Al i eal estate sales it higher levels RISING INTEREST rates may have caused some buyer hesitation last month; however, the Real Estate Board of Greater Vancouver Still registered its second highest month for residential sales since March 1992 when 4,388 homes changed hands. There were 3,787 residential units sold on MLS last month, a 10% decrease over March, that together totals $1.12 billion com- pared to 3,691 sales in April 1993 for a total of $1.03 billion. “Buyers are not taking another chance on the interest rates,” said real estate board president Ronald W. Downey. “March and April statistics reflect both buyer and seller confi- WITH THE economy recover- ing ever so slowly, more and more people are looking to -create their own jobs usually out of the house or garage. ' _ Thanks to modern technology, such as computer hook-ups and fax machines, many corporations now allow:some employees to work out of their homes. However, it’s important to have a very clear idea of what setting up: a busiaess means — both as a time committment and a financial teali- ty. Part of that financial reality “jneludes’ insurance for your home- based business. You shouldn’t “assume that because your small business is being run out of your home that your home insurance pol- icy: will. protect you. In most cases it won't. “This is an area where your . insurance agent can be a big help,” says Chester, Wozniak,.a business . insurance ...expert with. The Cooperators. “You may have to consider’ a number of. basic insur- “ance coverages.” These can be cate- -gorized .into:four general areas ~ Tegal liability, physical assets;, loss . of use and, human assets. Legal Liability : . Liability coverage insures a ' business: against accidents and injury occuring on the premises, as well. as exposure to any of your company’s products. Here are some examples: : * A messenger or customer visits * your home on business and slips on your steps. Your home policy may not cover you but Busimess Liability: coverage would, including any egal. expenses, whether or not you're found at fault. * You're-running a small catering business2out of your home and a client géts food poisoning. Again, proper business liability insurance would protect you. Do you babysit in your home? Depending on the number of children, you may need business liability protection. If you attend events trade shows or craft fairs outside your home, you may be asked?for proof of liability insur. ance. For: the premiums involved, i usually makes good business sense to carry_a limit of $1 million. ~ Anything over this for your home- based business may never be need- ed. | “ Physical Assets — Business ‘Property Insurance More than likely, your home insurance policy will not provide deace in the market which contin- ues to be very strong and active.” Fifty per cent of real estate pur- chases this year remain under April's average price of $296,688 for overall residential housing. So far this year, 90% (3,182) of apartment units sold below $250,000; 76% (1.455) of town- houses and 24% (1.765) of detached units. The Real Estate Board of Greater Vancouver is an associa- tion of realtors who are committed to providing its members with the structure and services necessary to ensure a high standard of business practices and ethics to serve the real estate needs of the community. protection for your business proper- ty. This includes items such as your desk, chair filing cabinets, comput- er, tools, etc., as well as any stock held for sale. Do any of the above items ever leave your premises? If so, ask to arrange coverage on a “floater” basis, which would include theft protection from a locked vehicle. Most business poli- cies provide replacement cost cov- erage, which means. items will be replaced at today’s prices. Crime coverage protects against losses to money and other securities result- ing from theft, burglary and rob- bery. Your insurance representative - can help you determine your risk. Loss of Use — Business _ Interruption Insurance If you fail to purchase Loss of '. Use for your assets, you may be doing only half the job. Although your business stops operating due © to a loss, you will still have expens- es that continue (e.g. rent,-utilities). Coverage is available so you can continue receiving an income while totally out of business as well as regaining your customer base. Many businesses fail because they po eee NEWS photo Nell Lucente JOSEPH LEE and Theresa Skomersowski welcome customers to the first Great Clips store. are unable to start up again, or if they do, their customers have gone elsewhere by the time they’re back in business. Liability/Physical Damage For Your Automobile Don’t forget to advise your insurance agent if you use your vehicle for business purposes. If you don’t let your agent know and. you have an accident, in the worst case scenario your claim could be denied and your policy cancelled. You may pay a slightly higher pre- mium but you'll have peace of mind knowing you are properly protected in the event of an acci- dent. Human Asset Protection You are the most valuable part of your business! Coverages normally available as an employee of a large company are not there for you. when you are a sole proprietor. What happens if you die? Or become disabled? You could lose your business and all your assets. You need to have both disability-and life insur- TRAVELAIRE “EXECUTIVE COACH” 32' CLASS A A MOTOR HOME IN A CLASS OF ITS OWN. V Queen island bed Y Built-in generator v Roof air Y Ford chassis . -¥ Thermal windows. _W 1.PD. suspension Seeing is believing, this unit is . beautiful, come in and inspect GO WEST-YOUR YEAR ROUND RV CENTRE © Salese Rentals ¢ Service @ Parts ir Ly, North. van (sat, 947-8587 Gehing | repaired then... Home businesses need insurance coverage ance protection. “Carrying the right type of insurance for the proper limits ... can mean the difference between being in business for the short term: or the long run,” said Wozniak. 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