Commercial Insurance
Featured Articles:
Is Commercial Auto Insurance Required for a Home-Based
Business?
by: Jeremy Maddock
If you’re currently in the process of starting a home-based
business, the issue of automobile insurance is probably the furthest
thing from your mind. Chances are that you’ve had a car with a
personal insurance policy for a number of years, and haven’t given
any thought to changing your policy.
It is important to remember, however, that even occasional business
outings may require a commercial insurance policy, depending on the
regulations in your jurisdiction. Generally speaking, even a
home-based entrepreneur who uses their vehicle for business
transport more than once a week should think about getting a
business-grade policy.
After all, if your car is involved in an accident and the back seat
is full of office supplies, there’s a good chance that your
insurance company is going to ask some rather awkward questions.
Getting in trouble with your insurance company is exactly the kind
of distraction you don’t need when trying to operate a business.
Ultimately, paying the extra premium could be well worth it to avoid
the extra worry and hassle.
The only way to find out for sure whether or not you need a
business-grade policy is to consult an insurance agent or broker in
your area, and determine the exact rules and regulations in your
state or province.
If it turns out that you do need a commercial plan, it’s best to
shop around and compare quotes from several different insurance
providers. That way you can be absolutely sure that you’re getting
the best deal, and may actually be surprised by the available
policies.
About The Author
Jeremy Maddock is a successful webmaster who manages a number of
informative websites, including one about
http://www.bizinsurance.info/
Business Insurance
by: Joseph Kenny
There is no denying the fact that success of a business depends on
the hard work of the team but one disaster can wipe out your efforts
and bring down the profits to dust. So, to avoid such an instance,
you need to insure your business, whether it is a small enterprise
or a large corporation.
There are insurance companies, which have policies that combine
protection for all major property and liability risks in one
package. You can also opt for separate coverage. Such a policy is
called a business owners’ policy (BOP). Larger companies may
purchase a commercial package policy.
BOPs include property insurance for buildings and equipments owned
by the company. If there is any loss of income due to disruption of
operation and business because of accidents like fire, it can be
covered under the Business Interruption Insurance.
There are liabilities, which cover the company's legal
responsibility for the harm it may cause to others. It is the result
of your company’s failure to do the business operations. It can also
be the bodily injury or property damage caused due to defective
products, faulty installations and errors in services provided.
However, BOPs don’t cover professional liability, auto insurance,
worker’s compensation or health and disability insurance. Separate
policies are needed for professional services, vehicles and
employees. Generally, floods, earthquakes and terrorist attacks are
not covered in the business insurance.
Protection Against Flood Damage
If your office is in the flood zone area, you must definitely go for
a policy, which provide coverage against flood. Try to find out
whether the place had been hit by flood in the past. Make sure you
do something in advance to make up for the loss. Otherwise you may
face trouble.
Protection Against Earthquake Damage
Earthquake is also not included in most property insurance policies
such as homeowners and business owners’ package policies. Special
Earthquake Insurance Policy or Commercial Property Earthquake
Endorsement can cover you if you live in an earthquake-prone area.
However, earthquake policies have different deductibles.
Business Interruption Insurance, which reimburses you for the lost
income during a shutdown, applies only to the damage covered under
your business property insurance policy. There won’t be
reimbursement for the loss caused due to the closure of business
because of the earthquake. For it, you must have an earthquake
coverage policy.
Protection Against Terrorist Attack Losses
In the US, loss due to any terrorism is covered only for those
businesses that have optional terrorism coverage. It comes under the
Terrorism Risk Insurance Act 2002. Still, there are exceptions in
workers’ compensation, which include injuries and deaths due to acts
of terrorism.
About The Author
Joseph Kenny is the webmaster of the insurance site
http://www.insure121.com/ where you will find information, news and
links to the leading providers of insurance in the UK. If you found
this article interesting you may find more articles of the same
nature in the insurance guide
http://www.insure121.com/Insurance_Guide located on site.
Business Insurance – And What You Need To Know
by: Vickie J Scanlon
Getting your business up and running is exciting, challenging and
hard work. You’re finally making money – and you are the driving
force that is making your business grow. But have you taken care of
the “What ifs”. Like – “What if I get sick, how do I pay my bills”
or “What if I have a fire, how do I keep my business running”.
Simply put, the one thing you do not want is to have the business
that you have labored so tirelessly on, hit a financial snag.
If you are a sole proprietor or a partnership – both your business
and personal liabilities are at risk. Do you think you’re safe if
you incorporate or have an LLC? Many are misled into believing this
is so, however, you too can become personally liable if you sign a
personal guarantee on a loan, personally injure someone or act
irresponsibility. As you will see, owning business liability
insurance can and does protects your business and personal life from
financial ruin. My discussion here will be limited to Business
Interruption, Overhead, Umbrella Liability and Liability Insurance –
explaining what these four types of insurance are, and what they can
offer you and your business.
Business Interruption Insurance
Business Interruption Insurance helps to insure against any economic
losses that you may encounter if something should happen to close
down your business. For example, you have a fire in your corner of
the house – your business office. Your home is covered for property
damage – thus, the rebuilding is covered, however, what about the
lose income you’re losing while you rebuild? That’s where Business
Interruption Insurance can come in to play.
Overhead Insurance
There is one type of business insurance that you may want to
consider when your business is making a good profit, and that would
be Overhead Insurance. Overhead Insurance covers rent, salaries,
utilities, insurance premiums and/or interest payments that are
related to the business – this type of insurance would cover you in
case of a major illness or accident.
Umbrella Liability Insurance
Umbrella Liability Insurance is used for catastrophic losses. This
will protect you in the event someone wants to sue you. An umbrella
policy will upgrade your basic auto, homeowners or business
insurance to cover these unforeseen events.
Liability Insurance
If you have people coming to your home-based business, than
liability insurance may be something you should look into it.
Liability insurance will cover you against claims made by others
against you for injuries or damages that occurred on your property.
Yes, your homeowner’s policy includes some liability insurance, but
it may not cover you for liability claims caused by your business.
To conclude, life offers many unexpected turns in the road – and
basically, that’s what all insurance does – it protects you against
those unexpected bumps in the road – and keeps you moving toward
your goals with only limited stales. Personally, I believe I can
deal with a small bump in the road better than a complete halt in
business. How about you?
To your success.
About The Author
Vickie J Scanlon has a BBA degree in Administrative Management and
Marketing. Visit her site at: http://www.myaffiliateplace.biz for
free tools, articles, eBooks, how to info, affiliate opportunities,
services and products – to meet your budget and needs.