Have questions about business insurance, claims or certificates? We’ve got you (and your business) covered.
Do self-employed architects need Errors & Omissions insurance?
Errors and omissions (E&O) insurance can be beneficial for self-employed architects. If you're in a situation where your client claims you damaged their property or a mistake in your plans caused them any financial loss, E&O insurance can help protect you. Cover financial losses By having E&O insurance in place, you can protect yourself against the financial risks of being held liable for mistakes or negligence accusations in your work. For example, you can be held responsible for: Incorrect measurements: Custom-sized glass was cut for the windows in a new apartment building, but your measurements on the plans were wrong, and the glass doesn't fit in the windows.Claims of negligence: Someone files a lawsuit claiming your plans failed to consider important elements outlined in the scope of work. Avoid legal costs E&O insurance can help to cover any legal expenses, settlement fees or judgments awarded by the courts if your client decides to sue. Sometimes, your legal fees can be more than the actual cost of fixing your mistake. Be above your competition Having E&O insurance shows potential clients that you're serious about your profession and committed to providing quality service. This is especially important when competing for new business as it demonstrates that you have taken the extra step of protecting yourself, your business and your client's interests. Customized insurance designed for architects Our unique and flexible architect insurance means that you can find an insurance package designed just for you. Simply answer a few questions online to review options, select the coverage you need and get 24/7 access to your certificate of insurance. You can rest easy knowing your business is protected and focus instead on doing what you do best.
Asked 6 months ago
What can Errors and Omissions (E&O) insurance cover for notary businesses?
No business or individual wants to experience financial loss or damage to their reputation. Legendary investor Warren Buffett famously said, "It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you'll do things differently." So, notary businesses can opt for errors and omissions (E&O) insurance coverage to help protect them and their reputation. What is covered? E&O insurance is aimed at helping cover your notary business in case of civil lawsuits, missed deadlines or negligence claims linked to professional mistakes, whether you actually made them or not. Professional mistakes: This coverage can help cover the legal defense costs and a settlement or judgment amount if, for example, you fail to witness a legal document signing properly, causing a financial loss for the client.Claims of negligence: If a client accuses your notary business of failing to notarize a legal document and decides to sue, E&O coverage can help cover the legal fees and other legal defense costs. What isn't covered? Other risks notary businesses could face include: Business vehicle damage: Commercial auto insurance can help cover collision repair costs or medical fees.False advertising claims: General liability insurance can help with harm claimed to be caused by false advertising.Employee injuries: Workers' comp insurance can help cover lost wages and medical expenses if an employee gets injured in the workplace. Help protect your notary business with E&O coverage NEXT offers a one-stop solution for notary businesses. With comprehensive, tailored notary insurance, you can have peace of mind. And it's easy — apply online for an instant quote in less than 10 minutes and immediately get access to your certificate of insurance to share it 24/7 with the NEXT app.
Asked 6 months ago
Can my personal auto insurance extend to my business vehicle?
The short answer is — it depends. There are various scenarios where the personal and business use of vehicles can overlap. So, it's essential to make sure you understand your coverage clearly. Personal Auto insurance As the name suggests, personal auto insurance can provide coverage for a vehicle used in a personal capacity. Some insurers can permit an "endorsement" to facilitate the business use of a personal vehicle. This can allow you to drive your vehicle as usual and for business use. But if you have separate personal and business vehicles, your personal auto insurance will likely not cover an accident that occurred while you were driving your business vehicle. » Here's when you need business insurance coverage for your personal car Commercial Auto insurance Commercial auto insurance coverage is specifically designed for the business use of vehicles. It can cover business-owned vehicles and employees that are named drivers. Coverage can extend to things like: Property damageMedical expensesTowing costsTransporting equipment and goodsVehicle replacements where breakdowns occurHired vehiclesUnderinsured motorists in the event of an accident If you're self-employed or own a small business, and you're primarily using a vehicle for business purposes, commercial auto insurance can help you avoid financial losses. » Learn more about personal auto vs. commercial auto insurance Which insurance is best for you? Before choosing auto insurance coverage, consider factors like the type of business, how often the vehicle is used for business purposes and the number of employees who will be driving the vehicle. You can get a customized insurance quote with NEXT to find the best and most affordable option for you. Follow our easy online process to get an instant quote online. FAQs Can I change my car insurance to business use? Yes. You can contact your insurer to enquire about what business use is allowed on your personal auto insurance policy. Alternatively, you can consider getting commercial auto insurance which is specifically for business use of vehicles. Do I need business car insurance as a sole trader? Sole traders that transport goods, equipment, and people as part of their business should consider getting business car insurance to make sure they have appropriate coverage. Is commercial auto insurance tax deductible? Business-related expenses arising from the use of commercial vehicles are tax deductible.
