Why You Should Go For A Funeral Home Insurance Coverage
A funeral home like any other business is prone to many unexpected and unpredicted problems. The funeral home serves many customers in a given day and accidents may occur within the funeral home compounds. They also require various equipment, vehicles e.g. hearses in the handling and transportation of bodies and case of breakdown, there may be a loss of revenue to the business, this necessitates the need for a funeral home insurance coverage.
Why the need for funeral home insurance?
To protect clients and visitors against accidents
Funeral homes have the capability to host very many people in a single day or week that come to bring their loved ones for preservation or pick them for final respects. Unexpected accidents may occur e.g. a stampede or one being knocked down by the hearse. In the case of such occurrences, the business may be forced to part with huge sums of money from liability suits.
To ensure the continuity of business In case of disasters
A fire may occur which may disrupt the normal functioning of the funeral home. Having an insurance cover against such risk will enable faster reopening of the business as the insurance company will compensate for the damage. In case of destruction of the buildings, the company may provide construction costs up to the sum insured
To safeguard the Income and resources
Many liability suits may be harmful to the funeral home as a business entity; this is because payment of lawyers to defend you may be very costly at times. There may also be very heavy fines in case a court case against the funeral home goes against you; these may lead to financial distress that usually has very adverse effects.
The various liabilities that may be incurred may include:
Premises accident liability – there may be a slip within the premises due to a slippery floor or other obstructions. A client who falls may sue for compensation as this is usually due to the negligence of the building’s owner. An insurance against this risk would ensure compensation to the affected.
Professional liability (Poor service liability)-As the funeral home deals with many clients at a particular time, it may be overstrained leading to a below standard service. The family members of a deceased may complain that their loved one was not well catered for leading to law suites
Misleading advertisement liability — the insurance home may be sued if it is viewed that the information about it that they had distributed to the general public was exaggerated or untrue.
What are the recommended Insurance Covers?
- General Liability insurance
This insurance is very necessary as there are usually daily uncertainties e. g accidents happening, unsatisfied customers and many other events. The insurance will cover attorney fees, medical expenses and other damages.
This insurance may cover for:
Employee benefits liability
- Business Income Insurance
This cover usually helps the funeral home to continue being profitable in case the business is made to close temporarily due to an unavoidable circumstance. It does this by paying for expenses incurred in relocation, compensating lost income and paying for fees incurred in making clients aware of the new location.
- Equipment breakdown insurance
This insurance can be very important to the business as it covers the following:
Repair costs and replacement of damaged equipment
Time costs involved in repair of equipment
Losses due to equipment breakdown
Before taking a funeral home insurance coverage, it will be important to consult an insurance broker so as to identify the best possible cover that meets your needs and the best insurance company to approach. It is also necessary to consider the cash available for insurance costs, the insurance broker will help you in identifying this cover. It will also be important to review the benefits you have acquired from the present cover so as to determine whether there is value for money. It will also lead to identifying of better coverage opportunities.