Condo policies work similarly to home policies, except the condo association’s master policy covers the common areas and parts of the dwelling structure. Standard policies cover only your personal belongings and liabilities for both home and condo policies. They do not cover business-related assets, so if you have a work-from-home business based in your condo, you should verify your coverage with your agent. The Arial Insurance Group team, serving Chicago, IL, will happily find you the right condo and business insurance coverage.

Condo Insurance and Working from Home

Your condo policy likely covers the assets of “side-hustle” businesses operating from home, but they are often limited to $2,500 in business assets. For more substantial businesses, you should consider obtaining commercial insurance if it meets one or more of the following situations:

• Suppliers, customers, or employees sometimes visit your condo
• You store inventory or supplies at home
• Damage to your condo could interrupt your business or cause you to lose revenue
• You have employees needing Worker’s Compensation coverage
• You have client, supplier, or employee records that may be subject to cybercrime.

Your commercial insurance options depend on the nature and size of your business, but three standard options people choose include:

• Supplementing your condo policy with a business property rider ($5,000 limits are common)
• Acquiring in-home business insurance providing property coverage, liability, and other elements for businesses (for businesses with revenues of $250,000 or less)
• A Business Owner’s Policy (BOP), which offers a range of commercial insurance coverage for businesses with $250,000 or more in revenue

Working with the Arial Insurance Group

The Arial Insurance Group team proudly serves condo owners in the Chicago, IL, area. Call (847) 325-5888 or stop in today to discuss an insurance plan to protect your personal and business assets.