Streetsmart insurance Blog
If your business is forced to shut down due to a disaster, you will have two major concerns – the loss of your property and the loss of business income. Although a property insurance policy will cover any physical damage to your workspace, it will not replace your projected earnings. Business income insurance (also known as business interruption insurance) can help you cover your expenses if disaster strikes.
Most jobs at least involve a piece of equipment—if not being entirely reliant on it. Similarly, there aren’t many businesses in the modern age that don’t rely heavily on equipment. Precisely what that equipment does varies a lot from job to job and company to company. For one self-employed contractor, the vital equipment might be a laptop. For another, it might be an air compressor used for home construction and improvement jobs. For one major business, it might be an entire computer and IT network. For another, it might be a trucking fleet.
If you are a home improvement contractor or some other type of service contractor, then installation floater coverage needs to be on your radar. An installation floater is a type of insurance policy that protects you (the contractor) if a piece of property you are supposed to install is damaged to destroyed before or during installation. Essentially, an insurance floater saves you from having to absorb the cost of something that the purchaser will no longer buy from you.
When you purchase a business insurance policy, your premium is based off of your business’ value, payroll costs, or gross revenue. Your insurance company will allow you to complete the purchase based on an initial statement, but they will also verify those numbers by conducting insurance audit. Some policies, such as Worker’s Compensation, require a yearly audit, and others are audited every three years.
After you make an offer on a house and find that it has been accepted, one of the first things you want to do is start shopping for homeowners insurance. Buying a home is one of the biggest investments you will ever make in your life—if not the biggest investment. You need to protect that investment and yourself, and home insurance is one of the best safeguards you can have. Add the fact that your mortgage lender will probably require you to have homeowners insurance as a condition of your loan, and there’s no excuse to put off your search for the right coverage policy.
Your house is filled with important possessions, unique items that define your space and make your home meaningful. A homeowners insurance policy can protect your property in case disaster strikes, but your current policy may not provide enough coverage for the full value of your belongings.