Business Insurance Quotes

Posts Tagged ‘liability’

I’m doing a business plan project for class and I was wondering if anyone knew how much commercial equine liability insurance cost. I can’t find a quote online.
Also if anyone knows any “hidden” expenses of running a stable that many people don’t usually think of please let me know.

Thanks!

I am starting a small technology business (computer repair, HDTV repair, etc) and I want to get a SMALL business liability insurance policy. I have contacted 2 local brokers & 2 online brokers, and the smallest I have seen so far is for $300,000; with the online ones having a minimum of $1,000,000 each.
I want to assume most of the risk myself; but want to get a policy that covers only $50,000; or perhaps as little as $10,000.

Does anyone know where I can go to get a quote on such a policy?

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.

When you are in business it’s important to have the correct business insurance and this applies to tradesmen.  Whether you own a medium to large building company or you operate as a sole trader or you’re involved in a partnership, the right business insurance will provide you certainty for the future.

Business insurance can be as broad or as defined as needed by business owners, and it can be bundled or packaged to include business insurance products such as general property, public liability, tax audit, transit and statutory liability.Look for a Business Insurance pack that covers all of the above.

While most tradesmen are familiar with general property, public liability insurance, tools insurance and commercial vehicle insurance they may not be quite so familiar with tax audit or statutory liability insurance. We’ll get to those later…first we’ll recap on the others.Business Property Insurance is essentially insurance cover against loss or damage to buildings, contents and stock which might be the result of fire, storm and water.  Theft from your premises is also included for your contents and stock.

It includes breakage to glass from a fracture extending through the entire thickness of the external or internal glass.  It also covers buildings owned by you or for which you are legally responsible and this includes fixtures, fittings and underground or above ground services, walls, gates, fences and all other structures improvements at that location.Your Business Insurance property insurance will also cover alterations and additions to buildings, during the course of their erection and which are commenced during the period of insurance.

The Trades Business Pack property cover should also include contents used in the business and which are owned by the business owner, directors, partners or employees for which you as the business owners are legally responsible whilst they are contained within the building.Property includes building, contents and stock as agreed in the insurance policy.  Records and documents such as plans or drawings and any other documents which are used in the business, in the building location or are owned by the business owner or are in custody of the business owner are also covered.

However, there are exclusions which include but are not limited to items such as caravans or trailers (unless specifically noted in the policy), money, jewellery and watches, pets, livestock, stock-in-trade samples.  It is always recommended that you discuss the exclusions as well as the inclusions with your Business Insurance consultant and ask about a business insurance quote today.

Public Liability Insurance is an essential for all Tradesmen.  In fact, in some situations tradesmen are not allowed onto work sites without it.Public Liability provides financial protection for tradesmen in the event that you are responsible for damage to property other than your own or injury to others.  While Public Liability Insurance covers the general public and their property, as you would expect in workplace situations, the claims are often worker to worker.

If you’ve never been audited by the Tax Man, that’s your good fortune.  However, in these days of self-assessment the Taxation Commissioner has a team of auditors who ensure that everyone is doing the right thing on their tax returns.While audits can be as easy as answering a few questions, for others it can be a long and costly process of recovering archived records that could date back several years.  Responding to a tax audit may also require the involvement of professional service providers such as your accountant, which means extra expense.

Tax Audit covers you for fees and other expenses.  Talk to your insurance consultant and refer to your product disclosure statement for details of your policy.  When it comes to Statutory Liability Insurance, many tradesmen are left scratching their heads.  It is one of the lesser known business insurance products, but for many business owners and tradesmen it can be one of the most important.  

Statutory Liability insurance insures business owners against the cost and expenses associated with official investigations and inquiries; fines and penalties and pollution liability defence costs.Of course, your Business Insurance package would not be complete with out commercial motor vehicle insurance and tools insurance.  For business owners who rely solely on their business for income, injury and illness insurance is an important consideration to ensure income when you are able to work.

To find out more about business insurance and to organise a quote look on the web for an online quote or speak to your insurance consultant.Always refer to your Product Disclosure Statement for complete details.

Insurance is a binding contract between the insurer and insured whereby the insurer compensates the loss of the company for specific damage, loss or injury suffered in return for premiums paid.

Insurance serves as a cushion for unfavorable circumstances that might occur in the future. It may cover your assets and revenue, personnel and liability to customers.  As owners, we cannot risk running our business without this protection and security. It is essential to avail of not only one but several insurances in order to secure our valued assets, our business.

There are two kinds of small business insurance that are worth taking into consideration.

Obligarory Insurance

First are the insurances mandated by law and the second is the optional insurances. Insurance mandated by law are unemployment insurance, social security and workers’ compensation. Unemployment insurance and Social Security provide benefits for the employees and their families such as expenses for the aged and disabled persons, full retirement benefits, Medicare, Supplemental Security Income and Medicaid. For work-related injuries the Workers’ Compensation Insurance shoulders the expenses of the medical bills.

Optional Insurance

Optional insurances cover different kinds of risks from calamitous events such as weather or storm damage to foreseen liabilities. This type of insurance includes Business Owner Coverage also known as Catch-All Coverage and provides protection from events like fire and flood.
Property Insurance covers damages to both real and personal property of your business; Liability Insurance regarded as the most important insurance gives you protection from liability suffered by other people because of your business.

Other types of insurance policies to be considered, depending on your business and the legal requirements of your area or county include product Liability Insurance, Errors and Omissions Insurance which is useful in service based businesses, Business Income Insurance secures your monetary loss due to temporary shut downs or limitations in business. There are also other minor kinds of small business insurance for incidents like burglary, fidelity of employees and machinery breakdown.

