Basic Business Insurance

Product Liability Insurance

Administrator — Wed, 10 Mar 2010 17:51:19 +0000

This form of coverage in business insurance has jumped into the spotlight due to the recent problems with recalls of products (well toys for most part) that were mainly sub-contracted to a foreign country. This form of coverage was not normally given attention in the past but for the benefit of retailers, convenience stores and wholesalers giving them protection from possible lawsuits for faulty products that they have sold but not manufactured themselves. The recent successive recalls of several toys that were faulty in design and used substandard materials highlighted the need for such protection when angry customers came into retail stores claiming damages in its many forms and shapes.

Business Insurance : The Basic Package

Administrator — Wed, 10 Feb 2010 22:27:05 +0000

As we have said, Business Insurance takes many forms and shapes and here are some of the most basic coverage that may be included in most policies. Property Insurance is protection of property (which is usually a building or some other structure and it�s contents) this is to prevent the loss to your company incase of equipment loss due to crime and other factors. Business interruption covers the loss of the company�s ability to produce products due to fortuitous (unforeseen events either by man or nature) events and the last would be liability protection which covers all liabilities your company towards others outside the organization. The last can cover the results of any defective products or failed equipment and flawed installation and many others.

What are the Basic Insurance Needs?

editor — Sun, 10 Jan 2010 07:57:18 +0000

By: Govy

The success of a business operation is dependent on hard work. However, no matter how industrious people are, one disaster can wipe out the profits and even destroy the business. The key in making sure that all the effort and money invested in a business doesn’t disappear when a disaster happen is to protect it with the appropriate insurance.

There four fundamental coverages in a basic business insurance package namely: the workers’ compensation, the general liability, the auto and property/casualty and an added layer of protection over those, often called an umbrella policy. In addition to these basic needs, it is also important to consider purchasing business interruption coverage, life and disability insurance to ensure complete protection of the operation of the business and the welfare of the people.

Photo credit here

Employer who cancelled employee’s insurance without notice

Administrator — Mon, 14 Dec 2009 18:41:47 +0000

Well, the problem is, this is a PARTNERSHIP. It works with the voluntary consent of the other. If it was a corporation, you can certainly sue the corporation for cancelling it, and you would most likely win the case. You would probably get a judgement against them. If it’s legally a PARTNERSHIP, and you’re a partner, technically, he’d be suing himself as well. Also, if this was an individual health policy, one would receive no liability – only if it was a GROUP policy.

Protect your Investment

editor — Wed, 11 Nov 2009 09:18:12 +0000

By: Govy

Your property is your investment and it is very important to provide your property an insurance. Property Insurance covers your business for damage or loss of your business property. A good property insurance policy covers property fixtures, such as lighting systems or carpeting; equipment and machinery; office furniture; computers and accessories (monitors, CD-ROM drives, modems, printers); inventory and supplies; and personal property that’s kept at the business site.

In establishing what property is covered under a property insurance policy, it is also important to understand which types of losses are covered. A basic form policy commonly covers the following: fire, explosions, storms, smoke, riots, vandalism and sprinkler leaks. While a broad form policy typically adds damage from broken windows and other structural glass, falling objects and water damage to the list of covered items. Special form policy covers the widest range of protection including theft, unless it is specifically excluded from the policy.

Photo credit here

How to Prevent Disaster – Part 2

editor — Sat, 17 Oct 2009 01:45:24 +0000

Make sure your insurance coverage is up to date. – you may have started with a small business requiring a minimal amount of insurance but as your business grows, you’ll need to cover for all the things you’ve added. If possible obtain additional policies to cover for them.
Have emergency cash stashed away. – if anything happens, you will have something on hand to start with until you recouped your losses.
Inform people about your disaster plan – letting your employees know about your plan will prepare them in case of anything happening and avoid panic. Informing your customers will assure them that you won’t let them down whatever the circumstances are.

How to Prevent Disaster

editor — Fri, 11 Sep 2009 01:44:42 +0000

A business owner should know how to protect his business. Following is a list of simple strategies to help you set up a disaster plan:
Draw a disaster plan – fire, earthquake or other natural disasters could cause damage to your business take into account everything that can happen and plan for a course of action. Be prepared to have an alternative location for your goods as well as the safety measures you have installed in your place.
Make back-ups of your files and store them in another site and do this regularly.
Keep paper documents and records offsite – your records are your business’ identity and in cases where you have to prove this, it would be best to present the original documents.

The Nuances Commercial Auto Insurance (Part 2)

Avatar — Mon, 17 Aug 2009 02:46:51 +0000

Get to work with your agent so you get the best possible coverage for you and the vehicle (most company’s get volume insurance for their service fleets). If you just happen to be the business owner you must specify the details of the vehicles use so the insurance company has knowledge of the dual role the vehicle plays both for the business and your own use. Remember, there are distinct differences between personal and commercial vehicle insurance policies so do ask your agent for they vary from provider to provider. There are also very strict state and federal government requirements regarding auto insurance so get yourself protected from hefty fines and even jail time by getting enough coverage.

The Nuances Commercial Auto Insurance (Part 1)

Avatar — Mon, 13 Jul 2009 02:28:47 +0000

Commercial auto insurance sounds basic enough and looks simple that it is very much similar to personal auto insurance you have for your car. There is in fact a huge difference for most companies have service fleets that they give company vehicles to their people for use making the company’s car also serve for personal purposes. This kind of complicates things a bit for regardless of who is using the vehicle, the fact that the primary owner of the vehicle (the guy who bought it) is the company, it becomes official office property even when the vehicle is being used on weekends or after work for personal purposes. On the commercial vehicle insurance policy, the primary insured should be the company and not you so no problems arise when a claim is to be filed with the provider.

Pay-By-Mile auto Insurance

Administrator — Sun, 07 Jun 2009 20:10:51 +0000

The concept is similar to pay as you drive and it takes into the account the distance you travel as one of the items on your policy. Through self-reported mileage reports you send in form time to time, the insurance firm establishes the relationship between your insurance premiums and the distance traveled making for affordable and adequate insurance coverage. Trending is established after a few months and with higher mileage comes a well oiled vehicle, meaning it is well maintained enough to get you lower premiums. Pay as you drive differs little, adding the factor of how much travel time and how well you use your car, based on your needs choosing public transport over the car for short trips and using well planned routes for long trips, all making for one lean machine and a mean insurance coverage to match.