When you find that your home or commercial property has been damaged, it can be an incredibly stressful time for you, your family, or any affected employees. Navigating the insurance claims process can be very difficult and confusing without a professional to help you make sense of everything.
Having a current appraisal valuation of your property can go a long way toward acquiring Professional liability insurance or indemnity insurance, which protects your home / business if you get sued for negligently performing your services, even if you haven’t made a mistake.
Insurance Appraisals for Home-Based Business Professionals
Millions of self-employed professionals manage their home-based businesses and rely on the homeowner’s insurance policies to provide protection for their home businesses. While your home is protected by doing it this way, however your business files, equipment and important operations may not be. To properly protect your home business, you should seriously consider home-based business insurance.
Using your home for activities that an insurer is not aware of (such as managing a home business) can invalidate your homeowner’s policy, putting at risk both your home and your business.
General Liability Insurance
General Liability Insurance, also known as Commercial Liability Insurance (CGL), protects your business from other people or from corporate claims related to bodily injury, associated medical costs and property damage. This coverage is important for several reasons. First of all, your home business protects you from claims for damages due to third party injuries. For example, if you visit a client’s office and someone stumbles into your bag, they can sue you.
Since you work at home, most likely fewer people will visit your workplace, which means you have a lower risk of accidents. So a general liability policy protects you from personal injury claims (defamation and defamation claims) and also protects you from damage to property or premises of other 3rd-parties who may have rented your property (when you are not at home), such as a temporary office space, or a small catering business that uses your kitchen, or a small business that uses some portion of your home as training / conference facilities.
This combines general liability coverage with protection for your business equipment, such as computers, printers, copiers and office furniture. In short, a Business Owner’s Policy (BOP) is enhanced insurance that combines general liability insurance and property insurance.
If you work from home, or have professional services business, having errors and omissions insurance coverage can be an integral part of protecting your business. Accusations of negligence or the failure to perform your professional services are things that any professional services business can be sued for, even if it hasn’t made a mistake.
You should seriously consider errors and omissions coverage if your business:
- is required by its clients to have E&O insurance.
- provides a professional service.
- regularly gives advice.
Whether you run small venture or a growing home-based business, Hudson View offers a wide range of valuations that can be used to acquire various types of insurance.
If you would like to learn more, please visit the FAQs section, or contact us today to Get Started. Or visit us on LinkedIn. Use our services for managing your appraisal needs in the New York & Connecticut areas.