Asked 6 months ago
Does business car insurance account for hired vehicles?
If you regularly use rental or hired vehicles for your business, you must be properly covered for potential damages. This can include bodily injuries to the driver and passengers and physical damage to the vehicle. If you currently have personal auto insurance, the same insurance limits and deductibles can sometimes apply to a vehicle you've rented for personal use. But business car insurance (or commercial auto insurance) doesn't necessarily provide coverage for rental or hired vehicles when driving for business purposes. It's important to read your policy documents closely. Many U.S. states have laws that require insurance coverage to have a minimum limit to protect hired or rented vehicles against damages, but this limit for third-party claims can be quite low. Some rental agencies can give you the option to increase these limits, but it can be expensive. If you're unsure about what is and isn't covered when it comes to hired vehicles for business use, we recommend that you look at your current commercial auto insurance coverage. Hired and Non-Owned Auto insurance Hired and non-owned auto insurance can provide coverage for rented, hired or employees' personally owned vehicles that are used for business purposes. You can purchase it as a standalone insurance policy, or it can be an add-on to your insurance coverage. Since hired and non-owned auto insurance can protect against bodily injury and damage caused by using the hired vehicle, it can help avoid expensive lawsuits arising from third-party claims. You can be covered for: Third-party property damageThird-party injuriesLegal fees to defend third-party lawsuits But remember that coverage is not provided during commutes, for any damage to vehicles or for equipment being transported. Cover up with NEXT Insurance It's important to make sure that you understand your auto insurance coverage and that you're sufficiently covered for what you need. The auto insurance landscape can be confusing and leave you with many questions. Instead of trying to find one-size-fits-all insurance coverage and possibly paying for services you don't need, get a tailored insurance quote for your industry and your specific needs. Get an instant quote from our trusted partners now by just answering a few questions. FAQs Do I need non-owned auto insurance? There is no requirement to get hired and non-owned auto insurance, but it can protect businesses from financial losses arising from liability claims. What are the types of businesses that might need hired and non-owned auto insurance? Hired and non-owned auto insurance is commonly used in industries where employees drive their own vehicles or vehicles are hired for business use on a long-term basis. This includes contractors, sales agents, construction companies, and food delivery businesses.
Asked 6 months ago
Who is liable for paying the tax on business auto insurance?
Commercial auto insurance can cover vehicles used to operate your business, whether your business owns the vehicle or not. This insurance can protect you from unforeseen expenses related to accidents, including vehicle damage, injuries, towing and other costs. The owner of the vehicle is liable to pay the tax on business auto insurance. The tax is typically a percentage of the premium, and the rate can vary by state. 1. Business-owned vehicles The business owner is responsible for paying taxes on business insurance for vehicles owned by the company. These taxes may depend on factors such as the jurisdiction of the business's location and the type of vehicle. The business owner may also have to pay taxes on business insurance for the personal use of company-owned vehicles, as it's considered a taxable benefit to the employee. 2. Self-employed individuals Self-employed individuals are required to purchase business auto insurance if they use the vehicle to meet clients, visit sites, or ship goods and products. In this case, the self-employed individual will have to pay taxes for business auto insurance. 3. Employee-owned vehicles If an employee is using their personal vehicle for business purposes, they are responsible for paying business insurance taxes on the vehicle. However, if the business is reimbursing the employee for the use of their personal vehicle, the employee may need to report this income on their personal tax return. Similarly, if the business provides a vehicle allowance to the employee, the employee will need to report the allowance as income on their personal tax return and will be subject to personal income tax. The allowance is considered a taxable benefit. 4. Business vs. personal use Vehicles used exclusively for business purposes are typically required to have commercial auto insurance with liability coverage. Alternatively, vehicles used for personal and business purposes can be covered by both a personal auto insurance policy as well as a commercial insurance policy in case there are any work-related accidents. The key takeaway Auto insurance can help business owners reduce the risks associated with their profession, including financial risks. So, we recommend you consult with an accredited insurance provider before you purchase business auto insurance coverage to make sure you're covered for everything you need. With NEXT, you can get a personalized insurance quote to help you choose the plan that best fits your needs and budget. Get a fast online quote by following our simple online process. » Explore NEXT's commercial auto insurance coverage
Asked 6 months ago