You already know that running a business is hard, but for many it’s a labor of love. That’s why it’s important to protect what you love with the right insurance, and these are the three reasons you should consider a business owners policy.
You Have Inventory or Assets
Whether you manufacture a product or sell a service, the things your business owns need coverage in the event of a loss. Your assets can include things like equipment, raw materials or product inventory, but they also include intangibles like customer data and other digital assets.
You Have a Physical Location
Your office, workshop, warehouse, and any other physical location are vulnerable to natural and other disasters. If you have a place where you conduct your work, a business owners policy can provide coverage for repairs to the structure to get you up and running as soon as possible.
You Are Vulnerable to Lawsuits
Another component of the policy is liability coverage that shields your business from lawsuits. Legal action can arise from many aspects of your business. A slip and fall at a physical location can result in a customer’s injury, but so can a faulty product or a data breach at your company. Liability insurance often provides defense costs as well as indemnification for the injured party.
Building a business is hard work. Protecting your business doesn’t have to be.
If you are shopping for insurance policies, the types of coverages that you require depend heavily on what you need it for. No matter the type of insurance coverage that you have, you should always consider excess liability insurance. Excess liabilty insurance can be extremely beneficial. Here is what you need to know about excess liability.
What Is Excess Liability Insurance?
Excess liability insurance can be used for businesses, homeowners and more. Essentially, excess liability insurance boosts your underlying policy limits. For instance, if you have general liability insurance but someone is injured and those injuries exhaust your policy limit, your excess liability will cover it too. Excess liability affects coverages that you already have.
Do You Need Excess Liability Insurance?
There are specific risk factors that make excess liability insurance important. Some risk factors include:
- Owning a swimming pool
- Having a dog
- Driving a vehicle regularly
If you consider your exposure to liability risks to be high, then you need to consider excess liability coverage. To find out if you need excess liability, you can always ask your insurance agent for advice.
All insurance policies have a limit. Sometimes, your injuries or damages can extend beyond the typical insurance policy. Excess liability insurance solves the problem.
You work hard to provide your clients with the best services available and your company has taken the necessary steps to prevent and detect errors and omissions during the brokering process. However, the duties of a mortgage broker are many and varied, and mistakes do occasionally occur. These can easily lead to costly lawsuits, which is why errors and omissions insurance should be a component of your company’s risk management strategy.
What Does It Cover?
Professional indemnity for mortgage broker typically covers a wide range of errors and omissions arising during the performance of your professional duties. Examples of common claims include:
- Inaccurate counseling or advice
- Failure to disclose or wrongful disclosure of terms
- Unlawful foreclosure and eviction
- Perceived discrimination in underwriting
- Incorrect ARM adjustments
Are There Any Exclusions?
While E&O policies provide protection from many different claims, there are some exclusions. These primarily result from deliberately unethical or illegal actions. A policy will not provide coverage if a claimant proves that you or your company has, for example, engaged in intentionally dishonest or fraudulent acts or that there has been a conflict of interest from which your company has profited.
Despite these few exceptions, errors and omissions insurance provides vital protection from potentially expensive litigation. An expert in professional liability insurance can ensure that your brokering company is prepared for any eventuality.
It is surprising how often you hear stories about how someone chose the insurance company that covers his or her company, home, or life. Perhaps the individual knew the agent in school, or his or her parents used that company. Remarkably, very little thought often goes into selecting and retaining a company that may be insuring part of your future.
Making a wise decision regarding the right insurance firm can be difficult because of all the insurance storefronts in most towns. Another problem for many small businesses or startup owners is the time it can take to interview companies and compare rates. Program Business understands the problem many company owners can face, so the indemnity company put together a list of insurance storefronts to simplify the search.
Understanding the different types of insurance programs available, and if you will require specialty or add-on insurance policies is the first step in locating insurance in your area. Do you require off-site insurance, a construction policy, employee operation terms, or inland marine coverage? Once you decide the type of coverage you need, you can begin discussing deductibles and premiums.
One thing you should remember is that the agent may cover you with a package of insurance, but he or she works for a company – not you. Discuss claim methods and payout processes to understand the business better before you decide on an agent that will protect your future.
As a business owner, it’s your responsibility to make sure your employees receive the insurance coverage they’re qualified and entitled to receive. The better your insurance offerings, the more likely you are to attract good employees that will stay with you for the long term. One of the policies you can potentially save money on is an accidental death coverage policy. Since it can frequently be combined with a group life insurance policy, accidental death and dismemberment (AD&D) plan can be quite affordable.
What Are the Details?
AD&D insurance from iSure Insurance covers the unintentional dismemberment or death of the person insured. Dismemberment can include the loss of use or complete loss of certain functions or body parts. Loss of eyesight, limbs, hearing and/or speech would all fall under accidental death coverage. The policy will pay benefits (on top of any life insurance benefits) if the insured dies accidentally. Policies are designed to be renewed periodically.
Are There Exclusions?
Every insurer has a list of circumstances that are excluded from accidental death coverage. For example, many policies will not cover death by suicide, illness, war injury or natural causes. However, traffic accidents fall, homicide, drowning and heavy equipment accidents are typically covered. Talk to your insurance agent to find out what exclusions are included in your policy.
A laundromat is a hub of activity from the moment it opens to long after it closes. While as a business owner or manager you may want to be onsite making sure nothing happens at all time, accidents can happen in even the safest locations. That why it is imperative to acquire coin laundromat insurance as soon as possible. With just a few of these types of relevant policies, you can better protect your laundromat at all times.
Washers, dryers and other equipment are the blood of a laundromat. If there are frequent machine breakdowns, clients can feel frustrated and move to another local laundromat. Equipment insurance can help in case of damage or breakdowns depending on your insurance contract.
Dozens of clients come and go from a laundromat. Each customer is also usually maneuvering around a laundromat during their time there. Now, imagine what would happen if one of these clients slipped on a spill or water puddle on your premises? These days, a lawsuit is likely to follow. Thankfully, general liability insurance is there to help with any medical or legal expenses that may arise.
You can never go wrong with flood insurance. Having a policy built for the risks of a laundromat can save you big time over the years.
Make sure to consider employment practices and property insurance in your coin laundromat insurance package.