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Doing small gigs in your spare time or making money off a hobby can lead to starting a freelance business. If you don’t feel that you’re making any significant income from the activity, it may seem like you don’t need business insurance in Newark, DE. Still, if you do not tell your insurance company about business activity based at home, it could create problems when you file a claim.

Many people fear the cost of insurance for a home-based business will be high, but basic add-on coverage can sometimes be just a few dollars more a month. Here are some basics about business insurance.

Does Home Insurance Cover Freelance Work?

Most basic homeowner policies cover a minimum amount of business property at home. In most cases, it is very limited. Homeowners’ policies cover personal liability, but business insurance separate from home insurance policies. The only way for you to know if a home insurance policy covers you for doing part-time work from home or freelance work is to speak with your licensed insurance representative.

When to Tell Your Home Insurer About Freelance Work at Home

All insurance, whether home or business insurance, relies on full disclosure. Make sure to let your insurance company know anytime you are working from home or running a side job. In most cases, if you are doing a minimal amount of work or not making a significant income, then your insurance company will likely take note of your declarations and may not have to adjust your policy. In some cases, your policy may have limitations that require an endorsement or amendment.

Liability insurance in Newark, DE, can help protect your business from claims like malpractice or bodily injury, which could turn into expensive lawsuits or legal liabilities. The level of coverage a business needs depends on the type of business you operate. Further, there are also various types of liability insurance coverage you’ll need to consider when looking for a complete policy.

The three main types of liability insurance coverage are:

General Liability

This coverage helps protect you against claims that your business caused bodily injury or property damage to others. It also covers errors in your advertising or reputational harm. It’s crucial to note that general liability insurance does not cover property damage to your business or your employee’s property. A commercial property insurance policy helps cover those claims.

Professional Liability

Professional liability insurance, also called errors and omissions insurance (E&O), helps cover claims that your business made mistakes in the services you provided. For example, if a client claims you gave them inaccurate financial advice and sues you, professional liability insurance can help cover your legal defense costs.

Employer Liability

Professional liability will not cover employees who get work-related injuries or illnesses. Your business needs workers’ compensation insurance for that kind of coverage.

Workers’ comp is a type of employer liability insurance that provides financial benefits to employees if they get injured or sick due to their job. Depending on your state, you may be required by law to buy workers’ comp coverage. Even if it’s not the law in your state, it’s still a smart idea to arrange for this type of liability insurance coverage.

Small businesses are more susceptible to risk due to their size. Business insurance in Newark, DE, can help mitigate some of the vulnerabilities that smaller companies face. When it comes to risk, you must consider the following to improve your chances of success:

Strategic Planning

A strategy to manage your business through ups and downs allows you to manage risk and meet challenges. Consider developing a strategic plan with Broadbent Insurance, Inc. even before your business gets off the ground.

Security Risks

Threats to proprietary and client information are a real possibility in the age of the internet. Develop a risk management plan with your business insurance company to address IT security.

Consider Your Liability

Liability coverage is critical, especially for small businesses. Property damage, injury to employees or customers, and failing to meet contractual obligations are good reasons to opt for this coverage.

Financial Risk

There’s a financial risk with any venture, but you can mitigate uncertainty. Create an action plan, develop your strategies, and proactively assess your finances.

Business Interruption

As recent world events have shown, no business is immune to an interruption in operations. Business insurance coverage can protect you from events like supply chain issues or natural disasters.

Risking Your Reputation

Small businesses usually overlook the risk to their reputation, an asset that cannot be replaced or purchased. Monitoring your feedback online is a crucial aspect of managing your business reputation.

Reducing expenses is on most people’s minds. That’s why insurance companies like Broadbent Insurance, Inc. offer bundles for your coverage. When you combine your car insurance in Newark, DE, with other policies, you often receive a reduced overall rate. This bundling allows you to use the same company for all your insurance while saving money. Insurance companies calculate the premiums for each of the policies and apply a discount based on your history and requirements.

Convenience & Coverage

Having all your insurance information in one place makes life much easier when you need to call on them for advice, ask about coverage, or submit a claim. There’s no scramble to figure out which company covers what; it’s all handled through one source.

Building Relationships

Building an excellent relationship and history with your insurance company can result in lower premiums and loyalty savings. Get to know your representative; they’ll be able to make suggestions and provide you with a customized bundle.

Bundling Is Better

Although households with multiple vehicles typically bundle their car insurance policies, consider bringing your house, boat, and other coverages into the fold. If you’ve just gotten married, it’s practical to combine all your insurances through one company.

The sooner you bundle, the sooner you’ll save; make the call today!

Accumulating speeding tickets over time could affect your insurance premiums. Insurance companies check your driving record, and several speeding tickets often increase your auto insurance in Newark, DE. Other considerations may make you take your foot off the gas pedal:

Reduction In Payments Over Time

Typically, experienced drivers pay less for their auto insurance, but tickets can negate those gains and result in higher premiums. Keep a clean record to earn reduced payments.

Standard Coverage Loss

A storied history of accidents and tickets could result in your insurance company pulling the plug. Losing your insurance means you’ll have to look at options like state-run risk plans. They offer very high premiums that are challenging to lower.

How To Reduce Premiums After An Increase

There are a few ways to reduce your payments if your premiums have increased due to your driving record:

Become A Safer Driver

Becoming a safer driver is the best way to show an insurance company you are less of a risk.

Take a Driving Course

Auto insurance companies love to see drivers being proactive about improving their skills. Taking a course may help lower your premiums.

