Claim Confidence Kit

People in a meeting.Did you know that nearly 54,000 non-construction laborers were injured or suffered workplace related illness in 2011 according to the U.S. department of Labor. Despite statistics such as this one people don’t think it can happen to them but accidents are fairly common and the best way to manage situations such as these is to be prepared. A lot of people get lost in what is covered, what isn’t covered, and under what conditions.

Policies can be confusing and it is common to purchase a policy and then “forget about it.” Three things can that help deal with an auto, home or workplace accident are understanding the policy, having the right tools on hand, and knowing the steps to take immediately following an accident. If the proper steps are not taken or the details of the policy are not known then this can make it more difficult for the policyholder and the insurance company. This can lead to a long difficult road to getting everything squared away.

As an independent insurance agency it is our job to provide guidance on how to safeguard your business from accidents and understanding that they can occur. It is also our job on to prepare you in order to minimize their negative effects.  Our “Insurance Confidence Kit” helps you evaluate your policies, prepare yourself, and your business with the right tools and take smart steps should an accident occur.

By: Niklas Almström, Insurance Advisors

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Free Insurance Claim Confidence Kit

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

Property Insurance: Tips for Owners

Tips for Property Owners:

Property owners can often overlook the potential for losses to or on their property, but it is something that needs to be considered. When a property owner understands the risks, they can be managed better. Some scenarios to consider include:

  • Fire- A grease fire starts in a restaurant in your building and spreads damaging tenant’s contents.
  • Third-party injury or illness- A patron slips and falls in the parking lot, spraining her ankle.
  • Vacancy- Your unoccupied building is vandalized, and there is theft of stored equipment.
  • Natural perils- A tornado sweeps through town, damaging your building and your tenant’s goods.

How can you reduce your risk?

A well designed lease agreement can assist in transferring responsibility for payment due to bodily injury of property damage to the legally responsible party. When evaluating your current lease or other formal contract, check to ensure your agreement includes these:

  • Drafted by knowledgeable counsel and reviewed by your attorney signed by all tenants
  • Authorizes you to develop, change and enforce rules and regulations for the premises
  • Clearly defines which areas you control and which tenants controls
  • Contains provisions regarding use of hazardous substances, dispensing of liquor and other activities that increase the risk of loss
  • Defines the maintenance obligations of all parties while specifying the scope of the operations and the steps you will take if the tenant defaults on these obligations
  • Some property owners require their tenants to hold a Renters Insurance policy

While it is your duty as the property owner to live up to your obligations, it is also smart to make sure your tenants take responsibility for their actions and premises upkeep. By having a clear cut, easy to understand legal binding lease or contract, everyone understands what is expected of them and you at the property you own and who is responsible in the event of a loss.

Get your free property insurance quote today!