liability insurance

now browsing by tag

 
 

Basic Coverage For Your Business Insurance

David Sayles Insurance

A lot goes into finding commercial insurance and it can be a challenge for new business owners. It doesn’t have to that way, however. With a proper understanding of the fundamental coverages, you’ll be on your way to getting the coverage you need. Here are three of the coverages that you should know and plan to include in your policy.

General Liability Insurance

General liability usually serves as a catch-all coverage for your everyday business activities. If a third party sustains an injury or property damage because of your business activities or on your premises, this part of your policy would cover any associated legal fees as well as payments towards repairing the damage you caused.

Professional Liability Insurance

Professional liability is more specific in that it covers instances where a third party alleges that you committed an error or didn’t meet their performance standards which led to them experiencing losses. An example of this is a manufacturer producing a part that doesn’t meet the agreed-upon standards in a contract.

Property Insurance

David Sayles Insurance indicates that property insurance protects you in case your business property is damaged or lost due to perils such as fires, certain storms, vandalism or theft. You can choose to cover your building, furniture, and equipment that’s necessary for your operations.
Other coverages may be required depending on your industry and state guidelines. Work with an experienced agent to create a complete policy that satisfies your needs.

Covering Past Liability

prior acts insurance

Every person that has ever existed has made mistakes, and people will continue to do so indefinitely. In your mind, you have likely thought deeply about an incident that you wish could have turned out differently. This mental practice can drive specific individuals crazy because there is typically nothing that can be done retroactively. You are probably thinking of building a custom Delorean, but life does not always imitate art. In the insurance industry, there is a way to protect oneself from prior acts, and it involves prior actions of insurance. Prior acts insurance is seldom spoken about because the implications do not lend to many claims.

Understanding Prior Acts Insurance

For prior acts insurance to function correctly, the respective policy cannot contain a retroactive date. In this case, a claim can be filed for an act that took place at any point in time in the past. Since these cases are not that common, it is essential to already have some form of coverage before completing your application. This will make the application much more manageable and will put you in a better position to acquire the policy you seek. It is in the insurance agency’s best interest to not extend this policy to people that do not already have a form of liability insurance.

Boat Repair Business: What Kind of Insurance Do You Need?

boat repairers liability insurance

Boat Repair Business: What Kind of Insurance Do You Need?

When you open a business, you have to prepare for catastrophes. Insurance is a crucial part of your business plan and without it, a disaster or unforeseen circumstance can completely devastate your business. In boat repair, this is no different. Find out more about the coverages that you should consider when choosing boat repairers liability insurance.

General Liability

General liability protects your business against lawsuits. Say that you’re named in a lawsuit due to a fire caused by one of your workers or an equipment fall that led to injury or worse. Accidents happen and you need to be prepared.

Business Interruption

If you suffer a loss that prevents your company from performing its regular duties, then you need business interruption to step in. This pays for lost earnings while you are recovering from the loss.

Building Coverage

Even if you have to do your repairs on the water, odds are you have a shop where you keep the supplies. You still need building coverage to protect against vandalism, fire or other damages. If a total loss occurs, insurance needs to cover it.

Boat repairers liability insurance is crucial when you own your own repair business. If you lack protection, it can completely devastate your company in the future. After all, no one can predict when an accident may happen.