Change Your Coverage

If your premiums have skyrocketed, contact another auto insurance company. It’s a competitive market, and you may be able to find coverage with better rates.

Business insurance in Newark, DE, can empower you to go about your day-to-day operations with peace of mind. When shopping for a policy, it is crucial to remember that price is just one factor that should drive the decision-making process. Here are a few things to remember when you receive an insurance quote.

The Price Isn’t the Bottom Line

It’s easy enough to get quotes from several different insurance carriers. While you might be lured by a low rate, the price shouldn’t ultimately drive your decision. The quote is a great research tool in itself because it may also tell you the extent of the coverage you will buy.

In most cases, business insurance is separated into two primary categories: liability coverage and property coverage. Liability coverage mainly protects against bodily injury, property damage, and the legal fees should you encounter a lawsuit. Liability coverage might also protect your from copyright infringement, data breaches, and defamation suits. Property coverage includes protections in case your place of business suffers a loss due to severe weather, a worksite accident, or theft.

It’s All in the Details

If the quote doesn’t say the policy covers it, then you need to start asking questions to the agent. Beyond that, the quote will also state how much each specific part of the policy covers. For instance, the policy quote might provide plenty of coverage in the event of hurricane damage, but won’t say much about flooding. A policy might also have more coverage related to liability, but not much in the way of property damage.

Comparing quotes can be tricky, but it beats paying for something you won’t need or that will hardly protect anything. By speaking with an insurance broker, it will be easier to navigate the nuances that surround different business insurance policies.

Your business illustrates how your love for doing something can affect the community. However, it is crucial to separate the romanticism behind your livelihood from the world’s realities. In other words, you have to take the right measures to protect not only your business, but also those around you.

Many insurance agents will recommend that you take out both property and liability insurance in Newark, DE. It’s important to have both because they are two different products that cover two different aspects of your business. Learn about their differences and strengths here.

Liability Coverage Protects You in a Lawsuit

When people talk about “liability,” they refer to any event that your business is legally responsible for. A liability is normally determined as the result of a lawsuit, and it might include accidents that result in a person’s injury, or if someone fails to fulfill a contractual obligation. Liability insurance can protect a business from such incidents by covering the costs associated with legal fees, hiring a lawyer, and providing compensation for damages. This protects a business from paying out-of-pocket costs.

Property Insurance Protects Your Livelihood

Think about property insurance as something that guards your day-to-day operations. These types of policies can provide coverage against loss or damage related to the building, supplies, equipment, and inventory. Depending on the coverage, property insurance protects you from different events, such as fires, theft, vandalism, or severe weather.

Property and liability insurance can protect you in different situations, so choosing both can help you in the long run. When choosing new policies, always be sure to consider the different options.

For your business to be successful, it needs to be in continual operation. Any disruptions can deliver a financial blow from which it is hard to recover. To prevent such a scenario, many companies rely on business interruption insurance.

Broadbent Insurance, Inc. is experienced in all forms of business insurance in Newark, DE. We’ll apply our expertise here to discuss interruption insurance, which is also known as business income insurance.

This business insurance can help replace income if you have to shut down your company temporarily because of a covered loss. Say, for example, your shop closes due to property damage. Your policy will cover your lost income while the repairs are made. You could also be covered in the case of an event such as a road closure that shutters your business for a short span.

Interruption insurance covers operating expenses such as the revenue you would typically make, in addition to items like rent payments, taxes, payroll, relocation costs, and training costs. There is usually a 48- to 72-hour waiting period before the coverage kicks in following a closure. The restoration period is the time that your policy will cover lost business income. For a more detailed look at your business insurance, it is always best to contact your agent.

We are all familiar with pollution, but how many of us are familiar with pollution liability insurance in Newark, DE? Probably not too many. That’s why the team at Broadbent Insurance, Inc. is providing this article. We’ll talk about this insurance and offer points to consider to help you decide if you need it.

The first thing we’re going to do is define pollution liability insurance. This is coverage that protects businesses that generate hazardous waste during operations. It is standard coverage for oil, construction, excavation, asbestos abatement, agribusiness, and waste disposal companies. If your business falls into one of these categories or generates dangerous waste through other processes, then you should have pollution liability insurance.

This coverage was included under commercial general liability policies but eventually became a separate product. Pollution insurance will protect your business in the case of an environmental clean-up or injury from hazardous waste exposure. It is extremely valuable for independent contractors and corporations alike.

We suggest you discuss this topic further with your insurance provider to determine if you need pollution liability insurance and the amount of coverage that would be best for your business.

As a homeowner, you want to make sure your property’s insurance coverage will provide the protection you need if you have to rely on it. That brings up the question of, “Does my homeowners’ insurance in Newark, DE, have limits?” We have the answer at Broadbent Insurance, Inc., and we’ll discuss it here with a broad overview.

There are limits on most policies, including homeowners’ insurance. Some of these are commonly known, such as limits on jewelry coverage, while others may be found in the fine print. Limits dictate the maximum amount paid when you make a claim. They are established to keep the price of insurance reasonable and usually limit items to the standard of what an average person would own.

It is best to thoroughly go through your policy to determine if there are any limitations. If there are limitations you are unaware of, you can receive a much lower amount than you expected if you have to file a claim. The solution could be to add a rider or endorsement to your policy for enhanced coverage on certain items.

You should discuss this question with your insurance agent to get an in-depth look at your specific policy and get the exact answers you need.