Why You Need Funeral Home Insurance to Protect Your Business
As the owner and operator of a funeral home, you are a cornerstone of the community and an important part of people’s lives—and beyond. But you are also a business owner, and as such, it is crucial that you protect your business with the right types and amounts of business insurance coverage. That way, should a major—or even minor—disaster strike, you won’t find yourself deeply out of pocket and struggling to survive the financial storm.
There are numerous types of funeral home insurance to protect you against a variety of perils.
Typical types of coverage include the following:
- General Liability Insurance
- Property Insurance
- Professional Liability Insurance
- Business Owners Insurance
- Commercial Auto Insurance
- Worker’s Compensation Insurance
Since every organization is different, you may need a different combination of coverages depending on your funeral home’s specialties, location, and clientele. However, the types of insurance listed above are common, and they are discussed in depth in the following sections.
General Liability Coverage
General liability insurance protects you against lawsuits alleging your responsibility for property damage and bodily harm. For instance, should a funeral attendee trip on a raised bit of carpet and tumble down your stairs, general liability insurance covers your legal costs to defend the suit, as well as the amount of any judgment against you. Some policies also cover funeral expenses (should the accident result in death), as well as loss of services and medical expenses.
This coverage is extremely common, in part because it covers your legal costs whether or not you are at fault. Remember, even if you are supremely confident in your professional skills and the safety of your building, you are still susceptible to frivolous lawsuits. With general liability insurance, you can breathe easy that your costs are covered.
Commercial Property Insurance
Commercial property insurance protects your physical building and business property against a variety of perils, including fire, water damage due to burst pipes, vandalism, wind damage, and other named events. Covered damages vary by policy and provider, but property insurance also often covers the cost of replacement should someone steal a guest’s valuables. Make sure you have full replacement coverage.
Morticians Professional Liability Insurance
Also called errors and omissions (E&O) insurance, professional liability insurance covers you in the event that someone brings legal action against you for losses sustained due to alleged subpar performance of your professional duties. Whether you are guilty of a professional error or omission or not, E&O insurance pays for your legal defense, court costs, and judgment amounts levied against you.
Business Owner’s Insurance
A business owner’s policy works like a combination of two separate policies and protects you against 1) general liability claims, and 2) property damage. For more information on those types of policies, see the relevant sections above.
However, understand that after property damage occurs or a lawsuit ensues, you may find yourself temporarily unable to operate your funeral home. Depending on your policy, business owner’s insurance can cover you against lost income due to business interruptions as well as the costs to relocate to a temporary workspace.
Commercial Auto Insurance
Your funeral hearse requires commercial auto insurance to protect your business in the event that you or an employee becomes involved in a collision. It works in much the same way as personal auto insurance, except it usually provides higher dollar amounts of coverage because of the higher risks entailed by driving a commercial automobile.
A commercial auto policy usually covers liability and property damage, which protects you against legal actions after a collision in which you are found to be at fault. It also covers repairs to the vehicle, and any medical expenses incurred by you or your passengers while operating the vehicle.
Worker’s Compensation Insurance
Worker’s compensation insurance covers the costs of medical care and part of an employee’s lost wages should he or she be injured on the job or develop a workplace-related illness. Businesses are often legally required to maintain “worker’s comp” insurance. Despite its mandatory status, this valuable coverage affords considerable protection for you, your business, and your employees.
Choosing the Best Coverage
To choose the best coverage for you and your business, consult with Balsiger Insurance who understands the unique risks of running a funeral home. Be sure to ask about general and professional liability insurance to protect you against legal actions related to your business.
Ask about property insurance or business owner’s insurance to make sure your funeral home building, furniture, and other business property are protected in the event of a fire, storm, vandalism, or other event. Finally, make sure you carry adequate amounts of worker’s compensation and commercial auto insurance. Both are required by law in many jurisdictions, so failure to buy these types of coverage puts you doubly at risk.
Balsiger Insurance is an independent insurance broker located in Las Vegas, Nevada and Reno, Nevada. We offer offer funeral home insurance coverage for businesses in the following states: Tennessee, Nevada, Utah, Idaho, Florida, California, North Dakota, Oregon, Washington, Colorado, Georgia, Arizona, Missouri, Pennsylvania, Minnesota, Ohio, North Carolina, Illinois, and Texas.