Business Insurance Quotes

Posts Tagged ‘Coverage’

Commercial General Liability Insurance is one of the most commonly purchased types of small business insurance. But many small business owners still have lots of questions about what it is, why it’s needed, and how it works. Here are answers to the top five questions we hear from our small business clients about general liability coverage.

1. What does general liability insurance cover?

General liability insurance covers claims of bodily injury or other physical injury or property damage. In the event of a covered lawsuit, such policies will typically pay for a legal defense as well as compensatory, general and punitive damages.

A typical general liability insurance policy covers:

- Bodily injury and property damage liability: If a visitor is injured on your premises, or you or your employee injures some or damages property on your client’s premises.

- Personal and advertising injury: Certain offenses you or your employees commit in the course of your business, such as libel, slander, disparagement or advertising copyright infringement.

- Medical expenses: Applicable medical costs if someone is injured and needs medical treatment due to an accident on your premises.

- Premises and operations liability: Bodily injury and property damage sustained by others at your premises or as a result of your business operations.

- Tenant’s liability: Claims of damage due to fire or other covered losses caused by you to premises that you rent.

Please note that this list includes typical coverages afforded under some policies. Be sure to examine your own policy carefully for any exclusions, limitations, or any other terms or conditions that may affect your coverage. The terms and conditions of your policy will prevail.

2. Why do I need general liability insurance?

Even if you don’t expect to ever face a claim, General Liability Insurance is a smart, inexpensive investment in your company’s future. Accidents do happen, and people who are injured or whose property is damaged will expect compensation. Although such accidents may be no fault of your own, you’ll still be held financially responsible for them, and it only takes one such incident to break the bank for most small businesses.

In the event of certain types of lawsuits, even if you feel you’re not at fault, you’ll likely spend a hefty sum trying to prove it in court. For covered suits, general liability insurance pays for a legal defense and any settlement award, up to the limits specified by the policy.

Additionally, many client companies will have contract requirements that mandate that their business partners or vendors carry general liability coverage. Such contract requirements protect the client from incurring any costs in the unlikely event that someone or something should be injured or damaged in the course of your business relationship.

If you’re still not sure if you’re one who needs general liability insurance, there’s no cost to speak with an agent or broker for advice and a no-obligation quote.

3. How do I determine how much coverage I need for my business?

Your insurance agent or broker can help you assess the potential liability for your business, which varies depending on the type of industry your business engages in, as well as other factors.

Your location is one consideration, as courts in some states have historically made higher damage awards than those in other states. Businesses in those states may wish to consider carrying general liability insurance with higher coverage limits.

Lower-risk businesses, such as accounting firms or IT consultancies, may feel comfortable with lower coverage limits, while businesses in higher-risk fields, such as construction, may need more coverage. For small businesses with less risk, a combined general liability and property insurance package may be a cost-effective option. Such dual policies are known as a Business Owner’s Policy or BOP.

4. I’m worried that the coverage limits on my general liability policy aren’t high enough. What can I do to be sure I have enough coverage if I get sued?

If you’ve got a $1 million general liability policy, but you’re worried that you’ll be sued and your legal costs and court-ordered settlement could be even higher than $1 million, you may wish to purchase an excess liability insurance policy. What is this type of insurance? Also known as umbrella insurance, excess insurance is an inexpensive way to provide additional coverage when the limits of insurance on an underlying policy are exceeded.

For instance, if you have $1 million in general liability coverage, but a court orders you to pay $1.5 million in compensation, the right excess insurance policy would pay for the difference of $500,000. In addition to general liability policies, an umbrella insurance policy also adds coverage to your hired and non-owned auto liability and employer’s liability insurance policies, at no additional cost. However, umbrella coverage does not apply to professional liability insurance.

For contractors and consultants, some clients require excess liability insurance in their contracts to ensure that their vendors are financially capable of paying a large damage award in the event of a lawsuit. Client contracts may also require other types of insurance, such as professional liability or workers’ compensation.

5. How can I reduce my risk of having to file a general liability claim?

While it’s good to have general liability coverage, it’s even better when you don’t have to use it. There are several ways you can cut your risk exposure and reduce the chances that you’ll face a lawsuit:

- Provide proper training for all employees and subcontractors.

- Institute safety policies, processes and procedures appropriate for your line of work.

