In this video, Sarah touches on the aspects of business auto coverage. Depending on your situation, your liability limits may need to be higher. For example, driving on and east coast business trip coming from the mid-west.
You may think that your home office is low risk and therefore it does not need special consideration. However, there may be exclusions within your homeowner's policy and may not cover your business exposures. In this video, Sarah speaks about home based business and their special situation.
Sarah hashes out workers' compensation in the video today. Workers' compensation is based on payroll and category of business.
This video in the Entrepreneur Essential video series is on the topic of professional liability coverage. Enjoy!
• Errors and Omissions
• Harm that results from mistakes or failure to perform
• Missed contract deadlines
• Inadvertently use a copyrighted image in marketing
• Anything you don’t intentionally do
Business Interruption coverage protects business owners in the case of a fire for example. Each business is different, some may be able to be back up running within a week or more, and others a few days. Watch the video to see how business interruption can help! Below is a short summary of the topics covered in this video.
• Compensates for lost business due to a disaster
• What happens if your property is destroyed in a claim?
• How fast can you be back operating?
• If you need a commercial kitchen – how many of those are in your city? What cost will you need to pay to have a temporary space?
• What about your products – if you lost your organic, seasonal ingredient like rhubarb for the frozen pies you sell, and need to replace what burned up in the fire how much do you have to pay to source that ingredient? Or, do you not have the product to sell until there is organic rhubarb available to you again.
• If you are a consultant who commutes to the company headquarters, you probably need a day to replace your laptop, download your files from the cloud and can get back to work.
• Very business dependent.
This video in the Entrepreneur Essential video series is on the topic of products & completed operations coverage. Enjoy!
Welcome to the next video in this series! We are glad you are here. Below is a short summary of the video if you prefer to read about the topics Sarah discusses in the video above.
o Necessary whether owned or leased location
o Insure your space AND your stuff
o Equipment to have business function
o Post its and pens to production machines – what do you need to be reimbursed for if you have a claim?
o Customer trips and falls on stairs or slip and falls on ice outside your store
We have launched this video series in order to help new entrepreneurs, especially, to learn about what insurance coverage they need to have. In the following few posts, Sarah will be covering 7 topics that entrepreneurs should have knowledge on. Stay tuned for the next post and let us know what you think in the comments!