Liability Insurance. An overview
Aug 15, 2009 Small Business Insurance
If the owner of a car who is protected by liability insurance has an accident that causes injury or death to another person, the insurance company covers a percentage of the damages. However, the compensation for material damage is lower. Compulsory liability insurance provides more comprehensive coverage because it incorporates services such as: travel assistance, legal support and driver’s insurance.
The law in Spain dictates that all drivers must have liability insurance. This is required by law so that third parties involved in accidents are covered by the individual involved and not the estate or the individual itself. The existence of liability insurance reduces the chance that a person will claim bankruptcy and refuse to compensate the third party.
Liability insurance covers the driver of the vehicle from the damages that may be caused to third party drivers and their property. This type of insurance covers the liability of the driver and the vehicle owner. This means that any person who drives will be covered even if it someone else is driving the vehicle. But if the driver is younger than 25 years and has a driver’s license that expired two years ago the insurance company may reduce the compensation if an incident occurs.
Some countries, like Spain, require liability insurance by law. This means that in order to drive your car you need to have it. This insurance guarantees that the insured will pay, through the insurance company, for the damage done to a third party.
The biggest benefit of this kind of insurance is that you have the peace of mind that if you were in an accident and another person was injured, it is the insurance company and not you who pays for the damage.
Nevertheless, liability insurance does not cover what happens to the car of the insured in the accident.
There are drivers that decide to buy only liability insurance and not car insurance. If the law allows it, you can do that if you have enough confidence in your driving ability and if your driving record is spotless.
All damages caused when the driver is under the influence of drugs or alcohol and those done when the car has been stolen are excluded from the insurance.
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Some Important Info On Business Insurance You Should Know About
Jul 26, 2009 Home Insurance
Let us now talk about the types of business insurance entrepreneurs should be concerned about:
Simply put, we can distinguish between three major categories of risk:
The first one is related to all damages that would cost a company to lose money and need business insurance coverage to start business again.
Second is regarding the consequences that accidents may have on employees and the owner. Think about those activities or profession for which business insurance is compulsory.
Finally, business insurance also needs to provide coverage for all damages caused to employees and the owner of the company. Coverage for illness, disability, death, or other risks that are also covered by welfare or health insurance. Some business owners consider adding the creation of pensions to the benefits they offer to their employees.
Is it essential to use insure everything? Some business insurance companies are legally binding. Among the best known are the liability insurance of vehicles. But there are others that affect different sectors: legal, health, leisure. Others, although not mandatory, are essential. These include business insurance related to liability risks, which are inherently difficult to quantify. How to know in advance the financial consequences of certain damages (Serious injury, damage to the environment, etc)? No business is immune to such risks.
The question of what business insurance should or should not provide must be given by a risk analysis carried out by the insurer. Indeed, when creating a business, it is essential to assess early and as accurately as possible the nature of the risks, the financial consequences they can lead and arbitrate between the self-insurance (provision, free) and transfer of risk to the insurer.
A few recommendations in order to get business insurance:
When getting business insurance do not ignore or underestimate the risks your company faces. There is no occupation “without risk”: the entrepreneur or the employee may cause injury to a client or to his or her local just by opening the door of the car. It is important to consider the following factors when buying business insurance:
First, a company should give insurance for those risks that would cost the company too much money to cover on their own. And second, determine which risks can be transferred to the insurer.
Some risks can be easily covered with company’s funds; others cannot and will have disastrous consequences that may result in termination of the activity. Be aware that new business is particularly vulnerable. To limit the cost of business insurance, it may be wise to opt for contracts with franchise.
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If You Are A Business Professional, You Need Errors And Omissions Insurance
Jul 26, 2009 Home Insurance
Unfortunately everyone makes mistakes. So for this reason to protect businesses and the people who work in these businesses, errors and omissions insurance is available as part of your business insurance portfolio.
Errors and omissions insurance may be referred to as E & O or malpractice insurance. It may be referred as this for doctors, dentist or chiropractors. Errors and omissions insurance should be purchased when a business is first started and included in their insurance portfolio.
The bottom line is that if you are a professional, you need to consider errors and omissions insurance. If your clients can suffer from a mistake you made, then you are a perfect candidate for this coverage.
