It's mandatory in states with laws that prohibit fault, where drivers must file minor injury claims with their own PIP insurance rather than with the at-fault driver's bodily injury liability coverage. To do this, you'll need to take out a small business insurance package that protects business property at home and on the road and covers civil liability, theft and the loss of some income. Along with liability and property damage coverage, here are a few other types of auto insurance coverage you'll want to consider adding to your policy. And keep in mind that your homeowners and renters insurance doesn't specifically cover and exclude most home-based business activities.
You spend a lot of money on insurance to protect your home and vehicles, so don't fall short because you didn't quite understand how those policies work. Insure the replacement value of your home, which is often higher than its fiscal appraisal value and market price. If you can't afford the financial needs that remain after you exceed the insurance coverage limits, the courts will prosecute your assets if you are the at-fault party. Find it first by consulting an agent of the company that already offers its car, homeowners, or renters insurance.
Insurers have abandoned some hurricane-prone areas, leaving homeowners in those areas dependent on separate hurricane policies from state insurance groups, such as the Texas Storm Insurance Association, Florida Citizen Property Insurance and the North Carolina Joint Insurance Association. Any damage that results from an accident that was your fault, even if those damages exceed your insurance coverage, is your financial responsibility. Private insurers generally don't cover floods at all, but you can purchase federally sponsored protection through the National Flood Insurance Program. Accident bodily injury liability is the maximum amount your insurance company will pay for a single accident.
In other words, it's the maximum amount your insurance company will pay for each person who is injured in an at-fault accident. Liability coverage is compensation for other people who were injured in an accident for which a person insured under your policy was responsible. Standard homeowner policies exclude earthquakes, but most insurers sell earthquake coverage as a backup or standalone policy, and California residents can purchase it from insurers from the state-administered California Earthquake Authority.
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