In choosing which insurance best fits your company, you must reflect on the type of risks your business might face. You might want to discuss these matters with your insurance company or broker.
Despite several advantages offered by insurances, many novice entrepreneurs are still hesitant in securing insurances because this would mean additional expense to their fledgling business but  Contrary to what many small business owners think, small business insurance is not a problem but a solution to a problem.

A woman walks into the restaurant you own, and is tripped up by a nail sticking out of the floorboards. She seems fine, but a week later she is back with an attorney and a neck brace. Apparently she hit her head in that fall, and isn’t doing so well. Or perhaps you are a mechanic and a customer wandered into your shop and cut his leg. Perhaps you own a pet store and a little girl got a nasty bite from sticking her fingers in the mouse cage. Whatever your business, liability is just a part of the cost of doing business.

It is almost impossible to run a business without liability insurance, and in many places it is a legal necessity as well. Business insurance covers liability cases so that a risk you cannot afford (like paying someone else’s medical bills) is replaced by one that you can afford (such as a monthly premium).

Other types of liability include fire legal liability, which means that you are the liable party in the case of a fire. If you forget to turn of a space heater before you head home for the night and this results in damage to your landlord’s property, then you are liable and the damages are covered by the fire legal liability part of your business insurance.

Liability is not the only type of insurance to be covered by business insurance. Business insurance can also function like a home owner’s insurance policy for the office, protecting the building (if you own it) and the equipment and possessions that are inside. What responsible homeowner does not have his home protected against fire? Shouldn’t the same precautions be taken for your business as well?

If your business were to be destroyed, a business insurance policy would cover things like desks, chairs, seating in your reception area, computers, equipment, and anything else of value that is a part of your business operation. Business insurance can also provide coverage against things like loss of income, earthquakes, and in some areas even flooding.

If a natural disaster takes your business away from you, then your business insurance policy is there like an umbrella, helping to protect you and your family from the losses and breaking your fall, so to speak. Your business insurance policy is there to help you rebuild and go on with your life.

If you are an employer, you are also required to have worker’s compensation insurance. This insurance protects you in the event that one of your employees in injured on the job. Your insurance will pay for treatments for your injured employee.

Other insurance might include insurance for your company vehicles in the case of an uninsured or underinsured driver, health insurance for yourself and your employees, and life insurance. Taking good care of your employees and offering benefits to them is a sure way to attract and keep the best employees possible.

One little accident could just about destroy a small business unless that business is insured against the disaster. If you could prevent an emergency situation, why wouldn’t you? Taking care to make sure that your business is insured properly and thoroughly is only one step toward running a successful business, but it is a vital one. Insurance is not an option, it is a necessity.

Obtaining business insurance quotes frome specialty insurance companies is a vital step in obtaining the liability coverage that is right for your needs. Whether you have a large business, partnership, or home-based company; business liability insurance is crucial to your survival.

Finding multiple specialty insurance quotes is usually a means to help owners find a middle ground. That is because the quotes are completely objective, and sometimes an eye-opener to some uninformed entrepreneur. By simply answering questions about your business and its products or services — you will get a quote that should contain not only the type of coverage that is best for you, but also the amount that you should pay for your premium.

By first identifying the type of risks that your establishment faces, this type of quotes will help you and the insurer both, come up with better policy. Since a business may face a wide range of liability related risks, the quote helps tailor the liability coverage offered to your business to your particular risks. For example, Company Y may need contractual liability as a part of their overall liability coverage, whereas, Company Z may require a component for their directors and officers. Under the umbrella of general business liability insurance there can be a number of smaller provisions meant to address your specific needs. Though the particular needs of your establishment will be unique, some of the most common insurance products that can be included within business liability insurance are cyber liability, professional liability, auto liability, and contractual liability.

Business liability insurance was created to protect owners from lawsuits or claims in which their establishment causes damage or injury. This protection is created by shifting the financial risk to a third party for a monthly or annual fee. And, with the number of people becoming more and more litigious, the need for this type of liability coverage has sky-rocketed. Let’s face it; even frivolous lawsuits cost money to defend.

With all of the advantages they provide many business-owners still forget the important step of getting a business insurance quote. But, you can get a free quote online, which allows you to contact a broker through online forms, or phone calls which gets you one step ahead of the game. Business insurance quotes give you power, by giving you options. Yet, you are also equipped with knowledge about the type of liability coverage and additional insurance products that you may need. Good business quotes will show you the potential premium from a number of underwriters — so you know that you are getting the best coverage possible.

And, getting a free business liability quote is often quick and simple. Though you may be tempted to cut corners in order to get the lowest premium, quotes are only effective if there is an accurate presentation of your company’s potential liability. In these days of economic upheaval, who wouldn’t want to protect their belongings? Getting the right business liability insurance coverage is like staying one step ahead of risk — it’s just plain common sense.

If you’ve been keeping up with my blog posts lately you’ll know I’ve come to adding a few news posts from around the web on this subject. I’ve got a couple more today that are new and updated, so let me know what you think of em…

21st Century Holding Company Reports Third Quarter 2009 Financial Results

The Company, through its subsidiaries, underwrites commercial general Read the rest of this entry »

Hey Readers! I’ve been comin across some crazy stuff the past few days from a few different blogs around the web which I just had to share with you. Check em out below…

GOP Health Reform Bill Shifts More Costs to You

“The Medical Liability Monitor… publishes the latest information on medical liability insurance rate. Its annual rate survey, reported by state and by Read the rest of this entry »

How about these right… I think you’ll find the following nuggets of wisdom particularly insightful. Leave your comments below. Check out the second one in particular…

All About Business Liability Insurance

General Liability Insurance: In this type of insurance policy, protection against the financial losses and damages in case someone decides to sue the business due Read the rest of this entry »