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Protect Your Business with Endorsements

Posted by Todd Hoffman on October 30, 2013

Biz Talk with Mary B.

Expert small-biz advice from Dames Bond founder Mary B. Relotto & guests from the local business community

BizTalk with Mary B.

I sat down with Marie Trudeau, owner of W.E. Davis Insurance and member of Dames Bond, and learned a lot! Did you know that most insurance companies don’t insure small startups?  And if they do, premiums are higher because they have no “history” on the business?

Here’s a quick tip: Extensive experience in your field may get you a better rate!

Look, we are in a day and age where a standard homeowner policy is no longer enough for home-based businesses. In fact, if your business is making more than $2,000 a year and/or you have more than $2,500 in business property, a standard policy won’t cover your business. If you have a “business-related” activity in your home and someone gets injured, your homeowners policy needs an endorsement to protect you, your business and your customer.

People making edibles from home for sale in markets need a “spoilage” endorsement to cover issues like power outages. Other endorsements can cover things like finished products, inventory, worktables, tools, etc., replacing items at value.

In addition to a good security system and a steel bat, insuring your assets is key. Give your business an endorsement or two. It’s like giving your business public approval to actually do business.

To learn more about insurance needs for your business, I invite you to watch my interview with Marie Trudeau on Columbus BizTV Shows.

VIDEO: Watch the full interview on Columbus BIZTV, Dames Bond with Mary B.

 

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