Tag Archives for " Business liability "

Protecting Your Small Home Business

You may be like the growing number of people who have left their job to start a home business. When you start a small home business, you need equipment such as a computer, printer or printers, or specialized equipment.  All of those items are probably covered by your homeowner’s or renter’s insurance, but there is more cost to consider.  Having your computer damaged or destroyed costs time and most likely will result in lost revenue and data; homeowner’s or renter’s insurance does not cover lost profits or intellectual property.  There is good news if you own a small home business, you can protect it; let’s take a more in-depth look.

Options to Protect Your Small Home Business

In-home Business Policy

An in-home business policy gives more comprehensive coverage for business equipment and liability than a homeowner’s policy. An in-home business policy can give coverage for lost income. In some policies coverage provided covers losses or damage not only from business activities at the insured’s home or rental residence but also off-site at a different place. This added benefit means the business property is covered while a business owner is in transit and gives liability coverage when at business-related activities at a trade show or a customer’s home. These policies, are also known as in-home business endorsements, can differ greatly depending on the insurer.

Increased Business Property Limits on Homeowners Insurance

Another option that small home business owners have available is to increase coverage limits on their homeowner’s insurance.  A homeowner’s policy could cover as much as $1,500 worth of personal property. Things like vitamin samples, tools, and office furniture may be included. The coverage basically protects the business merchandise or equipment you keep at home. It may also offer additional coverage for your business property while in your car or at a customer’s home. If this is not enough coverage, you may have the option to increase coverage with what is known as a homeowner’s policy endorsement.  It would be a wise choice if your small home business meets the following criteria:

• You will have less than $4,999 worth of business property in your home.
• You meet with customers exclusively at their homes or a neutral location such as a coffee shop.
• You don’t have more than $750 worth of personal property intended for use in business away from your home.

A Business Insurance Policy

Some home-based businesses are not eligible for additional business property or in-home business coverage due to the kind of business or its annual Income. In cases such as these, a business insurance policy is the best choice. This fact is especially true if you have clientele visit your home.  If a client is injured while involved in a business-related transaction or activity homeowner’s insurance or renter’s insurance may not cover the injury. Here are some additional things to consider when deciding if you need a business insurance policy:

• If you execute business transactions with customers at your home, such as bookkeeping or tutoring, which may require additional specialized liability coverage
• If you are planning to keep at least $5,000 worth of business property in your home.
• If you are dependent on income from your small home business in order to support your family.

There are a few other things to consider when deciding on what insurance options to choose for your small home business.  Factors such as being zoned for business, licenses and permits, vehicles used for your business, and taxes all need to be investigated. Your agent can help you to wade through all of the regulations and help you to determine what is the best way to protect your small home business.

Should you have any questions about protecting your small home business, contact us via email here or call us at (863) 646-LOCK.

Preventing Slip and Fall Incidents at Your Home or Business

We may not get much ice in Central Florida, but many other potential hazards can cause someone to slip and fall at your house or your office. In Central Florida we also have a large elderly population who are all potential fall victims, steps must be taken to keep them from falling. Prevention is the key to eliminating slip and fall hazards and preventing serious injury from occurring due to negligence. Here are a few ways that you can make both your home or business safe from slip hazards:

Tips for Preventing Slip and Fall Accidents

• If a slippery substance such as oil, grease, or a household cleaner spills at your home or business, it should be cleaned up right away. As you undertake cleanup, be sure that adequate signage is used to alert customers, employees, or family that a slip hazard is in the area. 
• Regular inspections and cleaning of high traffic areas or work areas where oil and grease are used should be made.
• Make sure there is sufficient lighting around your home, in parking lots, on sidewalks, walkways, and in stairwells to ensure they are visible. LED lights are best for commercial settings because they light a wider area and act as a deterrent for crime.
• Bunched carpet, loose tiles, and uneven flooring can all cause someone to trip and should be repaired.
• Potholes that are not filled present a hazard where someone could twist or break an ankle, or they could fall and break a bone.
• Water that runs into a parking area can quickly become slippery, and the source of the runoff should be dealt with to prevent any slipping.

Stairs and Ramps

• Handrails are an effective way to prevent the disabled and elderly from falling.  Installed securely in stairways, ramps, halls, and bathrooms they can help people to have a sense of independence while at the same time eliminating the potential for a fall.
• Broken or loose steps in a stairwell is a recipe for a lawsuit if someone falls due disrepair.
• Make sure that stairwells are lit well and have something that will increase friction such as carpet or non-slip treads.

Lawn Areas

• Make sure lawn areas are kept mowed to 7 inches or less so that hidden items such as a sprinkler or tree roots are visible.
• Don’t leave old toys, tools, or portable sprinkles on the lawn, so they do not become trip hazards.
• Make sure to keep lawn areas and the exterior of homes free of stinging insects like wasps so that customers or family members are not stung.

Walkways

• Clear your walkways of ladders, tools, or anything else that could be a potential trip hazard.
• Make sure walkways are even and have no large cracks. Repairs should be made if either one of these conditions exists.

What to do if a Slip and Fall Happens on Your Property

• Seek medical attention for the injured party if needed.
• Gather critical information such as the name of the injured party, the time of the day the slip or fall incident occurred. The location of the incident. What was going on at the time of the accident (was it the injured party’s fault?) Take pictures of the scene and if possible, of the injuries sustained by the person who fell.
• If you or the person who experienced the accident need to file a claim, contact your insurance company promptly. Follow the insurance company’s instructions to document the claim correctly.
• If a severe injury occurs as a result of a slip or trip, contacting an attorney may be in your best interest.

All that is needed to stop slip and fall accidents is to care enough to prevent them. Should you have any questions about Liability Insurance, contact us via email here or call us at (863) 646-LOCK.

How Much Should Liability Insurance Cost?

Factors that affect Liability Insurance

There are several factors that decide the price on Liability Insurance:

• The number of employees and the sub-contractors cost (many do not understand their sub-contractors effect there rate even when they carry there own insurance).
• How many Owners – if one of the owners is not active or is not in the field working, sometimes we can exclude them.
• Gross receipts – total that you bring in to the business before you pay all your expenses.
• The type of work that you do – insurance companies call them class codes. Each type of job description will be placed with a code or similar risk and can be grouped together.

There are several factors that can hinder you with some companies:

• Prior claims or knowledge that a claim could arise
• Job type or description
• How many years of experience
• More sub-contractors than employees

Click here to read more and we can help you understand some of the complicated insurance situations.

I have also set up several helpful business links that will make you more successful! Click Here!

Don Westerfeld 11/11/2010 6:53:00 PM