- Inspect your place of business for hazards that could result in injury.

- Maintain your office space, furnishings and equipment in top condition to reduce the risk of injury or property damage.

- Ensure that smoke detectors are operational and emergency exits are clearly marked and unobstructed.

- Restrict access to hazardous areas or equipment to authorized personnel only.

Ask your insurance agent or broker for additional tips on how you can reduce your risk.

I recently changed auto insurance companies not too long ago. In the time that I had my previous plan I had forgotten how complicated and complex picking out the services and coverage you want really was. I looked online to some auto insurance quotes from several different companies and all of the percent of coverage and lists of premiums and different options of types of coverage just blew me away. I had no idea what I was looking at or what I was even looking for. Sure I read all of the descriptions of each coverage, but I still wasn’t clear as to what I was getting. So I did what anyone would do, I guessed.

I don’t recommend guessing as a final step, but I do suggest it for price shopping. You can select a few options you do understand and want and see what kind of price you come up with. After a while, I simply picked out one or two companies that I felt had decent prices, but were still reputable and, I felt, trustworthy. I called one of those companies and actually talked to a person. It made things way easier. I could ask the agent what each term meant, and if I still didn’t understand, I would ask again. I got every answer that I wanted. I would recommend doing this whether you are looking for a health insurance, auto insurance or renter’s insurance quote.

Now you have a choice. You can either set everything up over the phone talking to that person and a lot of time you can get some deals (also, if the company had a “online discount” mention it and often they will give it to you over the phone) or simply write down the coverage that you wanted and discussed and do it online or call the other company. It just made the experience easier and more relaxing knowing you got the coverage you want and need. So always call after going online to get free insurance quotes.

Small business insurance will ensure that you are adequately covered and protected from the various different liabilities that can be brought against you. The best thing about these small business insurance quotes is that they are there to meet your specific needs and requirements. They can be customized further in order to be able to ensure that you have adequate coverage from a good carrier company at the right cost.

The easiest and most convenient of ways for you to go about and get a small business insurance quote is to log on to any of the zillions of websites and fill in a form that will ascertain the kind of business that you run and the risks that are inherent to it. then within a matter of minutes you will get in your inbox the best of personalized quotes that will enable you to take the right decision.

The way the Small business insurance quotes work is that qualified staff with a great amount of expertise and experience work along with the best of tools and resources to get you the best comparative analysis. This will ensure that you are able to understand the best of this complex subject in the easiest of manner.

The right Commercial General Liability Insurance will get you the basics of small business insurance coverage for a very minimal amount. This can sometimes work out to a cost of only about $1.50 per day. This is certainly an extremely small amount to pay for the kind of coverage, protection and peace of mind that you get in return.

The general liability insurance is the main cost of your business and will work out to be a substantial overhead cost for the business. Therein the small business owner needs to take care that they check the proposal careful and ensure that it meets their needs before they go ahead and sign on the dotted line. Any wrong step here by the business owner and they will end up paying more in coverage when they aren’t in need of those specific extras that they have been sold.

The Small business insurance ensures that the policy that you get is the right one and is tailor made for your business’s liability linked future needs. The coming of the internet has made this such an easy option. At any time of the day or night, the business owner can log on to the website and with a few clicks, the filling in of the form and they can get the personalized quote delivered to them without having to pay a single dime. All these services are absolutely free. The small business can certainly benefit a great deal from this endeavor. The money thus saved can be utilized in the growing of the business and making wise and judicious decisions to ensure a steady stream of revenue and continuity. This will have a far reaching impact on the business.

Get the best small business insurance by clicking here!

Texas Auto Home Insurance makes it easy for Dallas companies and individuals to get the insurance quotes they need. Our online quotation process makes it easy to submit confidential information at any time, day or night. We expeditiously process this data and prepare a preliminary number for the person or business to consider. There are several types of insurance quotes that Dallas residents can expect very rapid feedback on.

Auto Insurance Quotes- Dallas, Texas

To get the best automobile insurance quote in Dallas, it is necessary to work with an agent who will base that quote on more than a simple community rating. Such an agent will look below the surface of the raw data provided and seek to develop an individual rating based on a person’s driving record and claim history. Such an agent, like those found on staff here at Texas Auto Home Insurance, will have underwriters on hand who are interested in working with such individuals, and who are willing to write policies for a diverse customer base.

