Home businesses are here to stay, and the accounting profession is one of a number of service industries capitalizing on operating a business at home.

CPAs and accounting professionals who operate from their homes, as well as those in a position to advise their clients on financial matters, should have enough insurance coverage to survive a natural or man-made disaster.

Standard homeowners policies may not be adequate because they do not include provisions for business liabilities or business interruptions. For example, if professionals see clients or customers in their homes and there were to be an fall or accident of some kind, would the business owner have enough coverage? In addition, policies probably don't provide enough coverage to replace computers and other office equipment associated with a business.

According to a survey by the Independent Insurance Agents of America (IIAA), 60 percent of 43 million U.S. home-based business owners are inadequately insured, and a full 70 percent of underinsured survey participants in the survey claimed the turned down additional insurance because they thought they were covered. This number rose 20 percent over the last two years.

Today, insurance companies are tailoring policies for the home office, and may include an Incidental Business Endorsement attachment to a homeowner's policy.