At E.S.T.I.R. Inc. serving the greater Newark, NJ area, we are often asked if a home insurance policy needs to change or is affected if a person rents their home out. If you are considering renting your home out, here is some information you need to know about your home insurance.
Your Home Insurance Policy Typically Covers the Owner
Your home insurance policy typically states that it covers the owner of the home and any family that they have living with them. If you rent out your home, or even just a room in your home, those individuals are not covered against property damage resulting from fire, theft, water damage and other damage that you, the owner may be covered against. In this case, the renter will want to purchase their own renters insurance to fully protect themselves in this situation.
You Likely Need a Different Insurance Policy
If you are renting your entire home out, you will likely want to purchase only home insurance or landlord insurance. These types of policies only insure the home, not any belongings inside. This type of policy is often cheaper than homeowner’s insurance because you are not paying to insure your belongings inside. Landlord insurance also may protect you against lawsuits brought against you by a renter who injures themselves or has any guests injured on your property while they are renting out the home.
If you are planning on renting your home out, changes typically need to be made to your home insurance policy. If this is the position you are in, let E.S.T.I.R. Inc. serving the greater Newark, NJ area, help you. Call us today and let us help you find the right insurance policy for your rental home.
The number one way that a small business can be destroyed is, surprisingly, not loss of sales. Many businesses face market challenges trying to build a portfolio of customers at first, but most usually find a way to break even until a big win comes along. Instead, the real knockout punch can come from a disgruntled customers who decides to file a lawsuit, according to E.S.T.I.R. Inc.
Newark, NJ legal challenges are probably the most decimating cost a business can face at its beginning because both the claim and expense to defend one’s business can be extremely costly. Just look at all the small restaurant businesses who have been getting hit with lawsuits for disability access. All the claiming party has to do is send a letter threatening to sue if the small business doesn’t settle for $10,000 and make fixes for disability access to the facility. This racket has been going on for years and, given the cost of hiring a lawyer to push back, many small mom and pop restaurants have had to just close their doors completely to avoid the expense.
With a solid commercial insurance plan in place, however, a Newark NJ business can fend off such challenges and keep operations going. The insurance policy is designed for such business threats and risks, and provides the resources to deal with the related claim and settle them quickly. The business doesn’t deal with the risk; it only pays for the cost of the policy, which is far more affordable in comparison.
You can risk your small business and everything you worked for without protection; no one requires business insurance to be in place aside from protection for employees and professional liability. However, that one knock-out punch is all it takes in many cases. Call E.S.T.I.R. Inc. to find out more information and keep your business alive!
Contractors need general liability insurance for protection against regular business risks.
The construction business is unique in that many things can go wrong. This is why comprehensive insurance to cover general liability is critical. However, truly you need much more than this. It is important to not falsely rely on general liability insurance and think this insurance covers things that it does not cover.
For example, if a worker is injured on the job, general liability insurance coverage does not cover this risk. This type of risk is covered by the contractor having workers’ compensation insurance, as mandated by state law.
A special condition exists if a contractor makes products that are sold. For example, if a contractor makes custom cabinetry that is sold as furniture then the contractor needs product liability insurance.
If the contracting business is heavily dependent on the effort of a single owner or a few owners, it is a good idea to have business interruption insurance for calamities and key person life insurance for the key workers in case they feel, are incapacitated or die.
To secure some jobs, especially high-value government jobs, a contractor will usually need to provide a performance bond. A performance bonus ensures that that work will be completed no matter what happens.
These are just a few of the insurance concerns for the contractor. The contracting and the construction business is complex and therefore the policies for the insurance needs are complex as well. Special construction efforts need specialized coverage. This insurance coverage might be quite different between each job. This is why it important to have a specialist in the construction insurance sector to help as much as possible.
Be sure to talk with your agent at E.S.T.I.R. Inc. in Newark, NJ to review your insurance coverage and make sure, it is adequate for your needs.