General liability and Commercial property are two of the most common types of Funeral Home insurance coverage.
General liability is designed to cover the costs related to third-party liability claims, such as a lawsuit filed by a customer who slipped, fell, and hurt themselves in your facility. General liability insurance can be purchased on its own or with additional lines of coverage in a business owners policy or BOP. This is a convenient way to get the necessary coverage in one single, packaged policy.
BOP policies usually include commercial property coverage to help lessen the financial burden of damage to your property caused by fire, theft, vandalism, and other events covered in the policy. This may include business interruption coverage to help with losses in the event you need to close your funeral home due to a major event. A BOP bundles different types of coverage to protect you from the following risks:
Property Insurance
Any damage done to your funeral home or offices can result in loss of business income, not to mention loss of tools or equipment vital to your business. Property insurance covers damage and loss from a variety of unexpected events, including natural disasters, extreme weather conditions, fire, theft, and vandalism. With property insurance, the building you own along with other business assets can be protected against damage by fire, vandalism, theft and more.
General Liability
Prepare your funeral home with a general liability insurance policy to help defer the costs of legal expenses from law suits arising from a customer falling inside your funeral home.
A general liability policy can either be purchased on its own or in combination with a property insurance policy. If you are sued, general business liability coverage will protect your businesses assets whether you were negligent or not, for causing personal injury or property damage. Loss of income due to a business interruption. If a situation such as fire causes you to have to shut down your funeral home for a period of time, a BOP could help you recoup some of the revenue you may lose because of the closure.
Protecting Your Employees – Workers’ Compensation Insurance
Most states require funeral homes to carry workers’ compensation. Workers’ comp may provide coverage for an injured employee’s hospitalization, vocational retraining, rehabilitation, and partial lost wages. Depending on the situation and policy terms, if an employee draws benefits, he or she may be prohibited from suing your business for damages, and having a policy will help cover the costs of any claims made.
