Insurance for Community Housing Services

Companies in this industry provide a range of services, including housing assistance and home repair or construction for low-income families, the elderly or disabled. Examples of these establishments include short-term emergency shelters for victims of domestic abuse, homeless shelters, or low-income homes. These businesses may also provide household supplies or furnishings for low-income families.

Your business needs insurance because it has its own set of risks. These risks can instantly destroy your company. Insurance protects it from the costly medical fees, lawsuits, and other expenses by covering certain risks. This means that your business and even personal assets are protected.

Community housing services face plenty of unique risks. Below are some examples:

• The building cracks within a few months after development. This means that the materials used were subpar based on which the building owner decides to sue your community housing service.
• During the development of a house, your equipment malfunctions. This causes production to halt, moving the opening past the scheduled deadline.
• While building a house, your employee suffers an injury due to a mistake made during installation. Even if it is his mistake, as the employer you are responsible for the medical expenses and other costs.

The cost of insurance for community housing services will depend on the size of the business, the number of employees and the coverage needed. Without taking these into account, below is the average cost of insurance for your business:

• General Liability insurance costs $500 in annual premiums.
• Commercial Auto insurance costs $700 in annual premiums.
• Business Interruption insurance costs $800 in annual premiums.