Motorcycle Insurance Quotes- Dallas, Texas

Bikers want coverage that is necessary and fair. The last thing they want is to be oversold on policy line items that are not needed. Motorcycle riders need an agent who knows something about bikes and the risks that people who ride them need protection against. Keeping a young biker “legal” is the foundation of our policy writing. Adding to that basic indemnity against theft, vandalism, and malicious mischief may sometimes be recommended as alternatives to collision insurance that a young person simply cannot afford.

We never force coverage options on a customer, but rather explain the facts and give our best professional recommendation.

Tenant Insurance Quotes-Dallas, Texas

People living in apartments are many times neglected by insurance agencies who are more interested in larger portfolios involving homeowners. TAHI has a different philosophy. We want Dallas renters to have the same coverage for their belongings as those who own houses. Few renters’ insurance policies cost any more than $90.00 a year. Such a small investment can protect up to $20,000 in content coverage. There really is no reason not to make this investment-especially when we can help you do it with zero money down in many cases.

Home Insurance Quotes-Dallas, TX

Dallas homeowners must re-evaluate their Homeowners coverage on an annual basis to be certain they are not exposed to losses that aren’t covered. Our agents will provide free coverage evaluations with each insurance quote. Dallas residents often have for jewelry, furs, and fine arts recently whose value can fluctuate in the marketplace. Have you reassessed the value of your possessions recently? Have Do you know the cost per square foot to rebuild your house?

Know where you stand before the loss by letting TAHI will make certain you have the coverage you need. Call today for a free quote and coverage evaluation.

Business Insurance Quotes-Dallas, TX

Business owners in Dallas are so consumed with their business operations; they seldom take the time to pursue insurance quotes. This results in either the wrong type of coverage, gaps in coverage, or inappropriate coverage. For example, many Texas contractors still have personal insurance on the vehicles they use in their businesses. The amazing thing about TAHI is we can normally provide business and commercial automobile insurance for pickups and SUVs for the same amount as personal auto insurance. We make is so easy and cheap with the very best carriers in the business. Don’t wait, call today, or, if you are too busy to call, use this quote form.

Insurance is a part of business expenditure. Insurance play a significant role when the business is an at home enterprise or small business and, insurance premiums can increase by as much as 30% in a year.

Every small business owner needs insurance to protect his or her interests. The internet is a valuable resource that will serve as a guide to business owners and help them determine their insurance needs and ways in which to get the most comprehensive small business insurance coverage. As a small business owner it is important to make informed decisions about business insurance.

Instead of struggling to pay business insurance premiums you need to find ways to reduce intelligently your business insurance costs.

1. Educate yourself on aspects of business insurance and study your coverage to determine where you can make savings. Think about aspects like higher deductibles or umbrella insurance coverage.

2. Many professional organizations and associations strike deals with insurance companies for group rates. Find out whether the Chamber of Commerce or other organization of which you have a membership has insurance plans on offer at competitive rates. Determine costs of membership of such organizations against benefits on insurance and other business related aspects.

3. Study your business organization and find out ways in which you could reduce insurance costs. Often simple methods like regular machinery maintenance, installation of alarm /security systems, enrolling fleet drivers in defensive driving courses and so on can reduce your insurance liability.

4. Know what insurers consider as risks in your line of business and find ways to reduce/eliminate risks. Business insurance premiums are based on risk calculations among other aspects.

5. Study insurance norms and find out how business liability premiums are calculated. Often changing the location of your business or warehouse can reduce premiums.

6. Buy small business insurance from reliable insurance companies by doing a comparison of costs and products. Online insurance websites have tools that provide multiple quotes and enable instantaneous comparison of business insurance costs and coverage.

7. Check with the insurance company about business insurance packages. Many leaders in the field offer a business insurance policy that combines property, liability, loss of income, records insurance policies, business vehicle insurance and more.

Before insuring your business check your options with organizations like the Better Business Bureau and SOHO which offer business insurance discounts. Also check what the laws are regarding business insurance. In case of doubt, check out options with an insurance agent.

Every small business owner will need: property insurance; contents insurance; liability insurance and employee benefit plans; disability insurance; business interruption insurance, buy-sell insurance; and key person insurance.