There is no standard for E & O insurance. Each practice is different and will require different insurance needs. An insurance company underwriter will assess the practice and what work is undertaken at the premises and supply a policy that will cover all the practice’s needs. These policies are written on a claims made and reported form, meaning that any claims must be made and reported within the time of the policy. Claims that arise out of the policy date will not be covered. When applying for a policy an insurance underwriter may want to view the businesses quality control procedures, documentation practices and training procedures and if you have had any previous claims.
Each business is very different, so upon applying for E & O insurance an insurance underwriter will need to go through the business to check of previous claims held again the business and what training procedures, documentation procedures and the companies quality control procedures exist, to be able to create the best suited policy for that business.
A business owner needs to work with their insurance underwriter so that they are offered the best priced policy that will cover them if an incident was to occur. When an errors and omissions insurance policy is put into place a business needs to make sure that they keep their business running well, to make sure their procedures are all in place and that all employees understand these procedures. With this insurance policy in place the business does not want to lower their standards as the threat of a malpractice claim could put the business and individuals into bankruptcy or the business may have to close down.
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E&O is a type of coverage that is used when you are sued for breach of contract or negligence. This professional liability coverage is a very good idea to carry if you perform work for clients.
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Commercial General Liability Insurance - Paramount For Your Business
Jul 25, 2009 Home Insurance
If you are doing business or running a company or a commercial establishment, it is vital that you secure it against liability by opting for some form of liability insurance. Commercial general liability insurance protects you and your commercial business by covering you against damages claimed by your clients or individuals with whom you relate to in business or during the course of business.
There are many forms of liability that your business might incur which include liability for personal or bodily injury suffered by your customers at your place of business or due to faulty goods and services that were offered. You could also be sued if your employee happens to suffer injury while working for you and a claim for workmen’s compensation might be pursued against you and your organization.
These include claims for personal injury or bodily injury suffered by a customer at your place of business or a claim arising out of faulty goods and service delivery. There might be also instances when you might face a worker’s compensation claim for injuries suffered at the workplace by your employees.
When a successful claim has been made against you once, it often results in an increased monthly payment towards your insurance premium payment. This is so because the risk factor involved for the company that is covering you increases with each successful claim against you.
General liability insurance offers you protection against different kinds of liabilities namely, personal injury claims including bodily injury, claims for property damage and damages for advertising injury. The advantage is that regardless of whether the claim is false or valid, you stand to gain from the protection offered by the policy and would not have to pay millions as a settlement in the court.
There is always something to fall back on even in the worst situation. General liability coverage protects you and your business from the back lash of litigation.
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A special type of commercial general liability policy covers product liability. This coverage is available from product liability insurance companies if you sell or make goods or products.
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Basics Of Errors And Omissions Insurance
Jul 25, 2009 Home Insurance
Errors and omissions insurance is a policy that covers a business professional against any accident or mistake that may occur in their practice or agency leading to a case that may end up in court. This policy will cover a practice or agency throughout the legal process, from judgement to settlement of the case, all in the hope of saving a practice or an individual’s reputation.
Errors and omissions insurance is also referred to as E & O insurance or malpractice insurance. Professionals who may benefit from E & O insurance include doctors, dentist, chiropractors or real estate agents. E & O insurance should be included in a businesses portfolio at the earliest stage possible. E & O Insurance will cover the business and the individual if a case comes to court.
The bottom line is that if you are a professional, you need to consider errors and omissions insurance. If your clients can suffer from a mistake you made, then you are a perfect candidate for this coverage.
The business will only be covered by the policy on claims that are made within that ‘retroactive’ date, as claims are written in two forms, claims made and claims made and reported. Some policies may offer defense expenses and punitive damages. Business need to check the policy carefully to make sure that they are covered correctly.
Each business is very different, so upon applying for E & O insurance an insurance underwriter will need to go through the business to check of previous claims held again the business and what training procedures, documentation procedures and the companies quality control procedures exist, to be able to create the best suited policy for that business.
A business owner needs to work with their insurance underwriter so that they are offered the best priced policy that will cover them if an incident was to occur. When an errors and omissions insurance policy is put into place a business needs to make sure that they keep their business running well, to make sure their procedures are all in place and that all employees understand these procedures. With this insurance policy in place the business does not want to lower their standards as the threat of a malpractice claim could put the business and individuals into bankruptcy or the business may have to close down.
