INSURANCE INSIGHTS
Consider insuring your property and equipment
By David Pearsall
Most professional dog trainers are aware of the need to insure against potential liability claims that arise out of their business , such as dog bites and / or slips / trips and falls by clients while attending a class , or to an employee / independent contractor ( IC ) or third party , or injuries sustained by dogs in their classes / care . But depending on your business , another common insurance consideration often questioned when purchasing liability insurance , is whether to cover your business personal property and / or training equipment . Since each professional training business is unique , the answer to this question really will depend on your individual business , and several factors that we will contemplate in this briefing , to determine if you need or should consider insuring your property and / or training equipment .
Let ’ s begin by looking at professional trainers that either train at their personal residence , including training client ’ s dogs on your own premises ( unless you have a separate facility on your premises that we will get to later ), or at the premises of your clients . If this describes your business , the next step is to consider all of your business personal property and training equipment that is owned by you or your business or leased to you or your business entity and used for business purposes . This may include a laptop or desktop computer , printer , or other tech devices you use to communicate and operate your business , as well as any equipment you may utilize , such as a KLIMB ® training platform ( s ), or agility equipment such as a dog-walk ( s ), hurdles , seesaw ( s ), weave poles , etc ., or training pads , collars , harnesses , leashes , crates , food / water bowls etc ., and even treats and food you provide for your client ’ s dog ( s ).
If the above best describes you / your business , then you likely do not have more than a few thousand dollars in business personal property / equipment . But you may or may not be able to afford to replace it all if it was destroyed or damaged via a fire or wind ( tornado or hurricane ) or stolen . The good news …. if you carry a homeowner ’ s policy or renters insurance policy , you may have some business personal property coverage included . Most policies utilizing ISO ( Insurance Service Offices , Inc ) coverage forms , provide up to $ 2,500 for business personal property at your residence premises , and this limit can typically be increased up to $ 10,000 for a minimal premium by endorsement ( also known as a rider ). The bad news …. almost every insurance policy always has a drawback or downside ( aka limitations , exclusions , and conditions that will limit and / or negate your coverage ). These same homeowners / renters ’ policies will often limit you to $ 1,500 on your business electronics / devices away from your residence . In addition , they will not provide any coverage for these items while in your vehicle or while in transport , and they exclude all business data stored on your device ( s ).
What ’ s the remedy ? Good question ! The answer will depend on your appetite for risk , and whether the cost of the coverage is worth the potential loss to your business . When you consider that most homeowners , renters , and / or mono-line commercial property insurers now offer only a $ 500 or even $ 1,000 per claim deductible , is it worth your hard-earned training dollars to pay a minimum annual premium of $ 300- $ 500 to collect on a loss of $ 2,500 minus the $ 1,000 deductible ? Probably not . But for some , it may very well be worth it if your business personal property is $ 10,000 or more and includes coverage for transporting your business electronic device ( s ) in your vehicle ( s ), as well as the client data stored on it / them . Obviously , the more business assets / personal property you have , the more risk you take , and the more property / equipment insurance makes sense .
Keeping that in mind , let ’ s now turn our attention to those of you who have a considerable amount of property / equipment you own or lease for your business . For those of you who fit into this category , perhaps you own the building / facility where you board and train , or you lease a space in a shopping center or a standalone building just
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