The Beginners Business Insurance Quotes Guide

Each business needs to make sure that they obtain insurance, no matter what category of business they are in. business insurance is extremely essential, and depending upon the coverage and the type of business, can help to keep the small business from going bankrupt!

The best way to go about obtaining small business coverage is by first locating business coverage quotes. This is as like finding a quote for your homeowners coverage or your car coverage. We have all experienced this, and there’s nothing different about getting a business insurance quote. However, you will have to verify that you get your quotes from a superior agency that offers business coverage. Not every good agency offers this sort of coverage.

Finding Small Business Coverage Quotes

In order to track down an insurance agency who does offer business insurance coverage, you could explore the phonebook, ask somebody, or Google it. These are a few of the ways to locate business insurance agencies. Don’t just stop at one insurance group. Make sure that you locate more than a few different insurance agencies so that you can do some comparisons later.

Obtaining Business Coverage Quotes

Locating first-rate coverage quotes is the following step on your new found list. In order to acquire these kinds of quotes, you need to contact the several agencies that extend this type of coverage that you found during your previously mentioned search.

Be ready to offer up information regarding your small business. Don’t be under the impression that the particular agent is getting too “nosey”, either. They will have to collect a lot of information about your business in order to make sure that you have the exact kinds of coverage and at the right coverage amounts. You don’t want to get caught without having enough coverage. No, there are no laws that preside over this, in most cases; it really just depends on the nature of small business that you run. For instance, if you have a manufacturing small business, you would definitely want to make sure that you attain product liability insurance, which is an insurance that covers the business in the event that the company gets sued because of a flaw in the product (or something along those lines) that has caused the user to get hurt. This form of business insurance coverage could mean the difference between the small business losing it all or being able to pay the award to the Plaintiff and continue business operations.

The agent will then decide the kind of insurance that your business requires and check on the prices of that insurance through the different companies that the business uses. Once they have the price back, they will then offer you a small business insurance quote. However, this isn’t the only way to go about this. Nowadays, you can get business insurance quotes a lot simpler and faster through searching the Internet. And, at times, you may even be able to have one site compare prices on different business insurance quotes from a variety of different insurance companies. This will help you save a lot of time trying to locate the correct business insurance quote that will match your needs. This in case something happens in your small business, the impact on your company will be small both monetarily and physically.

To obtain a business insurance quote from a trusted professional contact Cornerstone Insurance by phoning 909-941-9080 or visit http://www.cornerstoneinsurance.org. Phil Hakopian will provide you with great customer service and all the information you need to make a well informed decision about your insurance needs.

Think of business insurance as the copper solder that fuses a plumbing joint together; if the joint leaks, there can be major ramifications. The same holds true with business insurance; if you don’t have the coverage that a backflow prevention contractor business really needs – you’ll watch those profits flow right down the drain. You personally cannot control or eliminate every potential risk that threatens your livelihood, but business insurance can provide the added protection against these risks … if you carry the right kinds.

Choosing the right policy with all of the appropriate coverages can be a challenge when you are a backflow contractor/technician. Bob Smart, commercial lines director of Compass Insurance in Highlands Ranch, Colorado, states: “Everybody wants to lump each backflow contractor/tester/tech into the plumbing category, when in fact they are not all plumbers; that was my point of contention with the insurance carriers. I explained to Hartford [insurance carrier] that the backflow techs test the backflow apparatus – then they make a report on the valve they tested or they repair or replace the valve. They are not going in and tearing out water lines or sewer lines.

“What Hartford did…was to cover these backflow techs under an engineering class because it’s obviously more about reports and paperwork,” he continues. “I had over 30 backflow techs insured through Hartford under this engineering class and never had one claim.” Hartford has since modified this particular class of coverage with regards to backflow techs and currently does not cover backflow techs that work on fire lines, i.e., sprinkler systems, suppression systems; supplementary coverage is required or a different class should be selected.

Find an agent who understands your business.

A key component in selecting insurance coverage for a backflow contractor/technician/tester is to make sure that your agent fully understands what it is that you do and don’t do in the course of your work day. “If one agent wants to place you in the plumber class – which can cost upwards of five times the annual premium of let’s say an engineer class – find an agent who is willing to listen and really understand your business, “ says Smart. “If all you do is test backflow apparatus, then you shouldn’t be placed in a plumber class.”

