Home Business Insurance Policy

by Wanda
(BC)

Liability and E&O Insurance



I am just starting my bookkeeping business.

Wondering if it necessary to carry the extra Liability and E&O insurance. Any advice would be helpful.



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Hi Wanda,

If you go to my article on home office expenses, you will find a section on Things To Consider.

Check out the last paragraph under Insurance. You will find two links to Michael James on Money. They are discussions on why insurance agencies may not cover you if you provide professional customer services from a home office.

I found the blogs enlightening. You have will have to decide for yourself. Perhaps your insurance agency does not require it, perhaps they do and you haven't told them you are running a business from home yet. The decision is between you and your insurance broker.




P.S. I would like to remind you there is a difference between information and advice. The general information provided in this post or on my site should not be construed as advice. You should not act or rely on this information without engaging professional advice specific to your situation prior to using this site content for any reason whatsoever.

Comments for Home Business Insurance Policy

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Aug 13, 2011
Business Home Insurance Liability
by: Lake

I was reading one of "Lex Appeal's" blogs on home offices. In the August 13, 2007 blog on "Do You Need Insurance for Your Home Business?", there was a link to a Professional Insurance Blog.

So in addition to E&O insurance ... don't forget about general business liability and product liability insurance.

Read George Devendorf's Professional Insurance Blog at www.insurance.com.

Apr 09, 2012
Owner Insurance Coverage
by: eva watson

You can purchase business owners insurance.

It is a package policy that protects against losing the building, computer etc.



Apr 23, 2012
Director & Officer Insurance Coverage
by: Anonymous

What is D&O insurance?

D&O (Director & Officer) insurance provides protection of companies director and officers from law suits alleging, directors and officers insurance.



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A good example of when you might want this type of insurance is before you accept a position on a Board of Directors, ensure the board members are insured by the company.



Apr 03, 2014
How to record insurance cheque
by: Anonymous

Our company received an insurance cheque for $11,000 for flood in our house.

I need to deposit that through the bank but don't know which account to use. I use QuickBooks accounting software.

Thanks.

Apr 03, 2014
How to record insurance cheque
by: Lake

Hi,

I'm a bit confused. If the insurance cheque was for your company, then deposit it through the bank deposit window to your company bank account with your offset to an Other Income type of account called Insurance Settlement.

If you have the bookkeeping skills, make your entries for the repair expenses or write-off of assets using this account as your offset. If you don't have the bookkeeping skills, leave it alone and your accountant should take care of it for you when your yearend is done. Remember to provide your accountant with the paperwork.

If insurance proceeds was for your personal residence and not related to your business, then deposit the cheque to your personal bank account.

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