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This is regarding liability insurance for a small business.

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This is regarding liability insurance for a small business. I am starting a business as a sole proprietor. It is an Errand Service that will be operated out of my home, however, clients will not be coming to my home. I will not be transporting any people. Service will basically be shopping, pet sit, house sit, pick up supplies, dry cleaning, pharmacy, etc. I want to have liability insurance and my question is, would an umbrella policy on my home owner's policy cover be sufficient, or do I need to get a separate policy for the errand service? I've been referred to an insurance company that does policies for this type of business, but if an umbrella policy on my existing home owner's policy is adequate, I wouldn't need an additional policy.
Submitted: 4 years ago.
Category: Business Law
Expert:  wallstreetesq. replied 4 years ago.

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.

 

An umbrella policy on your existing policy may be fine, however I would assume that it will only be limited to incidents involved around your home or residence. Since you will be traveling int would be better to have a separate General liability policy.

 

A simple business operations policy, this policy responds to covered lawsuits alleging bodily injury, property damage, personal injury, and advertising injury arising from premises, operations, products, and completed operations of the small business owner. This policy provides an attorney for legal defense and will pay up to the policy limits in the event of settlement or an adverse jury verdict. The General Liability policy covers the insured business itself and respective owners, directors, officers, employees and volunteers while acting within the scope of their official duties

Customer: replied 4 years ago.
Thank you. "A simple business policy" - is a generic policy adquate? The insurance company I was referred to indicated they are one of the few companies who write policies for "errand and concierge" businesses. The referral came from an errand and concierge association that I belong to. Just don't know if the policy they would offer is any different than another insurance company's simple business policy.
Expert:  wallstreetesq. replied 4 years ago.

if what they mean by errand and concierge is what you will be doing than that is fine, a generic policy is ok, however what you will be doing is traveling, and minor work where liability will be limited to small amounts if any, so your company may be best. If your business expands do consider the other business policy.

 

Regardless of what you choose consider creating a corporation and run your business through the corporation, so any lawsuits would be only against your corp. not you and you will have limited if any liability,.

wallstreetesq., Attorney
Category: Business Law
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Experience: 10 years, Corp litigation, Of Counsel to several global and nationwide corporation
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