Archive for 'Small Business Owner'
Why Should I Buy Landlord Insurance?
December 14th, 2009. Published under Business, Landlord Insurance, Renters Insurance, Small Business Owner, blogs. No Comments.
Whether you own a single family home or a duplex, you need to insure the property differently than you would an owner occupied home.
A Landlord policy insures the structure, usually includes a minimal amount of personal property coverage, (covering a lawn mower, ladder, or maybe a snow blower you may leave for the tenant to use), and liability coverage. As the owner of the home/duplex/triplex,etc. you may be sued for negligence .
Personal Liability coverage pays for legal services in case you are sued.
To protect your assets, liability insurance is very important.
Make sure your insurance carrier is aware of a vacant home as that can affect how your policy is written. Liability coverage may be difficult to obtain or be priced higher.
Landlord Insurance is fairly easy to purchase. If you have a property with frequent claims, you will need to buy coverage on the standard market. Call your personal insurance agent for information.
RENEE DARATA
Does a home based business need a small business insurance policy?
December 9th, 2009. Published under Business, General Liability, Home based business, Liability Insurance, Small Business Owner, blogs. No Comments.
Most people do not understand the difference between personal insurance and business insurance. A homeowners policy would not generally cover home-based business losses. If you have a business with inventory, you are especially at risk for an uninsured loss. A home based business should have a policy covering business property, professional liability, personal injury, loss of business data, crime and theft..
A small business owner who has a home based business needs to consult with a insurance agent to determine their insurance needs.
RENEE DARATA
When Catastrophe Strikes, Will Your Business Insurance Be Enough?
November 18th, 2009. Published under Business, General Liability, Liability Insurance, Liabilty Insurance, Small Business Owner, blogs. No Comments.
There are many coverages on a business policy. Here we will take a look at a few of them:
Business Income-reimbursement for lost income if you can’t operate your business due to a covered loss.
Example: a 4 alarm fire rips through your office building wiping out your office. You have no physical office to see “clients”, no files, etc. While you are restoring your business, business income expense would reimburse you for your loss of income.
Tenant Improvements and Betterments-these are the alterations you make to the space you occupy. They need to be insured if you wnat your store/office to look the same after the fire (or other event). The Owner/Landlord does not usually insure the improvements.
Business Personal Property-supplies, inventory, office furniture,etc. Many business owners never update their policy after they begin their business and are woefully underinsured.
Completed Products and Operations Liability- this applies to businesses such as :
Auto Repair or Contractors
You bring your vehicle in for an oil change and after you leave the shop the vehicle begins to smoke and breaks down. The vehicle is towed to a repair shop where it is discovered that the oil was not replaced during the oil change. The repair shops liability coverage will cover the damages to your vehicle.
The plumber installs a new dishwasher and 2 weeks later you discover there is water leaking and your hardwood floor is ruined. Upon inspection it is discovered that a water line was installed improperly. A claim would be filed against the plumber’s insurance policy for damages.
The small business owner needs to make sure they have enough coverage for a large loss.
How to buy small business liability insurance
November 18th, 2009. Published under Business, Liability Insurance, Liabilty Insurance, Small Business Owner, blogs. No Comments.
When a tenant signs a lease for office/retail space, there is an immediate need for general liability insurance as the landlord requires it in their lease.
Many new small business owners have never purchased business liability insurance before.
There are many types of liability insurance, we will discuss general liability insurance coverages.
General liability insurance covers :
slip and falls
damage to another’s property
The landlord wants any damages to their property to be covered by your liability policy.
To purchase a small business liabilty policy you should consult with a personal agent at your business site as the policy usually includes other coverages such as business property. You want the agent to see the space to insure the policy is written correctly.
The small business owner protects their business assets with proper insurance coverage. If there is inadequate coverage, there may be a lawsuit.
To summarize: small business owners need general liability insurance and the best way to purchase this coverage is through an insurance agent who meets with you in person to assess your insurance needs.
RENEE DARATA
