Surprising Ways You Might Be Insured

Did you know you could have insurance in these surprising areas?

Everyone knows the basics. We need health and car insurance. If you own a home, you need homeowners insurance too. You’ve put a lot of thought into buying coverage for your business. There are some pretty hefty consequences for not being properly insured.

But these policies are just the tip of the iceberg. There are many things you can get insured for your home and business, though they may surprise you. You may even already be insured and not know it!

Hurricane Insurance, Insurance

As you may know, hurricane insurance is already a supplemental policy. It’s not covered on regular homeowners insurance. Now, you can get Hurricane PM insurance, which covers costs that your hurricane insurance may not be big enough to cover. So it’s insurance for your insurance.

Ransom

If you are a high profile person, or just travel a lot, you may consider ransom insurance being added to your professional liability insurance. It can cover ransom money asked for by your kidnappers.

Rotten Veggies

If you own a business with perishable goods like flowers, food, tobacco, etc., you may want to get Spoilage Coverage. You can add it to your Commercial Property Insurance to replace spoiled goods if your fridge goes out due to a power outage or malfunction. Be careful, because you may have to prove that you didn’t neglect to take care of or replace the fridge.

Your homeowners insurance likely already offers about $500 of coverage for food spoiled in your fridge during an extended power outage!

Losing a Big Player

You own a business, and one of your employees is worth more than just what their job description entails. They are a key player and losing them could mean a severe loss of knowledge, expertise, and great support. You can have your business covered if that person should become ill or pass away to cover losses your business might incur because of their absence.

To learn more about the different ways your insurance policies are protecting you, contact Stromsoe Insurance Agency in California.

Business Insurance Coverage Options

Business owners must do everything in their power to protect their organization. In doing so, you must have a comprehensive business insurance policy. With the array of coverage options surrounding business insurance policies, you may be wondering which you actually need and which are just wasteful. Gathered is a list of the basic coverage options your business needs to survive:

  • Business property insurance will provide the structure of your business, its inventory, and all business equipment with protection against a variety of covered perils. If your structure is affected by a damaging fire, your business property insurance policy will kick in to cover your business’ assets.
  • Business liability insurance allows you to receive peace of mind knowing nothing can bring your organization down. If someone claims that your product or service was not provided in the manner promised, your liability coverage will protect you from any lawsuits. Additionally, if a client is injured on your business property, your business liability insurance would provide you with legal defense and the injured client with medical expense coverage.
  • Worker’s compensation provides both employees and employers with a variety of benefits. Employers can rest assured that any injured or ill employees will receive medical expense coverage. This coverage extends to any injuries or illnesses that are caused by work operations.
  • Commercial auto insurance is a required insurance policy for any organizations that depend on the use of work vehicles for business operations. Some small business owners fail to realize that this is required even if your employees operate their own vehicles for work relations.

Contact Stromsoe Insurance Agency in Murrieta for all of your California business insurance needs. We understand that the various insurance options available for business insurance policies are complex and may seem confusing. Allow us to personalize a unique business insurance policy that will meet the exclusive needs of your organization.

Insuring Your Home-Based Business

As the commonality of home-based business continue to rise, it is becoming increasingly more important to make sure that your business is adequately protected. Many business professionals that run their business from their home are misinformed and assume their assets will be covered under their existing homeowners’ insurance policy or business insurance policy that applies in the office. However, depending on your line of work, you may need additional coverage in order to receive full protection.

If you answer yes to any of the following questions, you may need to purchase additional coverage:

  • Does your standard homeowners’ insurance policy have a limit in coverage of business equipment?
  • Do you work from home on a regularly basis as opposed to your office at work?
  • Do you ever conduct business in contacts’ homes or allow contacts or employees to visit your home?
  • Is any of your business data stored at home?

Typical Home-Based Business Insurance Policies Include:

  • Rider to a Homeowners/Renters Insurance Policy – This is the least expensive option because it only provides limited additional coverage. If your business is run by a one-man operation system with limited liability exposure, this may be the perfect choice for you.
  • In-Home Business Policy – This will offer you coverage for business liability protection, and replacement of lost income from fire, theft, or any other disaster. This will act as a single policy, eliminating any gaps or duplications in coverage.
  • Business Owner’s Policy (BOP) – This will over you the most comprehensive coverage, protecting you from unexpected business interruption, damage to data or business equipment, and protection from malpractice or professional liability claims.

Stromsoe Insurance Agency is available for all of your California business insurance needs. Contact us today and allow us to provide you with the peace of mind knowing your assets are adequately protected.