Liability Insurance

 What does Liability Insurance it cover?

Man in suit slipping on a banana peal.A general liability insurance policy is something that all businesses need. General liability policies reduce the risk of exposure by protecting businesses from personal injury and from property damage. By the business’s actions either not doing or not doing properly. General liability insurance is meant to cover property damage, personal injury bodily injury, and unforeseen circumstances. These could affect the business or work product. General liability will not cover things such as failure to perform duties to your industry standard, professional negligence, or product liability.

People often say that they are excellent worker in their craft, they go above and beyond all the time, but even with all the hard work and cautiousness, accidents still do happen. Even the best workers have off days, may become distracted or clumsy, and that’s all that is needed in order to be wiped out if they don’t have coverage.

Apart from all of that, even if the worker is always perfect at their craft, it is very possible that a client or customer says that the work or product caused them pain and suffering. Even though that client or customer could be completely wrong or just filing a claim in the hopes that you’ll settle with them, that in itself is enough to cost a fair amount in lost time from work, lawyers’ fees, or court expenses. That could be enough to drive the company into debt.

A handful of the types of businesses that most likely need errors and omissions policies include realtors, doctors, accountants and computer repair people. To avoid situations such as this talk to a licensed insurance professional for help in determining what coverage or coverages are needed in order to be protected from these risks.

Learn about Employment Practices Liability (EPL) Insurance.

By: Niklas Almström, Insurance Advisors

Determining the Proper Business Insurance Coverage

Proper Business Insurance Coverage

meeting with commercial insurance agentTrying to determine coverage without the help of a commercial insurance professional can be a daunting task. You need to take the time to meet and discuss insurance needs with the proper information to get maximum value and protection in coverage. Here are some ways to simplify and maximize your time and efforts in determining the proper coverage needed for your business with your broker. Here’s a list of items and documents you should have with you when you meet with your insurance professional:

Business Location(s) Information

Copies of all leases and landlord information
Construction and building types
Square footage / floors
Additional locations where employees may be contracted
Equipment and materials inventory

Vehicles and Equipment

Make, models and color
Mileage and title(s)
Vin numbers
Titles and registrations to any trailers and road equipment.
Approved drivers list with drivers license information

Owners, Officer’s and Employee Information

Names
Spouses and children
Addresses
Date of birth
Social security numbers

Banking and Financial information

Bank records
Cash flow/Profit and Loss statements
Loan documents
Present insurance declaration pages
Attorney and CPA contact information

Putting together this information and updating it annually will save you time when meeting your insurance agent it will also serve as a great review for your business. Taking the time to meet and discuss insurance needs with this proper information will get you the maximum value and protection in coverage.

By: Niklas Almström, Insurance Advisors, Inc.

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