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Our primary offices are located at Duquesne University in Pittsburgh, PA.

 

Duquesne University

Small Business Development Center

108 Rockwell Hall

600 Forbes Ave

Pittsburgh, PA 15282-0103

 

Phone: (412) 396-1633

Fax: (412) 396-5884

Email: duqsbdc@duq.edu

Monday through Friday 8:30AM to 4:30 PM

 

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F.A.Q.: Insurance Questions

Why should a business have insurance?

 

      A business needs to have insurance, because the chance of suffering a loss begins with the first day of business. You may also find that other corporations you intend to do business with have minimum insurance requirements that you must meet before proceeding.

 



Why do I need insurance if I don't have any major business assets?

 

      Property is only one type of insurance and even if you own no assets you still need protection from liability, auto and workers compensation claims. In addition, your business is your source of income, so you need protection from the potential loss of that income.

 



Is insurance coverage different for different businesses?

 

      Many small businesses can be insured under package policies that cover the major property and liability exposures as well as loss of income. A common package policy used by many small businesses is called the Business Owner's Policy (BOP). It is best to speak with your insurance professional to advise you of the best policy (or policies) to protect you and your business.

 



What if someone sues my business?

 

      No business can afford to be unprepared for a lawsuit. Liability insurance protects your business assets when the business is sued for something the business did (or failed to do) that contributed to injury or property damage to someone else. Liability coverage extends not only to paying damages but also to the attorneys' fees and other costs involved in defending against the lawsuit - whether valid or not.

 

      The standard business owner's policy provides liability coverage, as does a separate policy known as a commercial general liability (CGL) insurance policy. Generally, commercial liability insurance, whether purchased in a separate policy or as part of a standard business owner's policy, will cover bodily injury, property damage, personal injury or advertising injury. The medical expenses of a person or persons (other than employees) injured at the business or as a direct result of the operations of the business are also covered.

 



I work out of my home. Will my homeowners insurance cover my business?

 

      It depends on the policy, some exclude business pursuits entirely, others provide limited coverage. Loss of business property is usually reimbursed up to $2,500 in the house and up to $250 for business property damaged or lost away from the premises. Even if your business is a sideline such as a craft studio, these limits may be too low to cover all the equipment and materials you have accumulated.

 

      It's also important to know that no business liability coverage is included in a standard homeowner's policy. Your insurance professional can help you ascertain what, if any, additional coverage you need. This additional coverage may be added to your homeowner's policy or found in a separate commercial policy.