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Insurance For FUNERAL DIRECTORS
Funeral directors have a tough but potentially rewarding business. You must deal with people delicately during difficult times in their lives. Your business is a necessity but not necessarily one that people want to think about too early in their lives. It takes a special person to manage this fine balancing act. Protect yourself and your company by making sure you have the appropriate type and amount of small business insurance coverage.
General liability insurance is general small business insurance protection for a wide variety of potential problems. For example, it can pay for the medical and personal expense if one of your customers injures themselves while on your business premises. It can also pay for damages if a customer’s personal property is damaged while in your care. It can also provide you with product and advertising liability coverage, and protect you and your rented business location from financial losses caused by fire or other unexpected events.
A business owners insurance policy, or BOP, lets you select specific types of property protection for your funeral home. It includes general liability, and can include asset protection such as the examples listed below.
- Equipment Breakdown – If equipment breaks down in a funeral home it can spell disaster for your business. Any tools or machinery that is used as a part of the funeral arrangements will be covered under your BOP if it encounters any malfunctions or breakdowns. A BOP can pay for the repairs or replacement of such equipment.
- Buildings and Contents – Funeral directors must have a physical place of business. For example, if a broken pipe ruins the carpeting, it can cause financial strife. A BOP protects the physical building and the contents you have inside such as improvements, furnishings and décor.
- Business Income and Extra Expense – When physical damage does happen it can force you to close your business doors for a brief period. A BOP can provide for lost income and temporary expenses during these times.
- Products and Completed Operations (Included in General Liability) – Sometimes products that you sell are found to be defective. Services and operations that you complete as part of your business may also be found wanting in the future. In these instances, a BOP can protect you from any sustained financial loss.
- Electronic Data – If you lose critical computer files or digital media, a BOP can help with the recovery or replacement.
- Newly Acquired or Constructed Buildings – When you expand your funeral director services into new areas or add new buildings, a BOP will automatically provide temporary loss protection on the new structures.
- Employee Dishonesty Coverage – Dishonest actions by your employees can cause you to lose a lot of money. Employees may steal equipment, commit computer fraud, or make unauthorized charges on the company credit card.
Professional liability insurance protects you in the event that you are found to have made professional errors or omissions that brought financial loss to your clients.
Commercial auto insurance (Hearse) protects your company from losses, medical expenses and damages that can arise from auto accidents.
You are required by law to protect your employees with workers comp insurance. If an employee is ever injured on the job or in certain cases made ill from their job, workers comp will cover their medical expenses.