Hi, I'm a real estate consultant in Chicago and I work from home. Is my home owners insurance enough to cover my risks?
Total Comments: 16
Posted: Wed Sep 08, 2010 07:10 am Post Subject:
What will happen if you get sued by your clients for a certain failure? If you're not covered for such risks, then you'll end up damaging your financial stability. Also, you bear the risk of anyone getting injured within your office premises while on a visit. Have you ever thought of that?
Posted: Thu Sep 09, 2010 09:18 am Post Subject:
The cost to replace your equipments could be covered under an incidental business endorsement. It might also offer some protection for business liability that you might have in the future.
Posted: Fri Sep 10, 2010 07:54 am Post Subject:
You may consult with your insurer and check if he's willing to offer a comprehensive policy that covers both your business an home at once. These days you often come across good combo offers that cover you for income replacement, liability, fire and theft together. Make sure it covers you for mishaps that occur beyond your office at home.
Posted: Sat Sep 11, 2010 07:18 am Post Subject:
IMO you should go ahead and apply for the E&O policy which is just another name for the Professional liability insurance. There are chances that any of your clients might file a lawsuit against you for not performing up to his expectations.
Such claims may also rise out of your failure to ensure data security or negligence. E&O insurance will bear all the legal fees associated with such lawsuits for you. It protects both the independent contractors and employees.
Posted: Mon Sep 13, 2010 03:45 pm Post Subject:
Homeowner's insurance does not cover the professional liability one might incur as the result of their home occupation. If a client was coming to your home to sign a document, for instance, and slipped on your driveway, breaking their ankle, your homeowner's policy would exclude the loss since it was directly related to your business activity.
Posted: Wed Mar 16, 2011 05:10 am Post Subject:
I think Steven is absolutely correct. While running a business all the aspects must be well thought of to avoid future risks.
Posted: Fri Jul 15, 2011 02:10 am Post Subject: lxgIFEoHbXmH
YMMD with that anwser! TX
Posted: Mon Jul 25, 2011 09:49 pm Post Subject:
I don't think home insurance covers business risks, you'd have to go and get a separate policy for your business.
Posted: Wed Aug 10, 2011 05:38 am Post Subject: Business insurance for consultants
Hi,
I am some important information.
A typical homeowners policy may cover as little as $2500 for in-home inventory and equipment (such as computers) and $250 for incidents that occur outside the home. For example, if your laptop is stolen out of your car while at the office of a client, you would only get $250 toward that recovery, at best (and not including deductibles).
Your insurance provider may offer a combine policy that specifically covers both home and business in a single, comprehensive policy. Developed specifically to address the needs of home-based business owners, these types of combo policies usually provide general business coverage (including liability and the replacement of lost income), along with typical homeowners coverage (for theft and fire). It should cover incidents that occur at or away from the home office. Most importantly, the policy is designed to prevent duplication of coverage and is priced affordable for a truly small, home business.
Posted: Wed Sep 08, 2010 07:10 am Post Subject:
What will happen if you get sued by your clients for a certain failure? If you're not covered for such risks, then you'll end up damaging your financial stability. Also, you bear the risk of anyone getting injured within your office premises while on a visit. Have you ever thought of that?
Posted: Thu Sep 09, 2010 09:18 am Post Subject:
The cost to replace your equipments could be covered under an incidental business endorsement. It might also offer some protection for business liability that you might have in the future.
Posted: Fri Sep 10, 2010 07:54 am Post Subject:
You may consult with your insurer and check if he's willing to offer a comprehensive policy that covers both your business an home at once. These days you often come across good combo offers that cover you for income replacement, liability, fire and theft together. Make sure it covers you for mishaps that occur beyond your office at home.
Posted: Sat Sep 11, 2010 07:18 am Post Subject:
IMO you should go ahead and apply for the E&O policy which is just another name for the Professional liability insurance. There are chances that any of your clients might file a lawsuit against you for not performing up to his expectations.
Such claims may also rise out of your failure to ensure data security or negligence. E&O insurance will bear all the legal fees associated with such lawsuits for you. It protects both the independent contractors and employees.
Posted: Mon Sep 13, 2010 03:45 pm Post Subject:
Homeowner's insurance does not cover the professional liability one might incur as the result of their home occupation. If a client was coming to your home to sign a document, for instance, and slipped on your driveway, breaking their ankle, your homeowner's policy would exclude the loss since it was directly related to your business activity.
Posted: Wed Mar 16, 2011 05:10 am Post Subject:
I think Steven is absolutely correct. While running a business all the aspects must be well thought of to avoid future risks.
Posted: Fri Jul 15, 2011 02:10 am Post Subject: lxgIFEoHbXmH
YMMD with that anwser! TX
Posted: Mon Jul 25, 2011 09:49 pm Post Subject:
I don't think home insurance covers business risks, you'd have to go and get a separate policy for your business.
Posted: Wed Aug 10, 2011 05:38 am Post Subject: Business insurance for consultants
Hi,
I am some important information.
A typical homeowners policy may cover as little as $2500 for in-home inventory and equipment (such as computers) and $250 for incidents that occur outside the home. For example, if your laptop is stolen out of your car while at the office of a client, you would only get $250 toward that recovery, at best (and not including deductibles).
Your insurance provider may offer a combine policy that specifically covers both home and business in a single, comprehensive policy. Developed specifically to address the needs of home-based business owners, these types of combo policies usually provide general business coverage (including liability and the replacement of lost income), along with typical homeowners coverage (for theft and fire). It should cover incidents that occur at or away from the home office. Most importantly, the policy is designed to prevent duplication of coverage and is priced affordable for a truly small, home business.
_____________________
Time recording systems
Posted: Thu Aug 11, 2011 11:13 am Post Subject:
(including ... the replacement of lost income)
Not exactly.
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