Posted by MW/VA on 10/20/09 10:10pm
Msg #308045

Business Liability Insurance

I finally got around to getting some Business Liability Insurance. I've been carrying $100K E & O, but I know that is very limited in scope to what it covers. I got $500K Business Liability Insurance. The cost was $225 yr. (comes to $18.75 mo.) It covers business personal property, so if my laptop or GPS is stolen from my car it is covered (electronics not covered on my auto policy). It also covers loss of income. Just thought I'd pass it along FWIW.

Reply by Alice/MD on 10/20/09 10:18pm
Msg #308047

Please send me a PM the name of the company you are using. It covers loss of income too?

Reply by Dennis D Broadbooks on 10/21/09 4:25am
Msg #308059

If It's Just "Liability" Insurance...

...then you more than likely don't have any property coverage at all. It may cover for "property damage", but that doesn't cover your own belongings. If it's a BOP (Business Owners Policy) then it's a combination of liability & property coverage type of policy. Make sure you have property coverage with your own business property included if your assumption is it's a "liability" policy.

Reply by MW/VA on 10/21/09 6:59am
Msg #308066

Re: If It's Just "Liability" Insurance...

Thanks for the tip. It covers up to $2,000 business personal property. My business is in my home, some my "property" is also covered under my HO policy.

Reply by Linda_H/FL on 10/21/09 10:08am
Msg #308085

Check your homeowners' policy on that Marilynn

Many homeowners' policies don't cover computers, etc., unless there's a rider to the policy covering such....

Reply by Dennis D Broadbooks on 10/21/09 12:20pm
Msg #308111

I've Not Heard of a Complete "Exclusion"...

...of coverage for computers on homeowners insurance policies, but there may be a limit on some policies as to the total amount covered (i.e. $2,500). There can also be limitations on the limit of property used for "business" purposes, as my individual homeowners policy limits this to $2,500. As always my comments are not intended to be insurance advice. Please consult your own policy &/or insurance agent for the definitive answer as the answers to these types of questions can vary from state to state.

Reply by Michelle/AL on 10/21/09 8:46am
Msg #308073

Great post, MW/VA. Thanks for the reminder. n/m