Regrettably, insuring your business is not as simple as insuring your car. Because this business is unique, you’ll need to draft a package of insurance that meets your business needs and provides the level of protection you’re comfortable with.

Your first decision is to decide which types of insurance your business needs. Two types that all businesses need are property and liability insurance.

Property and Casualty Coverage

Property insurance protects the assets your business owns, including the building and equipment, from destruction or damage. Even if you run your business out of your home, you’ll need to protect your business assets with separate property insurance; your homeowner’s policy will not cover business equipment. There are two general types of property and casualty coverage: All Risk Coverage and Named Perils Coverage. As the names imply, “All Risk” will cover you for almost any type of loss whereas “named peril” coverage will only cover you for specific named causes of loss, such as fire. You need all perils coverage. Even with so called all peril coverage there will be exclusions. Make sure and review the exclusions in the policy. If there are exclusions in the policy that are important to you, you may want to try another insurance company or purchase specific coverage for the excluded situations.

Property insurance is also written as either replacement cost or actual cash value. The first will cover the actual cost necessary to replace the lost property (less the deductible). The actual cash value policy will only pay you the depreciated value of the property — almost never enough to replace what you have lost. Unless the cost is prohibitive, you should purchase replacement cost coverage. Even with replacement cost coverage you will need to make sure you have purchased a high enough limit. If your building and contents are worth $1.5 million and you only have $1 million in insurance, a total loss would still leave you $500 thousand in the hole.

To determine how much property insurance you’ll need, create an itemized list of your business’ assets and their individual dollar values. Then decide which assets you actually want to insure and for what value, which will determine the insurance premium. In some cases, you may decide against insuring a particular asset, because it just doesn’t warrant the cost of the premium. In other cases, the premium may be well worth paying.

General Liability

Liability insurance is the other kind of insurance no business should be without. General liability is just that — very general in nature and protects your business from liability arising from negligence on your part that may cause injury to others, such as a customer or employee. It also protects your company if someone is injured as a result of using your service. When you consider that the legal expenses, settlement or judgment expenses of a single lawsuit could drive your business into bankruptcy, you’ll see why this kind of insurance is considered a “must-have”. Also check whether or not your general liability insurance policy also covers product liability for the valves you may be replacing. If not, you’ll want to add this type of specific liability insurance to your package. You should include “Errors and Omissions” coverage which protects you in the event you are sued as a result of a mistake in your work.

What limits of General Liability should you purchase? According to the Insurance Industry at-large, the absolute minimum in this day and age should be $1 million; most businesses should consider increasing this to $2 or $3 million. The good news is that insurance is not priced on a straight line basis. Since smaller claims are much more likely than large ones, the first $1 million in coverage will cost the most; an additional $1 to $2 million will not cost double or triple the amount.

Different types of liability coverage have developed over the years do address specific business needs. When buying a liability policy, you should be aware that there are two types of coverage, occurrence coverage and claims-made coverage. Occurrence coverage is more expensive but covers you based on when the loss happened, even if it was many years ago. Claims-made coverage only covers you while the policy is in force and the claim is made. With occurrence coverage, as long as you always have some policy in force, you will not have gaps in coverage. With a claims-made policy, it is possible to have gaps when you have not coverage in force.

Commercial Auto Coverage

If you use any vehicles in your business, you need commercial auto coverage. Personal auto policies generally exclude coverage if the vehicle is used in business; be sure to read your policy or ask your agent. Otherwise, vehicles used in business need business auto coverage. The good news is that commercial auto coverage is usually very competitive and can even be cheaper in some cases than personal auto coverage. As is the case with General Liability, you should purchase at least $1 million in limits.

Worker’s Compensation

If you are a backflow contractor that employs other backflow techs in your business, Worker’s Compensation is insurance you will want to carry. It is surprising that this is often the most misunderstood business insurance coverage since it covers exactly what it says. This coverage reimburses workers who are injured on the job for lost wages, medical and rehabilitation costs. It is required by law in virtually every state. Generally, there are two aspects of this coverage: the first covers the lost wages and medical costs of the injured employee; the second covers the employer’s liability should the injured employee or his family decide to sue. In most states the worker’s compensation system is the sole remedy for an injured worker. As a small business owner you will likely have the option of excluding yourself from worker’s compensation coverage in exchange for a reduction in your premium. Weigh this option carefully in light of your personal medical insurance, which may have an exclusion for job-related injuries.

