Professional Indemnity Insurance – Managing Risk F

Author: Jim Brennan
Source: ezinearticles.com

Every manufacturing company needs insurance on their products for protection. What happens if someone gets hurt from using your product? This is the exact reason why you need product liability insurance coverage.

The BasicsThis type of insurance protects the manufacturer in the event that they get sued. With this form of insurance, the insurance agency takes care of any money that is due to the plaintiff. By obtaining this type of coverage, the manufacturer does not have to worry about any financial loss that may be associated with a law suit.

Small business liability coverage is different than the product coverage that is offered to large corporations, and with this type of insurance, there are many provisions and limitations that could apply. The comprehensive package that a company receives with their product liability insurance coverage will vary based upon the product that they manufacture. For example, a company that manufacturers blankets will not have to necessarily have the same form of coverage as a company who manufacturers circular saws.

Obtaining this Type of CoverageObtaining this type of coverage can be tough. Many insurance agencies do not offer this type of insurance coverage. You will have to do your research in order to find insurance agencies who do offer product liability insurance coverage for your type of business. However, a good insurance broker will be able to help you by answering any questions that you may have about this form of insurance. They will also be able to determine what form of coverage and how much coverage you will need to have to protect yourself and your company.

Insurance agencies or these specific types of insurance brokers will take several aspects of your business into consideration in order to determine the form of product liability insurance that your business will require. They will look at the scope of business that you do. They will look at the type of product that you manufacture. They will also take into consideration the outlets that you use in order to sell your product.

This type of insurance coverage could mean the difference between your company staying afloat or having to file for bankruptcy. Without the product liability insurance, the company will be completely liable and in the event of a lawsuit where the decision is made in favor of the plaintiff, the company would have to pay out of pocket. This can lead to bankruptcy fast in some cases, depending upon the amount of money awarded by the courts. If you had product liability insurance, you would be able to continue to operate, have to fix the defect on the product, and resolve the lawsuit. Now, which one sounds better to you?

This type of coverage is a must for all manufacturing companies. This is one form of insurance that should not be overlooked. The manufacturing company should not even begin to sell their products before obtaining this form of insurance. If you want to be sure that your business is covered no matter what might happen, make sure that you have all of the viable insurance coverage necessary, like Liability Coverage for Products.

Go to Product Liability Insurance to get free information on this product. This website will give you all of the information you need on Product Liability Insurance along with a lot of other free information. Don’t miss out on this new website if you are looking for Liability Coverage for Products.

Author: Marcel A Johnsonbr
Source: ezinearticles.combr
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If supporters of the new bill to lower insurance rates in Michigan by 20% along with other changes to Michigans insurance policies can successfully gather 304,000 more valid voter signatures before the end of November voters statewide may have the opportunity to decide whether or not to pass this bill and have it take effect in 2010. This would mean lower insurance premiums each month statewide across-the-board in regards to home, auto and business insurance coverage, but what else could it mean for people throughout the state?

On the positive side of things, this would mean that individuals who currently are unable to afford insurance or are paying excessively high amounts each month can see both availabilities open up to purchase insurance coverage as well as reduced premiums each month. This can be extremely helpful for both auto and home insurance customers as insurance premiums in Michigan rank among the top in the nation as of right now.

On the outside of things, however, we need to consider what effect this might have upon the insurance industry. If the bill were to be passed successfully that would mean an immediate 20% drop in income for all insurance companies throughout the state in 2010. As insurance companies will have an obligation to provide Michigan residents with coverage and payout claims as they come in this would mean that they would need to make cuts in expenses in other areas, most likely of which will be jobs. It also might affect the solvency for some insurance providers and could potentially cause additional economic strain in an industry that may not necessarily be able to take it at this time.

If youre a Michigan resident and looking for additional information on exactly how to find the best rates and options at this time the best course of action for you will always be to search online at various websites that can provide you with local quotes and reviews of insurance providers, especially as these changes are starting to be rolled out. This can be particularly helpful for those searching for home insurance or auto insurance offers online that can help them save money each month and take advantage of insurance company competition even if the bill does not successfully come through. Regardless, keeping up on the latest information and knowing whats going on in your area will always help you in regards to saving you money in both the short and long run.

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Author: Danny Carlsonbr
Source: ezinearticles.combr
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Car insurance is a necessity as it protects the sufferers of car mishaps. It is a safety measure against car accidents. A car insurance requirement is made a law in most US states.

