Posted on November 17, 2019
Insurance is a type of risk management fundamentally utilized to put off risks of unforeseen or unexpected losses. Insurances are characterized by the a proportionate transfer of a possible danger of loss, from one object to another, in exchange of some form of compensation or payment.
There are different types of insurances and commercial insurance is one of them. Commercial insurance is an insurance primarily intended for businesses. As a matter of fact, a commercial insurance is possibly one of the most significant things a business proprietor or owner can invest on. Also, this type of insurance may be very helpful in preventing possible losses as a result of unfortunate and unexpected instances.
Things to consider when you don’t have an insurance for your business are property damage, theft, and liability. Operating a business without it is inviting risks, risks of loses in property and money. This risks may end up to be more expensive than the cost of the premiums in your insurance. With an adequate insurance coverage such occurrences may be minimized if not altogether thwarted. Business interruptions as well as injuries incurred by employees while on the job can be completely covered by your commercial insurance coverage. This will give you much peace of mind so that you, the owner, can conduct your business without having to worry about the possibility of something bad happening.
We all know that your business is very important because without it you you will not be able to earn a living and provide for your family. So why don’t you consider acquiring a commercial insurance for your business? Even Hollywood celebrities appreciate the value of insurance. Most if not all of them have their properties and lives insured but not only that, they also have their assets insured and some of these celebrities are Mariah Carey, who insured her legs for $1 billion, Jennifer Lopez, who insured her huge derrière for $300 million and Rihanna who had her legs insured for $1 million to name just a few.
These days when everything is expensive and that economy is still suffering from recession, it is crucial that we have security on all our possessions and businesses. One can never be to sure of what may happen in the future so it is always better to be ready and secured rather than be caught off guard. So do not hesitate anymore about getting a commercial insurance. As the saying goes, prevention is always better than cure!
Posted on November 15, 2019
While some of the smallest businesses, like one-person operations, can go without commercial insurance, for most businesses it’s a must. Most small and medium-size business can forgo the complexity of purchasing multiple policies by getting a business owner’s policy (BOP), which is basically a bundle of essential coverage types.
The options packaged in a BOP vary, but almost every plan at least contains some level of business property insurance to cover the office building itself. Other common options are commercial liability insurance, business contents insurance, business interruption insurance and commercial vehicle insurance. Unlike business property insurance, business contents insurance covers the items inside the office, such as computers, uniforms and inventory.
The level of commercial liability coverage included in a business owner’s policy may not be sufficient for large businesses, and in some cases, not even for small businesses. Liability insurance is designed to protect firms from lawsuits for personal injury, advertising injury and property damage. “Advertising injury” refers to claims that have to have to do with defamation or intellectual property: i.e. copyright and trademark infringement, libel or slander.
Imagine a case where a self-employed designer, who wouldn’t ordinarily seem like a candidate for liability coverage, created a logo for a client, only to be sued for trademark infringement by a company with a similar logo. Most business owners associate commercial liability insurance with manufacturing and construction firms that are more accident prone by nature, but the possibility of any company being sued shouldn’t be underestimated. In today’s litigious society, even the smallest businesses are vulnerable to frivolous lawsuits.
Posted on November 13, 2019
Every business owner needs commercial insurance of some kind or other. It is definitely classed as one of the most vital purchases for any business. Commercial insurance protects the business and its stock holders against a wide variety of events such as theft, damage to property and liability lawsuits. Any business without commercial insurance is asking for trouble.
The most frequently used types of commercial insurance are property, liability and worker’s compensation.
Property insurance is there to cover the cost of repairing damages to the physical property of the business such as buildings. It can also include coverage for things like machinery (for accidental breakdowns of machinery), debris removal (should your property be hit by an act of God that leaves a huge mess to clean up), builder’s risk (in case damage is caused while construction is taking place), glass (all windows etc), inland marine (for property in transit or other people’s property that is store on your land), business interruption (for recovering lost income and paying expenses while business is unable to continue), ordinance (if you have to tear down a building that is not compliant and then rebuild it), tenant (covers damages to improvements made that were caused by employees), crime (for criminal activity, obviously) and fidelity bonds (losses due to theft by a bonded employee) insurances.
Should you or your business cause injury to a third party, you need liability insurance to cover the expenses laid on you by a lawsuit. This commercial insurance includes errors and omissions (inadvertent mistakes that cause injury), malpractice (damages caused by a professional failing to adhere to the professional standard of conduct), car (for all automobiles used by the business) and directors or officers (for lawsuits directed at representatives of the company) insurances.
If you have any employees involved in the day to day running of your business, especially if the business has a high risk of injury to its employees, the it is a good idea to take out worker’s compensation insurance. This type of commercial insurance covers the expenses incurred by an employee getting hurt through a work related incident. It may also protect you against a law suit by said employee since they will be receiving compensation for their injuries.
When a business owner is looking to start up a new business, the first thing they should do after drawing up the business plan and scouting property is investigate commercial insurance. There is no telling how soon they will need it. However, they also need to bear in mind that a new business is a high risk for insurance companies and so they will get a higher premium than a similar business that has been in operation for years. This means that they should review their policy every year and try to work it down as low as they can. Every good business person is about making the most profit that they can after all and unnecessarily high commercial insurance premiums cut into profits in a big way, but then, so do lawsuits.