New program is designed with Massachusetts small home-based business in mind
As work-from-home continues to grow into a viable option for many individuals in the evolving post-pandemic landscape, the Arbella Insurance Group announced this month the launch of a new in-home business owner’s policy for Massachusetts small business operating from home. Entitled “Cover Your Assets (CYA) In-Home Business Owner’s Policy (BOP) Program” the new endorsement from the Quincy-based insurance offers a tailored general liability and business personal property coverage for Massachusetts small businesses owners who already have a homeowner’s policy with the company and who are operating small business from their residence.
“During the pandemic, many people found creative ways to make money, like starting a business in their own home,” said William Hughes, Vice President of Commercial Lines at Arbella Insurance Group. “Our new CYA BOP was designed specifically with those home-based entrepreneurs in mind. As a leader in commercial insurance, we are committed to serving business owners and helping them protect their young companies.”
What “Cover Your Assets” actually covers
According to the company announcement, Arbella’s CYA BOP provides up to $100,000 in coverage fo0r a business’ personal property and liability protection and is tailored to fit the needs of each business. It provides customers with the comfort of knowing that their assets are protected from a covered loss in the case of, for example, a home fire damaging their inventory or equipment, or a customer getting injured on their property.
To qualify for this coverage, an applicants’ business operations must be operated in or from a single-location residence that is covered by an Arbella homeowners’ policy, with gross annual sales of $500,000 or less. The business owners also need to have officially registered their business operation and obtained a Federal Employer Identification Number Tax ID. There also must be limited operation outside the home on the policy and limited customer traffic into the home. Lastly, the company notes that policy terms may be changed from time to time and that issuance of coverage is subject to underwriting approval.
