Auto and Home Insurance Riders
Do you use your personal car and/or home for business purposes? If so, your regular insurance policy for these assets may not fully protect you. Dan Klaras, president of Assurance insurance agency, said that if you don’t own a separate commercial vehicle, you should get hired and non-owned auto liability insurance. This covers any claims against your business for incidents that occur while you or your employees are driving your car during a workday.
Tina Willis, Florida accident and injury lawyer at Tina Willis Law, added that many businesses do not have high enough policy limits to provide adequate coverage. “Any business that uses automobiles as part of their business needs a high enough policy to avoid having their business assets and income at risk after a serious accident,” she said. “$1 million in liability and auto coverage is common – most cases will not exceed $1 million in damages.”
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Additionally, homeowners insurance is not designed to provide business coverage, so Klaras advises home-based business owners to speak with an agent about adding endorsements or riders to their insurance policy to cover their business activities. [Related: 5 Websites for Comparing Small Business Insurance Quotes]
Business interruption insurance – Fires, floods, building collapse, theft – any of these situations could make you have to temporarily shut down your business and consequently lose income. “Anytime you have a loss of income [as a small business], a couple of months could put you out of business,” Klaras said.