Home-based Business Extension

Our Home-based Business extension can easily be added to your homeowners, condo, or tenants insurance policies. It offers both property and liability coverage if your Canadian home-based business:

• occupies less than 50% of your residence
• is operated by two people at most, and
• has annual gross receipts of up to $75,000

The extension covers the things you need to run your business, including furniture, equipment, desktop and laptop computer, software, cell phone and fax machine. It also includes items that you stock, or goods that you hold for sale.

Property coverage* includes:

• up to $25,000 for property on your premises – your policy wording states "as per decs"
• up to $5,000 for property that is temporarily removed from your premises – your policy wording states "$2,500 or the amount shown on the coverage summary page, whichever is greater"
• $10,000 for accounts receivable and valuable papers
• $5,000 for extra expenses you may incur to keep your business running in the event of an insured loss
• $10,000 for business interruption – your reduction in business income caused by an insured peril.

* For Novex Group Insurance, we provide property coverage in increments of $5,000 and limits available are $10,000-$50,000; $2,500 for property temporarily removed from your premises, with an option to increase to $5,000; and valuable papers and business interruption are each set at $10,000.

Liability coverage is also included for:

• Personal injury – including false arrest and malicious prosecution.
• Advertising injury – up to $10,000 for injury caused by the advertising of business goods, products or services.
• Liability damages – if caused by products and/or completed operations.
• Off-premises liability – for coverage away from the office including sales booths.

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