If you have a tutoring business in your home, you will need a liability insurance policy so protect yourself from 3rd party lawsuits arising out of an injury by one of your students.
IN Home Business Insurance policy includes:
- Up to $1,000,000 in business general liability coverage, both on and off the residence premises.
- Up to $100,000 in business personal property (BPP) limits for protection at home and while temporarily off premises.
- A standard $250 deductible.
- Up to $5,000 per person for medical payments to customers or vendors injured on your premises.
- Optional coverages for money and securities.
- Availability in all states and the District of Columbia, regardless of the carrier providing the homeowner coverage.
- A Home Business includes a retail or service business operated from the insured’s place of residence and having the following characteristics. It must:
- Be operated by the insured and/or another immediate family member who resides in the insured’s household.
- Employ no more than ten (10) employees, other than independent contractors or distributors.
- Be incidental to the occupancy of the building as a private residence.
- Money and Securities (up to $10,000 on premises/$5,000 temporarily off premises).
- Electronic Data Processing Equipment, Data and Media (not to exceed $25,000). The sublimit for off-premises EDP coverage is $5,000. No other policy limit may be added to this sublimit.
- Additional Business Personal Property (in excess of the $5,000 automatically provided).
- Optional Liability Limits of $500,000 and $1,000,000 ($300,000 automatically provided).
- Additional Insured’s: Controlling Interest (in this business); Owner or Lessor of Leased Land; Manager or Lessor of Premises; Lessor of Leased Equipment; Co-owner of Insured Premises; Grantor of Franchise; Grantor of License, State/Political Subdivision (for permits relating to the premises); or Dispatcher or Referral Service.
- Identity Fraud Expense coverage – This optional endorsement provides $25,000 aggregate limit for identity fraud expense coverage and a $5,000 aggregate limit of coverage for additional advertising expenses incurred by the named insured to generally restore the insured’s reputation as a result of identity fraud.
- Garagekeepers coverage – This coverage is available for insureds who temporarily take possession of customers’ autos in the normal conduct of their business. It provides comprehensive and collision causes of loss at $30,000 and $60,000 limits on the following basis: Legal Liability, Direct coverage – excess (excess over customer’s policy), or Direct coverage – primary.