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Purchase E&O insurance coverage if you could be sued for making an error that cost your client money. Shop for professional liability insurance coverage online to quickly compare rates from various insurance carriers.
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Risks Covered By Business Insurance
Jul 19, 2009 Home Insurance
If your starting your own business there are many things you need to consider. Not only you need to hire a professional accountant and a lawyer, but also look for an insurance agent. This may be neglected by some but it is only reasonable to have an insurance agent of your side to help you with things related to your business insurance.
There are many types of business insurance packages that can be customized or tailored to fit your business needs, regardless of whether you have a small one or a medium size one.
Insurance will be important not only for your own business safety but also for your relationships with other businesses. For example, if you choose to lease office space, the owner of the property usually requires a certificate of business insurance. The owner wants your policy to ensure that your company will not disappear overnight in case of an accident.
Let us mention now some of the risks that business insurance cover:
The most important and standard kind of business insurance protects your company’s property. Make sure that your policy states clearly what it will be covered. It should include buildings, property and protection against natural disasters (which may be optional).
Needless to say, property must be covered for your business insurance. However if you are leasing the office space or property, you should ask your landlord what is covered and what is not.
When we are talking about property is not only the space, it includes the objects in it: like tables, desks, machinery, etc. Again, if you are leasing the property, the modification you did to it should also be included in your business insurance policy.
Business insurance against floods, earthquakes and other natural disasters is often and optional request. However, when they happen you feel relieved you had one.
Computer equipment is vital for the functioning of business. Policies that protect computers not only cover hardware but also software. This means that you will be compensated for the machine you lost, the information contained in it, and how much its absence cost you.
You can also get business insurance for any company vehicles. There are also health insurance plans tailored to the size of your business (benefit: this coverage is an advantage when recruiting good employees).
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Employers Liability Insurance - Protection From Employee Lawsuits
Jul 15, 2009 Home Insurance
Everyone workplace carries risks of accidental injury. In some cases, the operation of the business seems normally benign, whereas other businesses are dangerous because of the nature of their operations. It’s for these reasons that employers liability insurance often is required.
Employer’s liability insurance is designed to shield employers from losses incurred by employees as a result of on-the-job injuries, illnesses resulting from workplace conditions, or death as a result of a work practice or accident.
For instance, it’s to be expected that an interstate trucker driving a big rig with a heavy load could face risks unlike other workers. But what about a file clerk who gets hit when wrestling with an unwieldy metal file drawer that’s been filled with too many folders? That, too, is a workplace liability.
That’s where employer’s liability insurance comes in.
Employer’s liability insurance comes under a classification called “risk financing.” Today many large corporations, and even small- or medium-sized companies, employ people to monitor the business for potential liability and manage its insurance policies. These employees are known as risk managers.
The practice of risk financing, or liability insurance, can be traced back 300 years ago. That’s when shipping company owners in England banded together to create a fund to repay all of the subscribers whose ships went down at sea. This group began at Edward Lloyd’s Coffee House, and subsequently evolved into the famous insurance company Lloyd’s of London. Today many insurance companies have followed pioneering Lloyd’s into the specialty of liability insurance.
By paying a premium to the insurer, the insurer gains protection from what’s known as “third-party claims.” This means a claim brought by someone who’s not party to the contract between the insurer and the insured. In our scenario above, the injured employee could file a claim for lost wages and/or medical expenses against the employer’s liability insurance. In fact, the employer might even help the employee file the claim, rather than have to pay the employee’s expenses out of company revenues.
When an employee makes such a claim, however, the insurance carrier may choose to defend itself and the insured against having to pay. Lengthy legal battles can occur in regards to a liability claim, especially in cases where the responsibility for the injury or illness is complex and uncertain.
Many higher risk employees are engaged in one of the businesses that are typically required to have employer’s liability insurance. Others include building contractors, factories, counselors, physicians and other professionals. The deciding factor in all cases is whether the individual or company engages in a type of business likely to put employees at risk.
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Employer’s liability insurance is one type of liability insurance you company many need, while D & O insurance is another, which protects directors and officers in lawsuits.
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Types Of Small Business Insurance And Why You Need Them
Jul 12, 2009 Home Insurance
Have you just created your own company? Are you ready to start working and making your money? Before you do, here are a few types of small business insurance you need to have.
