The Hanover Insurance Group announces home business solutions

In the last six months, nearly one in five homeowners (18%) say they have started a home-based business, according to a recent online poll conducted by The Harris Poll on behalf of The Hanover Insurance Group. Yet 60% of home-based businesses are uninsured or underinsured, according to Census.gov. With this in mind, The Hanover Insurance Group, has announced a new 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 this gap in insurance coverage, helping to ensure customers operating a business from home or renting out their property are protected from all angles. Home Business Solutions 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.

“Now more than ever, as consumers are increasingly operating small businesses from their homes to supplement their income, our goal is to offer the right products and services to help our agents best serve customers,” said Daniel C. Halsey, president, personal lines at The Hanover. “We will continue to prioritize creating personalized solutions for consumers to meet their evolving needs.”

Home Business Solutions features four coverage options, which can be chosen individually:

• Home-based business coverage: Our most robust offering designed for businesses located within a primary residence, with up to three employees, and regular visits from customers, this 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: 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, this 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 our personal lines footprint this year for our agents.