Have questions about business insurance, claims or certificates? We’ve got you (and your business) covered.
Do I need Business Personal Property insurance for my real estate property management business?
Simply put: yes. Business personal property (BPP) insurance can safeguard your real estate property management business's physical assets from unexpected incidents like theft, fire or water damage (not including flooding). Defining BPP for real estate property management BPP can bolster your real estate insurance by helping to protect your equipment, supplies, furniture and improvements from loss or damage. Equipment: BPP can cover repair or replacement costs of office equipment like computers, printers or specialized property management software that might get damaged, stolen or destroyed.Furniture: Your office furniture, including desks, chairs and filing cabinets, is essential for day-to-day operations. BPP can cover these items if a covered peril damages them.Improvements: BPP can cover alterations you made to your office space, like installing new carpeting or custom shelving. If a fire destroys your office, BPP can help pay to restore these improvements. What other insurance does my real estate property management business need? Consider these additional insurance options for comprehensive protection: 1. Real Estate Liability insurance This coverage includes general liability insurance, which protects against third-party bodily injury or property damage claims, and errors & omissions insurance, which covers claims related to the professional services you provide. For instance, if a tenant claims your negligence caused financial loss, your policy could help cover legal costs. 2. Commercial Auto insurance If your business owns vehicles used for property visits or maintenance tasks, commercial auto insurance is necessary. It can cover costs associated with accidents involving your business vehicles, such as repair costs or medical bills following an accident. 3. Workers' Compensation Workers' compensation insurance can cover medical expenses and any lost wages if your employees get injured while performing their duties. For instance, this coverage can cover medical fees if an employee slips and falls while inspecting a property. 4. Commercial Property insurance Commercial property insurance can cover damage to the building itself from covered events like fire, theft or natural disasters. Tip:BPP only covers the contents of your real estate property management office — not the physical building. Consider adding a business owner's policy (BOP) to your property management insurance. BOP combines general liability insurance and commercial property insurance, allowing you to get more protection at a better price. Get the business insurance you need for your real estate property management business You can protect the physical assets of your real estate property management business with BPP insurance. Plus, you can build a comprehensive insurance portfolio by adding other relevant insurance policies. This is where NEXT comes in. We offer affordable business insurance that's customized to your business needs. Tell us your story by answering a few questions online, then receive a tailored quote within minutes. Once you've purchased your coverage, you can immediately access your certificate of insurance and share it with third parties through the NEXT app.
Asked 4 months ago
Do I need a Business Owner's Policy as a self-employed hair stylist?
As a self-employed hair stylist, having a business owner's policy (BOP) is crucial to protect your assets and ensure the sustainability of your business. Exploring BOP coverage for self-employed hair stylists By combining general liability insurance and commercial property insurance, BOP can not only save you money on your hair stylist insurance premium but also offer you diverse coverage. Here's what a BOP typically covers: Property damage This can help cover damage to your hair salon and its contents (equipment, furnishings and supplies), plus damage you or your employees cause to a client's property. For instance, a BOP can cover the replacement costs if a fire damages your styling chairs.Bodily injury This can cover injuries clients or visitors suffer while in your hair salon. If a client slips and falls, a BOP can help cover the medical and legal expenses.Business income interruptions If your hair salon has to close temporarily for a covered event, a BOP can help compensate for the lost income. For instance, a pipe bursts and causes water damage that takes weeks to repair. What other insurance policies should I consider as a self-employed hair stylist? Depending on your unique circumstances and needs, you might also want to consider the following insurance policies: Professional Liability insurance Professional liability insurance, also known as errors and omissions (E&O) insurance, covers claims arising from professional mistakes or negligence. For example, if a client suffers a scalp burn due to an incorrect hair treatment procedure, this policy can help cover the resulting legal and compensation costs. Workers' Compensation Workers' compensation is essential if you hire other stylists or assistants. It covers medical costs and lost wages if an employee gets injured. If an assistant cuts their hand while preparing tools for a haircut, workers' compensation would cover their medical bills and time off work. Hair stylist insurance tailored to your business needs BOP is essential to safeguard your self-employed hair stylist business. However, the nuances of each hair stylist's situation might call for additional coverage options. That's why NEXT offers affordable business insurance that's customized to your specific business needs. Simply answer a few questions online to help us understand your context, then you'll receive a tailored quote within minutes. Once your insurance is active, you can instantly access your certificate of insurance and share it with others on the NEXT app. » Want more flexibility in your business? Find out how to become a self-employed mobile hairdresser
Asked 4 months ago
Do online tutors need a Business Owner's Policy?
