Posted by Templin on 9/8/07 6:48pm
Msg #209956
Insurance
Does anyone else, beside E&O and bonds, carry any other type of insurance? I was considering getting business insurance for when people come to my house to get something notarized.
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Reply by Dennis D Broadbooks on 9/8/07 7:16pm
Msg #209959
Commercial General Liability Insurance...
...(CGL) is the type of insurance you're referring to. CGL covers more than just the exposure you have if you're working from your home & someone comes to see you at that location; it also provides you with coverage when you're in the borrowers' home, office, a restaurant, etc, etc. If someone were to be hurt due to your negligence in the discharge of your signing agent duties or if you were to cause damage to someone's property; this is where a CGL policy steps in. My one million dollar CGL policy runs me $280.00 per year.
Another consideration for signing agents who want to make sure they're covered adequately from an insurance standpoint is to inform their auto insurance carrier of the usage of their vehicle. All insurance companies I'm familiar with here in MO consider what we do with our automobiles as "business use" & want to charge a rate for that additional exposure.
JMHO based on my 30 years in the property & casualty insurance industry here in Missouri. My opinions should not be considered as legal OR insurance advice. Consult an insurance agent in your own state for their advice on your individual situation.
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Reply by Templin on 9/8/07 7:58pm
Msg #209964
Re: Commercial General Liability Insurance...
Your CGL, can you use that towards property preservation? If so, who do you go through.
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Reply by Dennis D Broadbooks on 9/8/07 10:06pm
Msg #209975
No...
...a CGL policy only covers for bodily injury & property damage. It can also include products & completed operations, but that's not "property preservation" as I think you mean it. Please elaborate as to what you're looking for from an insurance standpoint regarding the term "property preservation".
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Reply by Templin on 9/9/07 8:30am
Msg #210000
Re: No...
Property preservation as in - clean ups, trash outs, board ups, winterization....I have a paper that list the $1M GL and $1M E&O that I need. Is this something I can fax to you?
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Reply by Dennis D Broadbooks on 9/9/07 5:16pm
Msg #210036
You Need to Discuss This...
...with an insurance agent in PA. I'm sure a CGL policy can be written for the exposure you're taking on, but my only advice is to discuss this with a professional.
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Reply by MelissaCT on 9/10/07 9:13am
Msg #210089
Re: Endoresement on HO Ins
you can look into getting an endorsement on your homeowner's insurance for foot traffic of people coming to your home to get something notarized. Depending on volume, you may also need to look into your city/town's zoning laws for operating a home-based business with foot traffic, although you probably won't have the volume & I'm thinking you're just having an occasional visitor for service.
Not advice of any kind, legal or otherwise. Just my own ramblings.
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Reply by Heather Templin on 9/10/07 10:15am
Msg #210098
Re: Endoresement on HO Ins
Very rarely do I get calls to notarize something and I do push to go to them so i can make more $$$!!! LOL. My insurance company is going to see me a business liabilty policy for $175 a year to cover incase someone would get hurt while getting something notarized.
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Reply by Todd/OH on 9/10/07 12:26pm
Msg #210130
Why would you want people coming to your house?
These people are complete strangers and who knows what they are looking at when they are there.
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