In our last article we talked about coverage offered by general, product, and professional liability as well as commercial and data breach coverage. These are all important types of coverage, but there are more types that may apply to your particular business needs as well.
Business Owner’s Policy
This sort of policy covers those business owners who need a higher level of coverage. This typically exceeds $10,000 helps to cover major losses from issues such as malpractice claims, customer injury related liability, damages to equipment and/or your property, and even coverage when driving your personal vehicle for business reasons.
An example of this coverage in action might be a business owner who uses his vehicle to run deliveries for his business. A BOP could cover any losses from damaged equipment and any due to damaged client goods. It is possible that you could see a significant cost savings on this sort of coverage rather than trying to cover items separately.
Employer Based Insurance
Disability insurance and Workers Compensation insurance both come into play when you have full time employees working for you. Workers Compensation helps kick in and cover issues involving injured employees. For example, your employee gets hurt on the clock and then sues you for lost wages, medical costs, disability related issues and such. This type of insurance typically runs according to state regulations. With that, it is important to check in with the state insurance commission in order to determine the level of coverage you are required to carry.
Homeowner’s Coverage
Your home is burglarized and your valuables are taken… normally your standard homeowner’s coverage will cover this issue. What happens though when you run a business from your home? In such cases, your standard policy may not cover losses of business property from a home based business. Even worse, if you do not disclose that you have a home owned business, then your insurance carrier may even cancel your policy.
In order to cover your home based business, the most affordable and simplest way would be to add a rider to your existing homeowner’s policy. A rider is a type of add-on that is added to your current policy that will expand it to cover home based business considerations. Riders like this can typically provide up to $2500 in additional coverage. This is usually sufficient for home businesses that don’t see many clients coming to the home. For even more coverage an in-home business policy may be required.
In the past two posts, we have covered many different kinds of insurance coverage. Enough types that you are likely full of even more questions. Please keep in mind that we are always ready to sit down and go over each type that might apply to your current and future needs. Make sure that you don’t ever feel pressured to purchase coverage that may be less than you need or more expensive than you should be paying. Here at The Hoffman Insurance Agency, we believe in working to both educate you and pair you with the insurance to fit your very personal needs. Give us a call today!
