Property Insurance for North Carolina Home Care Agencies
Plenty of our North Carolina clients begin by running the agency from home. As they grow, they may lease an office in Charlotte, Raleigh, Greensboro, or Wilmington, and some eventually buy a building and lease it back to the agency.
Chamberlin & Reinheimer will tailor your coverage as the business grows.
Business Personal Property covers company property at the locations listed on the policy and while in transit: office furniture, phone systems, computers, and copier, fax, and scanning equipment. Some of it may be leased, and as the lessee you are usually required to insure it.
Building Coverage covers a structure the agency owns. If the owner, or the owner's real estate company, holds the building and rents it to the agency, the building coverage should be written in that owner's or company's name.
Business Income / Extra Expense covers lost income and added expenses if a fire damages the agency's office.
For most home care agencies, lost business income is not the bigger risk. The work is mobile, so after a loss you mainly need new space to rent. What matters more is an offsite backup of your computer system, so staff records, operating records, and client electronic medical records can be restored. Extra Expense pays for that recovery and helps prevent a gap in coverage.
One point specific to North Carolina: each site your agency operates carries its own license. Opening a second office means a second license, and an unplanned move after a fire is a licensing question as well as an insurance one. Extra Expense can pay for temporary space, but the Division of Health Service Regulation still needs to know where you are operating.
Frequently Asked Questions
What does Business Personal Property cover for a North Carolina agency?
Office furniture, phone systems, computers, and copier, fax, and scanning equipment at the North Carolina locations on your policy and in transit.
What is Business Income / Extra Expense?
Coverage for lost income and added costs when a fire or other covered event damages your office, including temporary space and recovering data from offsite backups.