You will want insurance so you can pay for protection from certain accidents rather than have to go bankrupt because you waited until something does happen. You have insurance on your house, right? How is your business any different? You don’t want to lose it. Go out first thing and get a good insurance agent to work with you. They will most likely find you a package deal that has everything you will need. Make sure they have a good reputation, though.
You should check first on available property coverage. This will protect your building if you own it. If not, your landlord will have the policy. Also able to be added to the structure policy is personal furniture, equipment, software, etc. In short, most anything you own can be covered. If you live in an area prone to either floods or earthquake, that can also be factored in. Liability policies will protect you from damages and lawsuits coming from fires caused by negligence. It also covers things like malpractice suits and general injuries.
You will also need certain types of insurance geared towards your employees. If you have people working for you, worker’s compensation is required by law. This is as much for your protection as theirs. It will cover any medical bills if an employee is hurt on the job. Having good health insurance available is priceless in attracting good people to work for you. This is because it’s normally so difficult to find coverage outside work.
There are definitely many types of risks to small businesses. Fortunately, there is small business insurance to help offset this fact. Find a good agent and get some coverage!
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Your business vehicle insurance covers the vehicles used by your business. This commercial auto insurance is a necessary component of your small business insurance portfolio.
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If You Are A Business Owner, You Need Business Owners Insurance
Jul 11, 2009 Home Insurance
A business owners insurance policy differs significantly from car insurance or medical insurance. Business insurance is vital when owning a business. All assets should be taken into consideration while choosing an insurance. The assets are usually investments that are not paid for, and are needed to help the business function properly.
All personal assets can be joined under a joint policy by a business owners insurance. The coverage which includes personal assets in addition to the business assets will cost a great deal more versus business owners insurance only. The monthly payments will increase dramatically.
Now that a business owner has chosen the right insurance carrier by doing some research on the various companies, there is the application process. The business owner must fill out an application, stating what assets are involved, as well as explaining exactly what the business does, and how many employees are employed. Then a business owner must allow the insurance company to know how much income is grossed annually.
After all these factors are taken into consideration, the insurance coverage provider will calculate an insurance quote. Please note business owners insurance is relatively expensive, and climbs depending on the type of business that is attempting to get insurance. However, these premiums should not be way out of the company budget. An outrageous premium amount could be a clue as to the legitimacy of the business owners insurance company.
All in all, business owners insurance may be one of the many headaches involved while starting a business, however without this type of insurance the business will sink like a rock to the bottom of the poor decisions business ocean. No matter what the circumstances it is always better to be safe than sorry.
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Go online to find the business owner insurance coverage you need for you business. Doing so allows you to compare business insurance rates and coverages quickly and without hassle.
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Every Company Needs A Business Liability Insurance Policy
Jul 9, 2009 Home Insurance
Business liability insurance is important in protecting not only your business but your personal finances as well. Whether your business has a thousand employees, or you are the sole operator, you will need this protection. None of us expect to see someone become injured as a result of the operation of our business. It must however be anticipated is a possibility.
Although none of us like to think about it, it’s important to realize the possibility of accidents. After all, all you have to do is pick up a newspaper or turn on the TV to see that they are a regular occurrence. Without business liability insurance business owner will be responsible for any accidents that occur. This could mean financial disaster both personally and for the business.
One particular private business owner had an employee operating machinery in a restaurant where he had been hired to perform a contract job. This employee tripped a circuit, and all of the restaurants electrical power was cut off. Needless to say, this was not a big deal, as the restaurant was not open at the time. This worker simply reset the circuit and everything seemed fine. Two days later the contractor received a phone call from the restaurant’s owner. It seems that when the electricity was restored, the lobster tank had not been turned back on, and all of the lobsters had died.
We all know that in this day and age every medical procedure is very costly. Without insurance, could have become a sizable loss for the restaurant.
Both people who offer private services, and those operating large corporations, will certainly need to carry business liability insurance. Without it, most of these businesses would not last for very long.
Before opening your business, you will want to remember to obtain business liability insurance.
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Every company needs some form of business liability insurance to protect itself from the risks faced every day. With general liability business insurance, you have protection against most common legal liabilities.
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