Entrepreneurs, Fill In The Gaps Of Your Homeowners Policy
|
Business Owners Policies for the Self-Employed
Who needs a business owner's policy?
Simple, anyone that runs a business from their home should have one. A comprehensive coverage homeowner's policy will cover economic losses caused by damage or legal liability but, once a home business is discovered any economic loss that can be associated to your business is your problem. Some homeowner's policies allow business owners to purchase a policy rider that will cover losses associated with their business. If your homeowner's policy provider doesn't offer this option you should consider a separate business owner's policy.
Suppose your home office gets hit by a bolt of lightening (it happens). The loss from damage to your house, computer and loss of income amounts to 50,000. If your homeowners insurance discovers that you were running a business from that room, and if they sent an adjuster they certainly would, they have the right to refuse any coverage.
On the other hand if you were wise and purchased a business owner's policy your entire loss would be covered, even the loss of income.
Increasingly important is bodily injury liability. If you have business visitors in your home, a business owner's policy should cover any liability if they're injured in any part of your home. Conversely, if you simply had a homeowner's policy and someone was injured in your home, office or anywhere, they may refuse coverage for any liability. You don't need to be reminded about how expensive personal injury liability can be, do you?
What about product liability?
Additional product liability coverage can often be added to a business owner's policy for an extra fee. This covers you in case someone is injured using your product. As you are probably aware, regardless of your involvement in the manufacturing or design process. The price of this coverage can be extremely expensive, depending on the products you distribute, but is definitely worth it. I know you don't need to be reminded about how expensive product liability can be.
What if I'm not eligible for a business owner's policy?
Different insurance companies have different criteria for excluding businesses from their policies. If one insurance company turns you down, ask another. Often, companies that allow riskier businesses to purchase policies also charge higher premiums, so it definitely pays to shop around for a policy that fits your particular business.
Ian Asterbury is an assistant editor at Small Business Assistance - a resource for entrepreneurs that offers advice on business insurance and an array of other small business topics.
|
|
|
Auto Insurance Primer
What is auto insurance? Auto insurance (or car insurance, motor insurance) is insurance consumers can purchase for cars, trucks, and other vehicles. Its primary use is to provide protection against losses incurred. By buying auto insurance, depending on the type of coverage purchased, the consumer may be protected against:* The cost of repairing the vehicle following an accident* The cost of purchasing a new vehicle i...(related: Insurance)
Compare Car Insurance Companies Before You Commit
If you want to save money on your car insurance, compare insurance companies before you sign up for an annual premium. Car insurance premiums can differ as much as 300% between carriers for the same coverage. Comparing quotes is the only way to find the best deal. Fortunately, online insurance sites have made this easy.Compare the Same ServiceInsurance companies may shout that they have the lowest prices, but that may only apply for "no accident" drivers with high deductibles. To have a realistic idea about prices, compare the same deductible and coverage amount with several different insurance companies. Free online insurance sites can easily do this fo...(related: Insurance)
Accident Factoids
Accidents, personal injuries and insurance claims are here to stay. No matter how far into the 21st Century American's elect to drive (unless by the beginning of the 22nd Century we're all zipping around in our own personal space ship) moto...(related: Insurance)
3 Important Moving Insurance Tips
Because of the many problems that can occur when you hire a moving company to transport your goods, the moving companies are required some basic insurance of your goods. Even with this basic insurance, purchasing additional coverage might be neede...(related: Insurance)
Should You Have Higher Deductibles On Your Coverage?
What is a deductible? A deductible is the amount you pay before your insurance carrier pays any claim. Insur...(related: Insurance)
Avoiding The Potholes Of Car Insurance
Car Insurance is an issue that we all of face in our lives. Do we insure our car or not?For example, what type of policy should you get? What should you look out for when signing on the dotted line? Car insurance can be a minefield if you do not investigate and take time out to rese...(related: Insurance)
Risk Retention Groups Rrg
In response to a hard insurance market in the mid 1908's, Congress passed the Liability Risk Retention Act of 1986. The legislation was intended to simplify the regulatory process for affinity groups such as doctors, real estate developers etc, who wanted to find an alternative to the and unavailability high cost of certain types of insurance coverage. The Act created two new legal statuses: Risk Purchasing Groups and Risk Retention Groups.Risk Purchasing Groups are simply groups (individuals or companies) that want to join together to buy insurance at group rates. The Act prohibits states from placing certain restriction on these groups.Risk Retention Groups (RRG) are insurance companies formed by an affinity group that enjoy ...(related: Insurance)
5 Steps To Cheap Car Insurance Premiums
Although car insurance is compulsory, it's not necessary to pay more than you have to. A few simple steps combined with some time surfing for competitive car insurance rates really can save you hundreds.Step 1 - Cut the Insurer's RiskThe easiest way to cut your...(related: Insurance)
Long Term Care Insurance How Much Should I Buy?
Long-term care insurance policies have a variety of features and it pays to shop around. It is quite easy in the final years of your life to run up extremely large care bills which could threaten your life savings, home and your children's inheritance. Okay some people do not care about their offspring so much as is evident by looking at the bumper stickers of the deluxe Recreational Vehicle Motor Homes; "we are spending our children's inheritance!"You need to ask yourself not only; "How much long-term care insurance shoul...(related: Insurance)
site-map - Copyright © 2006 Insurance | All Rights Reserved. | Insurance