Choosing Insurance for Your Business
A business however big or small means responsibilities of many kinds. And one of the things every business needs is liability insurance.
When running a business as a partnership or sole proprietorship it means that your business and personal liabilities are at risk. To protect yourself and the family from financial disasters it is essential to insure yourself with a business liability policy.
There are three kinds of liability insurance:
* General Liability Insurance: This covers legal suits related to the business premises, business products, or services.
* Professional Liability Insurance: Covers companies that are professional like lawyers, doctors, advertising or creative companies and so on.
* Automotive Liability Insurance: This covers those who drive company owned vehicles. The policy covers damage to vehicle in an accident, injuries to the company employee and to those injured in case of accident.
* Employers’ Liability Insurance: This covers aspects like wage discrepancy, hours of work and on site work related accidents.
When buying liability insurance you need to make educated choices so that you get a good deal at the most affordable cost:
1. First familiarize yourself with all aspects of liability insurance by surfing online. Make notes of valid tips and guidelines and any points that are applicable to you. Understand the fine points of liability insurance.
2. Decide on whether you will find a policy yourself or use an agent. Choose an agent who will study your specific needs and then make recommendations. Most agents help their clients get great rates too.
3. Check with your existing insurance provider whether they have liability insurance. If yes find out what the advantages of buying a liability policy from the same provider is.
4. Memberships at a Chamber of Commerce, trade or business association often means that you will get group rates on liability insurance policies.
5. Liability insurance coverage varies from insurer to insurer so make a list of what you need and compare coverage. Keep in mind aspects like legal fees too.
6. Look for liability insurance online and offline. Very often the online offers could mean great savings. Online insurance directories and sites also have comparison tools that help you compare policies and quotes from different insures.
7. Think about buying an Business Owners Policy (BOP),that will cover many things. However you will need an insurance specialist to ensure your needs are met with additional riders on the policy.
8. Keep abreast with changes in state laws and insurance news. This will help you greatly when you need to make a claim or renew the policy.
Always buy a business liability insurance policy from a reputed insurer. Always make the effort to do a background check of the insurer and ensure that they have no complaints pending at the better business bureau. Choose an insurance provider that follows fair business practices.
Watch the video related to business liability insurance
Video from our FREE Online Business Course www.myownbusiness.org Session 6 – Business Insurance Question “How can sitting down with an insurance agent help me in preparing for my business?” Kelly Davis Insurance Agent Topics covered in this video: Business insurance, agent, workers compensation, liability, health Transcript: If you sat down with an insurance agent that had an array of business insurance products such as workers compensation insurance and professional liability insurance, you …
Help answer the question about business liability insurance
What is the typical price range for business liability insurance?small business and not large, no employees, just insurance to cover any client issues that might happen.
thank you
type of business: tutoring
amount of business: one client at a time
About Author
Matthew Pawlina is a writer for Business Insurance , the premier website to find Business Insurance, Small Business Insurance, Business Insurance Quote, Business Insurance Center, Business Insurance Policy, business insurance costs, and many more.
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Posted by American Car Insurance on July 13th, 2009 filed in business insurance | 9 Comments »
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9 Responses to “Choosing Insurance for Your Business”
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Link Partner
July 13th, 2009 at 4:14 am
You have to be willing to work 80 hour weeks. You have to be creative about drumming up leads, and faithful in following up.
July 13th, 2009 at 4:53 am
Insurance rating software development
July 13th, 2009 at 9:09 am
Presently in the US, you can either take economics or finance.
July 13th, 2009 at 5:04 pm
I haven't used a broker in about 35 years, and with the money I saved I almost managed to pay off the mortgage.
What are "broker's abilities" ??
July 13th, 2009 at 5:33 pm
all the feed back you can get is better than no feedback. So try lots of different avenues to get to where you want
July 13th, 2009 at 6:28 pm
Generally, one of the things that HIPPA did was to make insurance portable. That is supposed to generally mean that if you currently have health insurance and change jobs, any "pre-existing" conditions that were being covered by the old insurance should contiune to be covered by the new insurance.
Even if the new company has a waiting period to get the insurance, you should be able to get COBRA on the old insurance until the new on kicks in. The most you SHOULD have to do is get a letter of coninuing coverage from the old insurance company.
July 14th, 2009 at 8:20 am
I wouldn't use the 80Y because one could confuse the zero with the letter O and end up not getting through.
887-SAFE
809-1234
88U-WIN2
887-COVR
gee, that's tough
July 14th, 2009 at 3:58 pm
You should talk to a tax accountant. There are many variables that will affect your choice (cost of maintaining the LLC, deductibility of expenses, limits of liability, etc.) Retaining employees and gaining marketing advantages, however, are NOT among those variables. You can hire employees as a sole proprietor just fine, and the vast majority of your customers do not give a donut's hole about the legalities of your business; they just want their computers to work.
July 15th, 2009 at 6:09 pm
It sounds like she will need general liability and property coverages. Have her talk to a reputable insurance agency and look into a Business Owners Policy (BOP). These policies are designed for small business owners where it consist of several different coverages under one policy, and they are very affordable.
If you don't know where to look to find any insurance agencies, contact the Department of Insurance in your state and they should be able to point you in the right direction.