Even though you work online, your tutoring business still faces risks that can be mitigated with a business insurance policy (BOP). What risks do online tutors face? Your online tutoring business can still be susceptible to third-party claims. This can refer to: Accidents and injuries: Your student gets hurt during an online class, and they request that you cover the medical costs.Property damage: A science experiment goes wrong and damages your student's laptop. They sue you to cover repair or replacement costs.Defamation: You use a student's picture and personal story for a before-and-after piece to promote your services. Your student sues you for reputational harm. You also need to protect yourself and your business operations. This can refer to: Equipment damage and theft: The essential gear you need gets damaged in a house fire or gets stolen during a break-in, and you need to replace this equipment.Business income interruption: You need help covering your business expenses because your business operations have to stall unexpectedly for a while. Because BOP is a combination of general liability insurance and commercial property insurance, this policy can help protect you against these risks. Tip:Consider adding these policies to your online tutor insurance:Professional liability insurance: If a student blames their academic setbacks on your teaching methods, you can cover legal fees.Cyber insurance: You can respond quickly if your students' personal information gets leaked due to a cyberattack. Benefits of having BOP for online tutors Financial protection BOP can be a buffer against potential lawsuits or claims, especially those arising from bodily injury or property damage from business activities.Cost savings BOP bundles two insurance policies and can result in lower premiums than if you purchased each policy separately.Ensure business continuity BOP can help make sure your business doesn't come to a standstill. Whether this is because the equipment you need to do your daily work gets damaged or stolen or because your business has to close temporarily, you can still keep tutoring. Tutor insurance tailored to your business While tutoring online might not be risk-free, BOP can help you to actively manage these risks. NEXT is committed to helping small businesses. We can offer you affordable insurance packages tailored specifically to your online tutoring business. For an instant quote, simply answer a few questions online. Once you've purchased your coverage, you can instantly access your certificate of insurance and share it with others via the NEXT app.
Asked 4 months ago
Is Product Liability insurance required by law for e-commerce businesses?
Product liability insurance isn't usually required by law for e-commerce businesses — but its important to check with local regulators or consult with a lawyer to be sure. Product liability insurance can help protect your e-commerce business from financial loss if a defect with your product causes third-party property damage or bodily harm to a customer. The problem with a defective product can be part of its design, manufacturing or marketing. This includes incorrect or unclear instructions on using the product and any missing warnings. Even if you only sell the product and you weren't involved in its creation or marketing, you can still be held liable if the product is defective. Benefits of having Product Liability insurance for your e-commerce business Financial protection Product liability insurance can be a financial safety net for your e-commerce businesses by covering expenses like legal fees, settlements or judgments associated with product-related claims.Customer confidence Knowing that a company holds insurance coverage could reassure customers that they're buying from a responsible business that takes product safety and quality seriously.Risk management Acquiring product liability insurance promotes better risk management practices. This proactive approach can give you peace of mind that your e-commerce business is covered for the unexpected. Insurance tailored to your e-commerce business needs Although product liability insurance isn't legally required for e-commerce businesses, it can still be a significant asset to include with your e-commerce insurance. You can view it as a proactive step towards protecting your business, building customer trust, and ensuring sustainable growth. NEXT can help you obtain an affordable insurance package that's tailored to your business needs. Get an online quote in just a few minutes, plus instant access to your certificate of insurance once you've purchased your coverage. Easily share your insurance information with others 24/7 on the NEXT app. » Find out how to avoid other common retail business insurance claims
Asked 4 months ago
Do I need Business Personal Property insurance for my electronics store?
From the latest smartphones to high-end gaming consoles, your electronics store houses a plethora of valuable assets. While integral to your business operation, these items are also susceptible to damage, theft or other forms of loss. Business insurance can help protect you from financial loses. Understanding business personal property for your electronics store Business personal property insurance is typically included within a commercial property policy or business owner's policy. BPP's versatile protection can help cover expenses for a with a wide range of assets within your business if they are damaged by a covered event, including: Equipment: This includes cash registers, security systems, or any other technology you use to operate your business. If your in-store diagnostic equipment for fixing electronic devices gets damaged, BPP can cover repair or replacement costs.Inventory: This includes smartphones, laptops, gaming consoles and other electronic goods. BPP can help cover the loss if your inventory is stolen during a burglary.Furniture: This includes display cases, shelving and seating areas. BPP can replace these items if a fire damages the store.Improvements: Any upgrades you've made to your store are also covered. BPP can cover the costs if the specialized lighting or fixtures for displaying electronics get damaged. What other insurance policies should I consider for my electronics store? As you consider your insurance needs, there are other types of small business insurance you can look at: 1. General Liability insurance General liability insurance can cover third-party claims related to bodily injury and property damage that happen in your electronics store. For example, if a customer slips and falls while browsing, general liability insurance can cover medical expenses and legal costs. 2. Commercial Auto insurance If your store offers delivery services or if you use a vehicle for business purposes, commercial auto insurance is essential because it can cover damages caused by accidents involving your business vehicle. 3. Workers' Compensation If you have in-store employees, you'll need workers' compensation insurance to cover medical expenses and lost wages if they get injured on the job. For example, workers' compensation can cover medical costs if an employee hurts themselves while restocking shelves. 4. Commercial Property insurance Commercial property insurance can cover building damage due to events like fire, vandalism or certain natural disasters. For example, if a storm damages your store's roof, commercial property insurance can help with repair costs. Tip: BPP covers the contents of your electronics store only — not the physical store itself. Consider pairing your BPP with a business owner's policy (BOP). BOP is an affordable option because it combines general liability insurance and commercial property insurance, giving you more protection from one bundle. Cover the goods and gear you need for your electronics store Ensuring the longevity and success of your electronics store means protecting the valuable assets that make your business tick. BPP (with the help of additional relevant insurance policies) can make sure you're covered for any situation. With NEXT, you can get affordable, tailored small business insurance for your electronics store. Simply answer a few questions online to give us all the details, then we'll send a customized quote within minutes. Once your insurance is activated, you can instantly access your certificate of insurance and share it via the NEXT app.
Asked 4 months ago