How Your Professional Liability Premium is Determined To those outside of the insurance industry it may appear that professional liability premiums are determined somewhat randomly by people with limited knowledge of the design profession. As a former underwriter turned broker, I am here to tell you that this misconception couldn't be further from the truth.
One the easiest and fastest ways of making one rental property insurance policy CHEAPER, is simply to remove, or not to offer, the loss of rent to the landlord. This one coverage alone could be the difference between bankruptcy or profit on your rental property. Worst of all, it cost only pennies of day on your insurance premiums. Here is a great example: Imagine your four unit apartment building, the lowest tenant, teenager is making French fries with some friends and forgets about the fries for just a minute or two.
Based on the above title, you are probably scratching your head and asking what does this mean. Tech Errors and Omissions was created as a response to General Liability that did not extend liability to web pages and other electronic risks. Everyone, Tech and non Tech companies, who has a website, or has gone paperless on private employee and/or client information, should have Tech E and O insurance.
The economic world calls for players who are smart, witty, resourceful, and for those who know exactly what they want and how to get it. Whether you are a businessman or a working professional, it is your responsibility to protect yourself. One of the most effective ways to safeguard your business and your skills is through professional indemnity insurance.
In order to make a informed decision on your rental property insurance you need to know your options. There are two ways that you can value and insure your rental properties, one is called Market Value approach and the other is called the replacement cost valuation. Each possesses its own challenges and rewards. In order for you to make a educated decision on your rental property insurance you need to know the pros and cons of both.
In 2004, a three alarm fire ravaged the Los Angeles furniture store that my wife and I have shopped at for years. It used to be a beautiful, state-of-the-art showroom. Now it was a pile of ruin. It took a team of 49 firefighters to smother the flames, which caused the roof to collapse and burned chairs down to their springs! After some research, I discovered that insurance stepped in to cover the costs of reconstruction (estimated at over $1 million).
Knowing what documentation is required to apply for a construction surety bonds is an important step toward a company becoming bonded. But it's not the first - and likely not the most important - step in the process. All of the documentation will mean little if your company doesn't have the right attributes and experience to document. First and foremost, make sure your financial house is in order.
Having a business and running it with all governing laws in itself is a challenge. On top of it managing liabilities, workers compensation and unseen law suits adds more dynamics and tough calls in running the business. The nature of business, responsibility and accountability for business raises importance to have a good insurance. Due to these reasons it is important to understand "what is Commercial Insurance".
All types of insurance have certain terms and conditions. One of the standard terms applying to a policy is that there is usually an excess applicable. The excess is the amount that you, the policyholder, either have to pay or have deducted from any claims settlement. When looking around for a business insurance quote, you really have to read through the small print to see what the excess levels are and whether you are happy with these.
Insurance can cover a variety of catastrophes including natural disasters, fire, and theft. Providing good health coverage for your employees can help you retain them. However, these are not the only types of insurance available. You may be required to carry life, business interruption, or auto insurance depending on the nature of your business.