Never Self-Insure Your Business
Business liability insurance is the most important insurance type that needs to be taken by every entrepreneur. The insurance protects the interest of customers as well as entrepreneurs.
In this article, we’ll talk about different aspects of business insurance in order to give you a better and stress free life.
Types of Business Liability Insurance
Basically, there are only four types of business liability insurance are available in the insurance market these days:
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 to an event happened on the premises or by related with one of your products or services.
Employers’ Liability Insurance: In this type of insurance cover, insurance coverage for employees can be taken by an employer and avert the financial loss caused due to accidents including wage discrepancy, hours worked and some work-related accidents.
Automotive Liability Insurance: This type of insurance policy provides coverage for a person who drives a company vehicle and may has to face some unpleasant incidents like injury, injures caused to someone else, or the vehicle damage.
Professional Liability Insurance: In this type of insurance policies, independent professionals engaging in practicing in the market are given adequate protection in case they commit any error, omission, negligence or others to their clients.
Why to Take Business Liability Insurance?
The purpose of providing business insurance is to protect the smooth functioning of a business entity. It does not relate with the filing of a lawsuit against those who have caused problems for the company. The aim of business insurance is to defend the business against lawsuits. Even if nothing ever gets as far as court, the costs can bankrupt a small business quickly. Practically, small businesses have greater chances of being sued than big established firms and companies.
Watch the video related to business liability insurance
Video from our FREE Online Business Course www.myownbusiness.org Session 6 – Business Insurance Question “Should a start up business person save money by being self-insured on property and liability insurance?” Kelly Davis Insurance Agent Topics covered in this video: Business insurance, self-insuring Transcript: The easy answer would be: absolutely not! There is just too much to lose and it can be lost in a second. Think about Katrina. In a blink of an eye everything was gone for people …
Help answer the question about business liability insurance
I need to find the Cheapest tempory Business Liability insurance.?I am planning on doind a small job for an apartment complex with myself and a couple friends. Since we will be using a small amount of scaffolding, we are required by the apartment complex to have business insurance. I was wondering about how much this would cost for about 3 people and about 2 weeks or less. Thanks in advance.
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For further information on Business Liability Insurance for UK contractors and professionals please contact directly on 01480 470220 or visit at www.companyinsurance.co.uk
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Posted by American Car Insurance on April 20th, 2010 filed in business insurance | 9 Comments »
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9 Responses to “Never Self-Insure Your Business”
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April 20th, 2010 at 4:27 am
This would be based on your payroll, number of stories, residential or commercial construction, number of employees, etc. There are many more variables, so really hard to give you an idea of a premium without more information.
Contact a local independent insurance agent in your area. An independent agent will have access to several markets and can work with you to provide the best coverage for the best premium. Good Luck!
April 20th, 2010 at 5:05 am
Use this site to find an independent agent in your area. An independent agent represents more than one company so they have a better chance of having a company that will be able to write the insurance he needs.
http://www.iiaba.net/agentlocator/findagent.aspx
April 20th, 2010 at 5:14 pm
General liability with one person cleaning, gross receipts under $75,000 is going to run around $1500 a year.
A "bond" is going to run around $250, but doesn't mean what you think it means, and basically you don't need it anyway. You'll have to guarantee the bond amount if it's a start up business, which means, post $5,000 or however much you want the bond to be for.
Bonds for janitorial services, people ask about them here about twice a week. No one really needs them, unless you're doing government work.
April 20th, 2010 at 7:25 pm
April 21st, 2010 at 8:18 am
You're going to pay the same for a "one shot" as you will for an annual policy. The scaffolding will put you in a surplus market carrier, and the "minimum premium" will be the full year, payable in full. When you cancel the policy, you won't get any of it back.
Expect, if you're doing an outside job, that this policy will cost you $1500 to $2500. Nonrefundable, but still auditable, so if you do MORE work, they can charge more if you're payrolls are higher than you originally reported.
April 22nd, 2010 at 11:02 am
Home insurance covers lots of different things. I'm not sure about Nevada laws and regulations, so I suggest you call a nearby homeowners insurance agent. http://www.usinsuranceadvisor.com/Home-Insurance.html They will be able to help you.
April 22nd, 2010 at 3:00 pm
April 22nd, 2010 at 6:18 pm
April 23rd, 2010 at 1:14 am
OK, you don't get "property damage" liability on a business policy.
Sounds like you're just a consultant type guy – liability will likely be based on either square footage or gross sales, but either way, I"m betting that a million of coverage, should run you around $750 a year.
Excluding professional liability.
Something to think about, though, you might be able to get a bop – including some property coverage – for $600 a year.