(Newswire.net – May 4, 2018) — John Brooks, Principal of Sotarius, a commercial business insurance agency has special expertise in funeral home insurance programs to help North Carolina funeral homes navigate the risk associated with operating a funeral home.
Sotarius is a commercial business insurance agency that provides commercial insurance for small businesses with specialization in risk management strategies, general liability insurance, professional liability insurance, workers compensation insurance, errors and omission policies (E&O) and general business insurance lines (GL).
What is Business Insurance for Funeral Homes
Funeral homes are typically small, local businesses that are often family owned and generational. Many funeral homes are fixtures in their community and play a critical role in the communities they serve. In 2015, there were approximately 19,000 funeral homes in the United States and 85% of them are privately owned by families or individuals. Approximately 15% of all funeral homes are owned by public corporations. Operating a funeral home requires a comprehensive funeral home insurance policy to cover losses from fire, catastrophic weather events, on-site injuries and the lawsuits that may follow an on-site incident or injury along with special nuances in insurance coverage endorsements specific to the funeral home business or industry.
Types of Funeral Home Insurance Programs
All funeral homes and funeral directors require a commercial general liability policy but these are not “one-size fits all” policies. A CGL or Commercial General Liability policy provides coverage on covered losses related to employees or third-parties that may be injured on premises and also typically cover third-party property damage claims. CGL policies reimburse the injured party or parties for medical expenses or the cost of the lost or damaged property/item. In addition, general liability insurance policies typically cover the costs related to lawsuits, including court costs, attorney fees, and any settlements or judgments that the funeral home might be required to pay and loss of business income.
Professional liability insurance or E&O (errors and omissions) is also highly recommended for cases where a family member of the deceased claims that financial harm was incurred due to negligence, errors or omissions in the service provided and paid for. Regardless of the actual fault or merit of the claim, a professional liability policy for funeral homes will pay for the legal costs to defend a case like this and E&O is a critical part of a funeral home insurance policy.
Certainly, commercial auto insurance policies for funeral home operators is a key point of coverage and risk mitigation. These types of commercial auto policies for funeral homes will cover collision, liability, comprehensive and uninsured motorist coverage for commercial funeral home vehicles.
Funeral directors and funeral homes almost always need commercial property insurance to insure covered losses on the funeral home building and all contents like the office equipment, furniture and fixtures. Covered losses are generally in the categories of fire, theft, vandalism or weather related events.
Funeral homes may also qualify for what is a called a BOP or Business Owners Policy which combines funeral home liability insurance, funeral home property insurance and business interruption insurance in one packaged policy for convenience and savings. Sotarius has special expertise in helping funeral homes and funeral directors qualify for BOP policies that are structured to mitigate the unique risks of operating a funeral home in North Carolina. At Sotarius we also apply our niche expertise with funeral home insurance programs by adding on risk-specific endorsements such as funeral director liability coverage or sometimes referred to as D&O liability coverage. D&O policies specifically cover the funeral director(s) and funeral home decision-makers such as a board of directors from liability that may come from a legal judgment along with any associated legal costs of defending a liability suit.
Why Funeral Home Operators Should Have Sotarius Audit the Current Policy
John Brooks, owner of Sotarius, and recognized expert in these niche policies, educates his clients that these types of funeral home insurance programs and policies should be audited annually to look for possible savings and especially for gaps and potential risks. Funeral homes grow, they open new locations, they add new employees and one thing is certain, things change. If your funeral insurance coverages don’t change with the business, gaps open up in your risk management strategy and can leave a funeral home or funeral home director at risk of losing the business. Many insurance companies exist to provide insurance protection for funeral homes but very few indeed have the unique experience and expertise like John Brooks with Sotarius
“Experience and Service are the two distinguishing characteristics that set us apart,” says John Brooks, principal at Sotarius. “Experience in the markets makes us unique; and, also a deep understanding of the legal implications that many clients simply don’t see or understand the liability and risk they face until they sit down with us and allow us to share case studies and real-world scenarios that hit home. Service is what keeps problems at bay and at Sotarius we extend that type of service so our clients can rest easy knowing they are properly covered and readily prepared.”
Sotarius serves clients throughout the Triangle region of North Carolina including: Raleigh, Wake Forest, Knightdale, Garner, Apex, Cary, Durham and Chapel Hill.
Sotarius gets its name from the root word “Soteria” who was the Greek goddess of safety and deliverance from harm. At Sotarius, we take great pride in using our expertise and experience in the world of commercial risk to keep our clients safe from harm’s way so that they can conduct and grow their business unimpeded by the pitfalls that business owners incur as a daily part of running and operating a business.
To learn more about Sotarius or principal, John Brooks, please visit the website at https://sotarius.com/contact-us/