Insurance Coverage For The Home Based Business

If you're reading this chances are you have a home based business. I'll also assume you are uncertain if you have insurance protection under your home insurance policy, or maybe you had no idea you actually had some coverage? Maybe you just don't know what you need and if there's business insurance coverage for your size business? Well, you're not alone. When it comes to business insurance gray areas- this ranks at the top.

Business Interruption Insurance

Coverage Every Business Should Have

A sudden fire rips through downtown. The winter storms north east winds fuel the raging fire quickly tearing a devastating path through many downtown businesses. Your phone rings, it's 2:38 and your security company is telling you the bad news. A few hours later you arrive at what was once your office. The damage is extensive and what isn't coated in a frozen layer of water smokes in silent ruin. Key components and machinery are barely recognizable. The list of casualty unfortunately includes a $250,000 piece of machinery that took 3 months to order from Germany.

The difference between general liability and professional liability

One of the most misunderstood insurance products for many business and professionals is professional liability. More often than not when reviewing a potential new client I find the lack of professional liability and the false thinking that the general liability coverage they do have covers them adequately. This may be true for some businesses, but for some, like consultants and advisors, general liability does nothing to protect you from liability related to your professional expertise.

Business Insurance

Insurance Coverage Every Business Should Have

Time after time when I review a new business clients' current insurance coverage I discover not only misunderstandings about their existing coverage, but often times serious gaps in coverage. Sometimes a business might expose itself to new risks (like selling online) and doesn't realize it should talk to their agent about the change in business. Other times agents don't ask the right, or enough questions. Hopefully, you're a business owner reading this and confident in your coverage and the capability of your insurance agent. But if you're not, or just searching for answers, we have put together this list of business insurance coverage every business owner should seriously consider. If you find you don't need some of these coverages now there's a good chance in the future you will as your business grows. And as always, please keep in mind the coverage suggestions are a good starting point, but depending on your business you may need additional insurance coverage not mentioned here.

Read more... Add new comment

An employee discrimination claim can happen to any business. Are you covered?

Over the past several decades employee discrimination claims have been a hot and growing issue for companies. Between 1991 when Employment Practices Liability (EPL) was first offered and 1994 employment discrimination filings grew over 2,000 percent. Yet, even in today's highly litigious world the majority of small to mid-size businesses don't carry EPL insurance that could protect them from employee discrimination claims. A few choose not to, but most, as some recent survey's have discovered, think there standard general liability, or BOP policy contains coverage protecting them from discrimination claims. This is an alarming finding, as it only takes one discrimination claim, whether founded or not, to financially devastate a company. And if you're one of the thousands of small businesses owners that has a personal financial stake in the company you could be risking more than most.

Personal Insurance