Frequently Asked Questions
What is a Business Owners Policy (BOP), and why is it important for home stagers?
A Business Owners Policy (BOP) combines general liability insurance and property insurance into one convenient package. This type of coverage is valuable for home stagers because it:
- Protects Your Property: Covers your staging inventory, tools, and equipment against damage or loss.
- Covers Liability Risks: Protects your business if a client or third party is injured, or if there’s property damage while you’re working on-site.
- Streamlines Coverage: By bundling policies, a BOP often provides a more cost-effective solution than purchasing separate policies.
What is Professional Liability Insurance, and why do stagers need it?
Professional Liability Insurance, also known as Errors and Omissions (E&O) insurance, protects your business if a client claims your professional services caused financial loss. This is essential for stagers because it:
- Covers Mistakes or Omissions: Protects against lawsuits if a client believes your advice or design decisions negatively impacted their property sale.
- Financial Security: Covers legal costs and settlements, even for unfounded claims.
- Boosts Credibility: Demonstrates your professionalism and commitment to your clients.
How do I know if I need both BOP and Professional Liability Insurance?
Most stagers benefit from a combination of these policies:
- If you operate a physical staging business with inventory, a BOP is critical to protect your assets and liability.
- If you provide design advice or staging consultations, Professional Liability Insurance is essential to protect against claims of negligence.
For comprehensive protection, many stagers opt for both types of coverage. Speak with one of RESA’s trusted insurance partners to determine the best fit for your business.
Is my staging business too small for insurance?
No business is too small for insurance. Even if you’re operating as a sole proprietor or staging on a part-time basis, risks like client property damage, inventory loss, or liability claims can arise. Business insurance provides financial protection and credibility, no matter the size of your business.
What can I expect to pay for staging business insurance?
Insurance costs vary depending on factors such as the size of your business, the value of your inventory, the services you provide, and the level of coverage you need. Many staging businesses find policies starting as low as $180 per year, while more comprehensive plans may cost more. RESA’s trusted insurance partners can help you find an affordable option that fits your needs.
Why can’t I just rely on my client’s homeowner’s insurance?
Homeowner’s insurance typically doesn’t cover damage caused by business activities, nor does it protect your inventory or liability as a business owner. Having your own business insurance ensures you’re covered for risks specific to staging and won’t rely on client coverage that may not apply to your situation.
What happens if I don’t have insurance and something goes wrong?
If you don’t have insurance and an issue arises—such as property damage, injury, or inventory loss—you could face significant out-of-pocket costs. This could include paying for repairs, legal fees, or replacing valuable items. Insurance provides a safety net to protect your financial well-being and your reputation.
How do I get started with business insurance?
Getting started is simple. RESA has partnered with trusted insurance providers like VillaNova Insurance Partners (USA) to offer tailored coverage options for home stagers. Contact them to discuss your needs and receive a customized quote.