The fact of the matter is that every business has a risk associated with it. As such, it is essential to put the proper measures in place to help the business recover from a downside. For a funeral home company, there is a need for insurance as well.
While many funeral home business entities may not think about funeral home insurance, it can serve its purpose in providing simplicity, protection, and overall peace of mind. The funeral home business provides tranquility and the right financial protection can help insurance proprietors to obtain the comfort they need to take their business to the next level.
Here is what you need to know about funeral insurance and why you need one. If you have questions about commercial auto insurance, funeral home business insurance, professional liability, reach out to the Thumann Insurance Agency in Dallas today.
What is Funeral Home Insurance Coverage?
Here is what you should know about home insurance and why it matters to you.
Funeral homes are not large corporations in many cases. The reason why they are not large corporations may vary but the fact is that these small custom businesses must protect themselves.
Most of the funeral homes in the United States see their ownership at a private level, according to recent information in this industry. It is not surprising that private owners conduct this business in a small, efficient, and agile manner.
Funeral insurance is for the entities that are involved in the process of funeral planning, burial, and other aspects of this tranquil and sobering event.
You take care of families when they need it most, and the right insurance agency like the Thumann Agency must take care of you. That is why we are pleased to work with over 80 insurance carriers to provide a package that makes the most sense for your business.
Our funeral home insurance package options vary according to each funeral home and what they desire. Your funeral home insurance package can range from business insurance, property, liability, commercial auto insurance, and other general commercial coverage options that help keep you safe and minimize risk.
Why You Need Funeral Home Insurance Coverage
Funeral home insurance core coverage can matter in many different ways but the most important is that it keeps you safe and secure.
Running a funeral home means you are prepared for anything, from a midnight call to pick up a dead body to visit a deceased's home to comfort their family members. The nature of this job requires smooth running of the funeral home to avoid extra emotional and financial burden on your clients.
The news of the passing of a close relative or acquaintance is heartbreaking. Also, the discussions about the funeral arrangements (where they will take place and how the ceremony will be organized) are never pleasant. Hence, it is of utmost importance to consider funeral insurance investments to lessen the burden.
This insurance coverage will give the relatives of the deceased peace of mind, prevent financial damages that might arise due to miscalculations, negligence, or omissions.
Funeral homes exist to make the transition and burial arrangements an easy process for the family of the dead, but to survive as a business, these funeral homes must purchase the right insurance policy to keep their companies afloat as accidents—though unfortunate—will always occur. And the grieving families need not be burdened with extra strains during this period.
Business size, direction to the funeral home, number of employees, general aggregate limit, and other core coverage needs are factors that should be used to determine the cost of your funeral home insurance policy. There are numerous funeral home business insurances, and the rate differs for each funeral home. Invest in insurance before your initial interaction with a client.
To invest in a policy, you should know the different types of coverage to select and what favors your funeral home. We have listed below the types of coverage to be considered.
Types of Core Business Insurance Coverage For Your Funeral Home
Here are a few of the main components of the key insurance coverage options that many funeral homes take advantage of for their risk mitigation.
General liability coverage
This type of coverage is essential to protecting your business should any of your staff hold you liable for any injuries sustained in your company. This insurance has a wide range. It covers damages on any of the deceased belongings or if a staff falls and suffers a broken hip or wrist. It also covers the legal fees when a third party sues you over claims of bodily damages.
Business Property Coverage
This insurance guarantees your property.
Recall that damage is likely to occur, in case of damage to your company's building. It also covers the contents of your business. It is must-have insurance for small businesses.
The nature of the losses covered by this insurance is dependent on the policy purchased, but it covers damages incurred from the theft of your and the deceased's items.
BOP
It is also important to purchase the BOP—Business Owner Policy as it is an affordable means of getting whatever coverage you might require. Many insurance companies give small businesses a BOP. This offers them access to general liability, business interruption, and property insurance.
Equipment Breakdown Coverage
Funeral homes depend on computers, phones, heaters/air conditioners, and other valuable equipment to function properly. This coverage handles the costs incurred during the repairs of this equipment when they break down.
Recall that one of the funeral home jobs is to preserve the dead body; the functional types of equipment available greatly determine your ability to do this. This insurance also covers lost income and other expenses concerning repairs.
Professional Liability Coverage
It can also be called Errors and Omissions (E&O) or Morticians' Professional Liability insurance. Because of the scope of a funeral home, a tiny mistake can lead to the family of the deceased sued the company. But this policy will protect your business during lawsuits.
Employment Practices Liability Coverage
Funeral directors, employees, and other people in power might be accused of discrimination or any form of harassment. This liability coverage grants you protection against any settlements or lawsuits.
Now, as most funeral homes are small-scale businesses with few employees. It is vital to consider anything a former employee or an angry employee might have against your business.
Protect your Funeral Home Business in Dallas
Insurance for your funeral home business doesn't mean your business will always be safe, but it will return to regular operations quicker.
We work with top-notch insurance companies to purchase funeral home business insurances that have been tailored to suit your taste, needs, and budget. Knowing the challenges small and large scale businesses may face, we dedicate our time and services to rigorous research to ensure our customers are provided with the best coverage options at the right price.
Contact us at the Thumann Insurance Agency in Dallas to find out how we can help you with your insurance needs