Insights
Plain-spoken answers to the questions Steve’s clients actually ask, especially where business and family insurance overlap.
What's in a builder's risk policy? Coverage, exclusions and conditions explained
A builder's risk policy covers a building while it's being built or renovated, but what it covers depends on which kind you have. A course of construction policy insures a new build at its completed value and often covers the contractors too. A renovation or vacancy policy insures an existing house during the work and usually comes with stricter conditions, like regular site checks and keeping the heat on. Both exclude faulty workmanship itself, and both have conditions that can decide whether a claim is paid.
What insurance do you need on a commercial building you own?
If you own a commercial building, personally or through a holding company, you need property coverage on the building, liability as the owner, and coverage for lost rent if a loss leaves the space unusable. The policy also needs to name the right owner and line up with your leases and your mortgage.
What is an installation floater, and does a subcontractor need one?
An installation floater insures a subcontractor's materials, equipment and supplies from the time they leave the shop until the work is installed and accepted: in storage, in transit, staged on site and during installation. Most commercial property policies provide little or no coverage once property leaves your premises, and the project's builder's risk policy may not cover your work or may leave you paying part of the deductible.
Who owns the goods, and who's liable, when you're a wholesaler?
As a wholesaler you can be held liable for products that injure someone, damage property or make people sick, even though you didn't make them. Who owns the goods, and who bears the risk of loss in transit, depends on your sales contract and terms, so your insurance needs to match both.
What are the top cyber liability exposures for a small business?
The six big cyber exposures for a small business are data breaches, online content claims, harm to someone else's systems, data loss, ransomware and extortion, and lost income while systems are down. A standard commercial general liability or property policy is written for physical injury and damage, so most of these need a separate cyber policy.
Why do I need errors and omissions insurance?
If clients pay you for advice, design, recommendations or a professional service, they can sue you when a mistake, oversight or missed deadline costs them money. Errors and omissions (E&O) insurance pays to defend those claims and, if you're found responsible, the damages, which a general liability policy usually won't.
Want a second set of eyes on your insurance?
Book a review with Steve. He’ll go through what you have now, show you where the gaps are, and give you his honest opinion. If everything’s in order, he’ll tell you that too.