Using your home for business can affect your home insurance coverage and the business insurance options that you may need to consider. Even though your business may have a limited risk, it is always important to purchase coverage to protect your company and your home from possible problems.
Risks to Consider
Running a business from your home may expose you to certain risks that are not a problem for other businesses. For example, the amount of security that may be available in your home can be significantly less than the options that are available for a commercial property, so you may have a greater risk of can affect customer data or facing a theft.
Insurance must address those risks and any other concerns associated with getting work did from your house. Often, your homeowner’s policy will not pay for the liability factors that are related to your business.
Insurance for Home Based Businesses
If you are doing business at home, then a home-based business insurance policy may be the best option for your goals. The policy is specifically designed to address your particular needs as well as the risks to your personnel property. It helps keep your business separates from your home so that you can avoid loosing your house when a customer is upset about your services or products.
Selecting a policy that is appropriate for your home-based business will depends on your particular company and the type of services or products that you provide.
Taking steps to protect your business and your personnel property is important, particularly if you are worried about the possibility of loosing personnel assets since you are running the company out of your home. Contact us to talk to an agent for more details.
Renting a car in West Hartford, CT can make it easier to get around when you are visiting or passing through the area, but the vehicle must be insured to protect other drivers, you and your passengers. Furthermore, the rental car company may have additional requirements to protect their assets in case you get into an accident. Depending on the situation and your current auto coverage, your may or may not have protection for a rental vehicle.
Look Over Your Policy
Do not assume that your auto policy will automatically cover any rental vehicles that you are using. In some cases, you may not have any coverage for rented cars and it may be necessary to purchase separate rental car insurance to protect the vehicle and comply with state insurance laws.
Read your policy and look for any details regarding vehicles that you do not own. Some insurers may allow you to use your current policy and others may require that you contact the company to inform them before you rent the vehicle to apply your coverage.
Purchasing Separate Coverage
Even if your plan does provide coverage for a vehicle that you do not personally own, it may be necessary to purchase additional rental car insurance to comply with the agreement that you make with the rental car company. Some companies may require that you purchase additional protection in case of an accident or you may want to consider supplementary coverage to protect the vehicle against collisions.
Purchasing auto insurance does not necessarily mean that you are able to apply your coverage to a rental vehicle. Contact us to talk to an agent to learn more about your coverage options when you are planning a trip and will be renting a vehicle.
Lenders require your home to have a home insurance policy on it before they establish a mortgage. For most people, homeowners insurance is not something that they shop for often, so it’s sometimes difficult to tell what the most important features of a home insurance policy are.
The first thing to find out is the actual replacement value of your home. You don’t need homeowners insurance coverage that is far higher than what you would actually get in a claim. Outside of the home’s value, you also want to pay attention to the deductible associated with a claim. If you have damage to your house or property, you need to know how much of the cost you need to cover. Some insurers may require you to pay a percentage of the value for specific circumstances, as opposed to a flat deductible. It pays to read the fine print so you aren’t surprised when you make a claim.
In addition to house damage, a home insurance policy also covers replacement or repair costs for your possessions. If your overall asset value is higher than the value of your home, you need to add additional coverage for personal property to cover claims.
If a natural disaster makes your home unlivable, look for displacement provisions in the insurance policy. These provisions pay for alternative housing while you are unable to occupy your home, so you can cover a short term rental or a hotel room during repairs.
It’s also essential that you understand common natural disaster risks for your area. This is particularly true if you live in an area prone to flooding, as flood insurance is not commonly included by default by a homeowners insurance policy.
One thing that first-time homeowners are seldom prepared for is the damage that can be caused to their pipes by tree roots. These invaders can cause leaks and blockages that require major portions of your yard to be dug up, costing you thousands of dollars. There is another way to fix it called a perma liner installation, which involves putting a hard liner inside of damaged pipes. This is not quite so invasive or expensive, but it will still probably cost a considerable amount of money. In either case, when a homeowner takes on a major expense like that, they naturally wonder if their home insurance might cover it.
Consider, for a moment, the nature of homeowners insurance. It is designed essentially to pay for sudden damage or loss, often caused by weather, fire or violent act. Root damage is not generally considered to be sudden, so you will usually have a hard time convincing an insurance adjuster that there was nothing you could have done to prevent the root damage over time. What this usually means is that you are stuck paying for your perma-liner without any help from your insurance.
This does not mean that it’s impossible to get a damaged pipe repaired with your home insurance. It is often possible to design a policy to cover removal of roots, pipe repair and/or perma liner installation–the trick is to talk to an agent before it becomes a problem. As an independent agent, we can help you to find a homeowners insurance policy that covers everything you want covered, and with our comparative quote tool on our website, you can be sure you’re always getting the best price, so call us today!