Funeral homes are businesses that offer services to help people during a difficult time. They provide services such as planning, preparation, and execution of funeral services. Funeral homes are responsible for handling the remains of the deceased, and they are also responsible for taking care of the grieving family members. In order to protect their business, funeral homes need to have insurance that provides coverage for risks associated with the funeral industry.
Who Needs Funeral Home Insurance?
If you own a funeral home, you need funeral home insurance that is designed to protect your business from risks associated with the funeral industry. Funeral homes are exposed to risks that are unique to their industry, and without insurance, they could face serious financial consequences. Funeral home insurance is also important for funeral directors who work independently or own a small funeral home.
Types of Insurance Needed by Funeral Homes
Funeral home insurance is made up of several different types of coverage, which can include:
- General Liability: This type of coverage protects against claims of property damage, bodily injury, and personal injury caused by a funeral home or its employees.
- Professional Liability: Professional liability insurance, also known as errors and omissions insurance, protects against claims of negligence or mistakes made by the funeral home or its employees during the funeral service.
- Property Insurance: Property insurance protects against damage to the funeral home’s building and equipment.
- Commercial Auto Insurance: Funeral homes may require commercial auto insurance if they have vehicles that are used to transport the deceased.
- Workers’ Compensation: Workers’ compensation insurance is required by law in most states and provides coverage for employees who are injured on the job.
How Much Does Funeral Home Insurance Cost?
The cost of funeral home insurance varies based on many factors, including the size of the funeral home, the location of the business, and the types of services offered. On average, funeral home insurance can cost between $3,000 and $10,000 per year.
Funeral Homes Risks and Exposures
Funeral homes are exposed to risks that are unique to their industry. Some of the risks associated with funeral homes include:
- Damage to the funeral home’s property, such as a fire or natural disaster
- Theft of property, including valuable jewelry or other items left on the deceased
- Bodily injury or property damage caused by a funeral home employee or during the funeral service
- Mistakes made during the funeral service, such as incorrect burial or cremation
- Employee injuries on the job, such as back strains from lifting coffins
Commercial Insurance and Business Industry Classification
- SIC CODE: 7261 Funeral Service and Crematories
- NAICS CODE: 812210 Funeral Homes and Funeral Services, 812220 Cemeteries and Crematories
- Suggested Workers Compensation Code(s): 9620 Funeral Director & Drivers
Funeral Home Insurance – The Bottom Line
Funeral home insurance is crucial for protecting your business. Funeral homes are exposed to risks that are unique to their industry, and without insurance, they could face serious financial consequences. By investing in funeral home insurance, you can protect your business and provide peace of mind to your employees and customers. When shopping for funeral home insurance, it’s important to work with an experienced insurance agent who understands the risks associated with the funeral industry and can provide comprehensive coverage to meet your needs.