Insurance for Community Housing Services
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What Insurance Do Community Housing Services Need?
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why do Community Housing Services need insurance?
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.
What risks do Community Housing Services face?
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.
How much does insurance for Community Housing Services cost?
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.