Do you have home stager insurance? If you are working in any capacity at all in the property staging sector, you better maintain indemnity coverage or you could end up in real trouble! If anything goes wrong in your business, including property damage or loss, breach of contract (your fault or not…), claims of any type of impropriety made by a client, then you could be financially ruined without a policy in place to protect you.
What type of insurance do you need? How much will it cost? Where should you get proper business insurance? If you are thinking about the possible answers to these questions, then this discussion will put your mind at ease with the answers…
This important post focuses on home stager insurance policies that protect you and your business against all manner of claims.
Home Stager Insurance Protections
You might not realize just how much liability is involved in your business model. If you work in any way as a home stager, then all of the following risks affect you:
Damage or theft to your property can occur on any job. If you use your own staging furniture or props, expect that something will happen to them from time to time. Do you want to pay for this damage or full replacement value yourself each time?
Similarly, since you are working in property that belongs to other people, it is possible to damage their home, or any of the items contained inside, when staging their house for sale or rental. Property damage is to be arduously avoided, but it can occur. Do you want to pay for this damage out of your pocket after already suffering the loss of reputation that comes from the incident?
Home staging most often involves contracts. Do you use contracts with your clients? If not, then you should! Contracts involve possible breaches that might occur due to many reasons. Breach of contract is often the underlying justification for litigation. Do you want to pay for court costs, attorney fees and any possible settlement or award to a client who sues you for contractual infractions, even if they were not your fault?
General business activities always require proper insurance. You will need to deal with countless possible risks on a day-to-day basis,, including driving, moving heavy objects, hiring and firing staff, travel and access to minors and challenged people of all types within a private residence. Any of these circumstances can lead to incidents and subsequent civil or even criminal litigation against you and your business.
Home Stager Indemnity Coverage
It is obvious that you need to have business insurance to work as a home stager. Do not ever think that you can avoid this cost or “put it off” until your business grows. One false move could end your business and ruin your reputation from your first client… Don’t take chances!
You can get business insurance that will cover all of your liabilities from many different companies. Most major insurance providers will be able to customize a policy that will work well for you as a home stager. Just be sure to inform them of all your possible risk factors that require protection when creating the policy together. There are also some smaller niche companies that might offer specific coverage that is already perfectly geared towards home stagers, often at the same cost.
A quality insurance policy is indeed an expense. However,, it is also a safely net that can save you from exponentially larger expenses that can be disastrous for your business. Insurance is something you hope you never need, but are always happy to have it when the need does arise.
The cost of your policy will depend largely on where you do business, the size of your company, your specific type of home staging business model and other factors. However, the cost should not be prohibitive. It is simply an expense that MUST be budgeted for and included as a necessary aspect of your business plan.
Home Stager Insurance Guidance
Insurance is NOT the place to cut corners. Sure, you might not need it now. You might not need it ever. If that is the case, then you are very fortunate. However, you also might need it imminently. Don’t tempt fate. Have it and be ready if and when the need arises.
For more information about home stager insurance policies, start by contacting a few major indemnity companies for quotes. While they are preparing your policy quote, take some additional time to research for niche policies and companies online that provide special indemnity coverage specific to the staging industry. In the end, you will be happy with your investment of time and effort in this process, as it will potentially save you lots of money and heartache.