurance, Jill Bryant, Bermuda