Insurance 203:What business name do you put on an application for insurance?
When you apply for insurance you would want to hopefully have an LLC or corporation in place so you are not held liable personally. If you have not done so you would probably have the application marked as sole proprietor and your app would have your name dba (does business as) the business name (do not copy what I just wrote). Embed from Getty ImagesAs an example Larry Cossio dba The Most Expensive Bounce House. If you are a corporation or LLC you would put the name of your corporation or LLC and your dba. The most expensive bounce house, LLC (or Inc.) You would also want to add ALL website domain names that you would use AND any abbreviations of your business name. Such as THEBH, LLC for the example above. If your website is www.themostexpensivebouncehouse.com you would list this as it is a business name. Now if you had another website that was maybe www.thecheapestbouncehouse.com also you would list this as a dba also.
Why would you want to do this? If someone found you on the internet thru www.thecheapestbouncehouse.com and someone was injured at a party a smart attorney would list both entities in a lawsuit, as that is how they found you. You might only have the website in your personal name so you would have no defense costs covered for this website.
You do not have to name the owners of the corporation or LLC, they are covered also as part of the “named insureds” on your policy. Also included are partners, employees and volunteers. What are not covered are sub-contractors!
So if you not done it correctly, notify your agent immediately! Any questions email me firstname.lastname@example.org