Business Interruption Insurance

Additionally there is insurance business owners may also want to purchase to protect their businesses from incurring the kinds of losses that can close their doors: Hurricane Katrina is just one example of an unforeseen natural disaster that could force you to suspend your business operations; floods, tornadoes, and wild fires are other examples. Or, on a more commonplace level, your business could be the victim of vandalism or theft. Business Interruption insurance protects you from the loss of revenue incurred when you’re forced to close down. It usually has an interesting deductible based on the number of days you are out of business rather than a dollar amount and will generally only kick in after your business has been down X number of days. The premium for this coverage will be based on your business income and reimbursement will be made according to your average of income.

Umbrella Insurance

Is it actually possible for you to buy an insurance policy that can save you money on other insurance policies? It is and an umbrella policy is a great example. An umbrella policy is a type of liability coverage that protects you if there is a judgment against you that is larger than your limits of coverage in your General Liability or Commercial Auto policy. The good news is that since the umbrella policy is secondary, the premium can be very inexpensive. What is even better, it may be possible for you to lower your limits on your General Liability or auto policy to something less than $1 million, purchase a $2 to $3 million umbrella policy and save money overall.

Disability Insurance

Since you’re a business owner, you should also carry some kind of disability insurance. There are various kinds of disability insurance available that are tailored to the needs of business owners. All of them involve paying premiums now to cover your lost income if you become disabled or unable to carry on your business. If your business is dependent upon the expertise or knowledge of particular people in your company, you should also consider key person insurance. This type of plan helps to compensate a business for financial losses due to the death or long term disability of a key person. The insurance provides additional funds to the business until the key person can be replaced, or until he or she returns to work.

Business Owner’s Policy

Properly covering your business is a complex task, involving multiple policies each of which has its own limits and exclusions. Many small business owners can satisfy many of these through a package policy known as a Business Owner’s Policy or BOP. Often the BOP policy is priced very competitively and allows some level of customization through purchasing of additional limits and coverages. It is only available for businesses up to a certain size – ideal for a small backflow contractor — and varies from carrier to carrier. You should ask your agent.

Reading an insurance policy contract can be a daunting task. Their structure can be very confusing and they are loaded with special definitions. Despite this, it is critical that you understand your coverages; your agent can help. However, when all is said and done, just like everything else in your business, the final responsibility rests with you, the owner.

Being a successful business person means being able to anticipate events and plan for the future. Business insurance is one way of ensuring that you’re in control of your future rather than being controlled by it. Unfortunately, there is no generic plan that will meet every small business person’s needs. You’ll need to shop around, just as you would for any product, to get the business insurance that’s most suited to you as a backflow contractor.

Disclaimer

This article is intended to provide general information on commercial insurance for educational purposes only. The material here is not intended to provide specific recommendations for any individual business or type of business. Insurance is regulated in each state by that state’s Department of Insurance. Only a licensed Insurance Agent or Insurance Broker in your state is qualified to provide you with advice on your specific business insurance needs.

The purpose of small business insurance coverage is so that  a business can transfer a risk that they can afford, for example an insurance payment once a month, for a risk they cannot afford, which would be a lawsuit claim against their company.

A small business normally brings in an attorny and accountant when just starting off to set things up correctly.  They also need a small business insurance agent to help in that aspect also and just as important.  A lot of times it makes it easier if they can combined all their insurances with one company.  Many insurance companies give very good discounts when you combine your plans and have everything with the one insurance company.

Small business Insurance Coverage is not only a neccesity as we have said, but it will also assist in others ways also.  Just having the insurance can open up doors and relationships with certain other small business that you might not have had if you didn’t have complete insurance coverage.

Many businesses feel comfortable starting a business relationship with other businesses who are fully insured and can prove it, this provides them with a secure feeling about your business, something that money cannot buy.

For example a business real estate firm will sometimes only lease to other small businesses with complete coverage as to protect their assest which is the land and building.  Small business Insurance coverage is not always cheap but it is an investment that you and your business should never do without.