business-insurance
Business insurance of any kind is all about paying a premium that you can afford to cover any kind of losses that you could incur. Everyone takes a risk when paying insurance companies their premiums in as much as there are no guarantees the company will pay out. But with the correct coverage in place you will have the peace of mind that if your office should go up in flames or someone has an accident on your property, or heaven forbid another party files a successful law suit against your business the insurance company will pay up. This is why any reputable business will have a business liability policy in place; a wise business owner will have general liability cover, employer?s liability, auto liability and hired and non owned auto insurance in place. Another very good cover to take up is an umbrella insurance policy. This provides added liability protection by increasing the limits on your liability insurance. This type of insurance is great in the event of a law suit being filed against your company.
Depending on what type of business you own and the lawsuit filed against it legal and lawyer?s fees could run into millions of dollars. Imagine if you had to find those costs from your own pocket? You could end up losing your entire property and any future inheritance just to make ends meet.
Business insurance coverage is your safeguard against any unforeseen things happening. It is also a requirement in regular business transactions; you will find that if you are planning to rent office space that the person or company you are leasing from will require you to have insurance in place to cover rental costs. This is to cover the landlord in the event of lost rent money.
Business liability insurance and property insurance are different. Property insurance is based on its market value, liability insurance is an unknown quantity there is no possible way of telling how much your legal costs are going to be should you be landed with a law suit or have an accident. This is where your umbrella liability insurance comes into play by providing you with the added cover that you need.
Your business umbrella insurance will cover you where the liability policy may not. It provides the protection you need should you become involved in either a slander or liable case. It will provide for additional cover where your normal liability policy fails. Some things it will not normally cover though are;
? Product recalls.
? Pollution damages
? Workers compensation insurance
? War or terrorism, plus a few others.
Umbrella premiums are dictated by;
? How much coverage you are buying
? The insurance company providing your coverage
? Your own personal reliability, should you have a criminal record or a low credit rating your premiums will be very high to cover the insurance companies? risks from taking you on.
It is always a good idea to get all your liability coverage from one reputable insurance company this makes any problems you may have to face easier to manage and you may even be able to negotiate some discounts by having all your policies with one company.
Larry Hines is the owner of Sun Pacific Insurance Brokers, Inc. and Members Pacific Insurance Brokers. He has helped thousands of California clients find the lowest rates available and the best insurance plans to protect their families, homes and cars for decades.
Sun Pacific Insurance
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