Company insurance is intended to safeguard the financial assets of a business owner and is a vital investment for a dog walker.
This article will discuss the primary insurance coverage for dog walkers, general liability insurance, as well as additional products that are appropriate for this industry.
Dog Walkers Need General Liability Insurance
Every firm, regardless of sector, has risks that should be insured. General liability insurance is the most frequent and comprehensive form of coverage that company owners purchase.
General liability insurance covers the following risks:
Physical harm
Damage to property
Medical expenses
Legal defence and decision
Personal and commercial harm
While general liability insurance is not legally needed for companies, operating without it is exceedingly dangerous. If your company is sued, you might face costs in the hundreds of thousands of dollars (or more). The only way to avoid this sort of catastrophe from destroying your organisation is to have an adequate general liability insurance coverage in place to assist pay for these losses.
GENERAL LIABILITY INSURANCE MAY COVER COMMON SITUATIONS FOR A DOG WALKER
Example 1: A dog abruptly snatches the leash from your grip during a stroll. It dashes down the street and bites a passing person, causing a serious illness. The expense of treating the injury will most likely be covered by general liability insurance.
Example 2: Another neighbourhood dog walker sues you, saying that your company’s name is too similar to theirs. General liability insurance will most likely cover the expense of legal counsel required to settle or dispute the claim.
Example 3: While out on a stroll, a dog wanders into a neighbouring garden. It tramples the pricey, exotic plants that the neighbour had sent from abroad. General liability insurance will most certainly cover the cost of replacing the bulbs as well as any other property damage that may have resulted.
Of course, this is not an entire list of risks covered by a general liability insurance policy, and certain situations may result in a specific peril not being covered. To minimise coverage gaps, it’s always better to speak with your agent about the terms of your policy.
General Liability Insurance Cost
Dog walkers in America pay an average of $300 – $700 per year for $1 million in general liability insurance.
The cost of your coverage will be determined by a number of variables. Among them are your:
Location
Deductible
Employees’ number
Per-occurrence restriction
The overall aggregate limit
You may be able to get general liability insurance at a lower cost if you buy it as part of a business owner’s policy (BOP) rather than as a separate policy. A business interruption policy (BOP) is a more complete option that covers numerous types of coverage, such as business interruption and property insurance.
Other Types of Coverage Required by Dog Walkers
While general liability insurance is the most crucial, there are various different types of coverage to be aware of. Other forms of insurance that all dog walkers should have are as follows:
Insurance for Commercial Vehicles
If you use a car to go to customers or transport their pets, you may need commercial auto insurance to cover any damage caused by an at-fault collision. If the insurer learns that the car was being utilised for commercial purposes at the time of the incident, the insurer may refuse to pay for canine injuries or property damage.
Coverage Options for Some Dog Walkers
In addition to the insurance described above, your dog walker may need a few more kinds of coverage based on particular features of your business. Some of them may not apply to you, so be sure to ask your agent whether policies are appropriate for your company.
Insurance for Your Home
Many dog walkers operate out of their homes, unaware that any accidents or damages that occur in their business space may not be covered by homeowner’s or renter’s insurance. So, if a flood destroys your home office and destroys the surrounding wiring system, you’ll require home-based insurance to cover the losses.
Umbrella Insurance for Businesses
Dog walking is an inherently dangerous industry that may result in personal harm and substantial property damage. While most dog walks go off without a hitch, it only takes one broken bone to cause a costly error. Umbrella insurance allows you to continue obtaining financial reimbursement for a claim after the limitations of your general liability policy have been reached.
Additional Security Measures for Your Company
Although investing in company insurance is simple (and necessary), it should not be your first line of defence. Yes, insurance will reimburse your company for cash losses incurred as a result of an occurrence, but it is much preferable to avoid losses altogether.
With this in mind, here are a few steps you can take to better secure your company:
Make use of legally binding contracts and other business agreements. (We provide free templates for several of the most often used legal forms.)
To safeguard your personal assets, form a limited liability company (LLC) or a corporation. (To discover how to incorporate an LLC or company in your state, see our step-by-step tutorials.)
Keep your company licences up to date.
Streamline the internal procedures of your company. This will eliminate unneeded variables from routine activities and establish a secure, consistent environment in which to do business.
If your company is an LLC, you should check into LLC insurance.