If I have got business income protection, do I really need an extra expense cover as well? I run a home based business though, work more like a law firm.
Total Comments: 6
Posted: Mon Sep 24, 2012 12:05 pm Post Subject:
You should be able to answer this question yourself. It is one of economics.
What do you mean when you say you have "business income" protection? Do you have a business "overhead" policy? That covers your expenses of running the business, it does not put income in your pocket. Do you have a disability income policy? That only covers you if you become disabled.
What are your "extra expenses"? If you cannot afford to pay them out of you own pocket, then you might want to have an insurance company agree to pay some or all of those expenses. The cost for that will either make sense or not. That's the economics question only you can answer.
Posted: Thu Oct 18, 2012 04:49 pm Post Subject: business income and extra expense
The more coverage the better. However, you should at least these coverage:
Business Property Insurance
Liability Insurance
Professional Liability
Product Liability Coverage
Posted: Thu Oct 18, 2012 06:03 pm Post Subject:
Professional Liability
A person only needs this if they are an insurance agent, lawyer, physician, nurse, accountant, engineer, or in a similar occupation where "prodessional negligence" is a possibliity.
Plumbers and barbers and building contractors don't. They simply need a commercial general liability policy. CGL will cover "completed operations" which is not the same as "product liability."
The only persons who need "product liability" coverage are those who are acutally manufacturing/making a product for sale to the public, like ground beef, model airplanes, jump ropes, etc. A contractor doesn't need product liability insurance, but the companies whose nails, nail guns, roofing shingles, etc. do.
Please be more conscientious when posting things like this. You cannot make such broad recommendations to everyone. Insurance needs are unique, and that's why folks need to deal directly with an agent instead of trying the Do-It-Yourself method.
Posted: Sat Oct 11, 2014 07:10 am Post Subject:
For starting a new business, you have to understand these two factors business income and extra expense, as business income insurance will pay for the actual loss of business income that you sustain due to suspension of your business where as extra expense means the necessary expenses that you incur during the period of restoration that you would not have incurred if there has not any direct loss to your property.
Posted: Mon Nov 17, 2014 12:00 pm Post Subject:
Extra expense coverage might be a great investment decision. Extra expense coverage can be bought alone or in combination with business income coverage. It is involved automatically in some residence insurance policies, such as a business owners insurance policy. If your residence policy does not currently involve extra expense coverage, you can include it to your insurance policy through a individual form.
Posted: Sat Nov 22, 2014 06:18 am Post Subject:
Income Protection Insurance is an insurance plan paying out advantages to policyholders who are disabled and hence incapable to work due to illness or accident. And you don't need any cover.
Posted: Mon Sep 24, 2012 12:05 pm Post Subject:
You should be able to answer this question yourself. It is one of economics.
What do you mean when you say you have "business income" protection? Do you have a business "overhead" policy? That covers your expenses of running the business, it does not put income in your pocket. Do you have a disability income policy? That only covers you if you become disabled.
What are your "extra expenses"? If you cannot afford to pay them out of you own pocket, then you might want to have an insurance company agree to pay some or all of those expenses. The cost for that will either make sense or not. That's the economics question only you can answer.
Posted: Thu Oct 18, 2012 04:49 pm Post Subject: business income and extra expense
The more coverage the better. However, you should at least these coverage:
Business Property Insurance
Liability Insurance
Professional Liability
Product Liability Coverage
Posted: Thu Oct 18, 2012 06:03 pm Post Subject:
Professional Liability
A person only needs this if they are an insurance agent, lawyer, physician, nurse, accountant, engineer, or in a similar occupation where "prodessional negligence" is a possibliity.
Plumbers and barbers and building contractors don't. They simply need a commercial general liability policy. CGL will cover "completed operations" which is not the same as "product liability."
The only persons who need "product liability" coverage are those who are acutally manufacturing/making a product for sale to the public, like ground beef, model airplanes, jump ropes, etc. A contractor doesn't need product liability insurance, but the companies whose nails, nail guns, roofing shingles, etc. do.
Please be more conscientious when posting things like this. You cannot make such broad recommendations to everyone. Insurance needs are unique, and that's why folks need to deal directly with an agent instead of trying the Do-It-Yourself method.
Posted: Sat Oct 11, 2014 07:10 am Post Subject:
For starting a new business, you have to understand these two factors business income and extra expense, as business income insurance will pay for the actual loss of business income that you sustain due to suspension of your business where as extra expense means the necessary expenses that you incur during the period of restoration that you would not have incurred if there has not any direct loss to your property.
Posted: Mon Nov 17, 2014 12:00 pm Post Subject:
Extra expense coverage might be a great investment decision. Extra expense coverage can be bought alone or in combination with business income coverage. It is involved automatically in some residence insurance policies, such as a business owners insurance policy. If your residence policy does not currently involve extra expense coverage, you can include it to your insurance policy through a individual form.
Posted: Sat Nov 22, 2014 06:18 am Post Subject:
Income Protection Insurance is an insurance plan paying out advantages to policyholders who are disabled and hence incapable to work due to illness or accident. And you don't need any cover.
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