The first step in selecting car insurance is to calculate the amount of cover required for the car. Every state has its own minimum liability coverage requisites that have to be maintained by the car owners. However, you should decide what you want to have under the insurance cover besides the minimum requirement outlined by the state.

You should make yourself comfortable with the language used in insurance policy papers. Even if the minimum insurance essentials vary between the states, understanding insurance terms will be useful in enabling you to make a sound decision about your car policy.

You should know about your present auto insurance premiums and your driving records. This can be done by approaching your existing car insurance provider. You can contact your current insurance company through their customer hotline or local insurance office.

Risk calculation for insurance policy differs for every other person. This is because the variables used vary according to the driver records. As a result, everyones car policy is different. Despite this fact, you should speak to a number of auto insurance providers or search a number of websites to get to the right insurance policy for your car.

Always be certain that you sign the policy that provides adequate insurance coverage. Without proper coverage you will footing the bill for any accidents involving you.

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Author: Jason Furrowbr
Source: ezinearticles.combr
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This article will give you a improved understanding of how to protect your valuables if theyre not insured in your homeowners insurance policy.

Ask agents how to better protect your valuables. Most homeowner policy insurance coverage amounts are fixed for certain valuables such as jewelry, coins, stamps, furs and collectibles. If you have high-value items in your house, you need a well-thought-out risk management plan.

Special policies, or floaters, are available to insure valuable items at an agreed-upon dollar amount as scheduled on the insurance policy. If you prefer, insurance companys may be willing to protect your valuable items on a blanket basis at an agreed-upon value per type. For instance, if you have a lot of jewelry, you may agree on $100,000 as the coverage amount.

If you have fine china or antiques, check to see if insurance coverage includes accidental breaking. Such breaking wouldnt be included under most homeowners insurance policies.

Floaters usually lack deductibles, so coverage starts with the first dollar of loss. Additionally, these floater policies are commonly written on an all-risk basis. This means that losses are insured for all hazards, unless a hazard is specifically left out.

Another good feature of floaters is mysterious disappearance coverage. Although several policies, especially inland marine policies, exclude mysterious disappearances of valuables, floaters often insure them. (Mysterious disappearance, as you might guess, involves a loss where the cause is unknown.)

Your approach to risk management is a key component in the formula of insuring your valuables. Many insurance companies will take into account your willingness to decrease the risk of loss when pricing your insurance coverage. For instance, if you hang a Renoir painting in your lounge, and you set up an alarm system to protect it, you could get a discount for being proactive.

Some insurers will even help ease your risk management plan by aiding you in the inventory process. They may also help organize third-party appraisals, a crucial component of the risk-management and insurance process.

All too often, people underestimate their own property, consequently getting too little insurance coverage. A certified appraiser can help you assess the value of your property and supply necessary documentation of its value in case of a loss.

Follow these guidelines to ensure you have enough coverage:

Take inventory of your valuables, including jewelry, art, and other valuables, like an autographed baseball.
Get an appraisal of the more important items. Be prepared to go to a specialist to find out the value of special items. You wouldnt go to the same appraiser for the autographed baseball as you would for your jewelry.
Speak to your insurance agent about floaters that may be available, talk over coverage and determine limits. Compare the coverage to your basic homeowners policy in order to fully assess the value of the extra coverage.
Learn what extra services your insurance company offers. If theyre able to aid you in the conservation and preservation of your valuable belongings, and if they bundle these services together in a cost-efficient way, it may become a no lose situation for both you and them. Youll get excellent benefits and service; theyll gain a loyal and prudent customer who may be with them for many years to come.

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Author: Frank Topolova
Source: ezinearticles.com

If you purchase the wrong type of home insurance, this is the kind of mistake that can end up costing you thousands of dollars. It is important to read the insurance policy you are considering very carefully to make sure you are getting the type of home insurance that you need.

For example, someone who lives in a hurricane prone zone and gets home insurance that covers water damage may not have any wind damage coverage. In a case like that the person could potentially end up losing tens of thousands of dollars due to damage not covered in their plan. On top of that, some insurance companies have some unethical policies that attempt to exploit little differences like that, so it is critical that you read your policy thoroughly.

Another problem many people have with their home insurance policy is they do not know exactly how little coverage they have. A home owner’s coverage plan that will cover jewelery and other collectible items may only pay up to $1,000 dollars or so in total towards the damaged items. Many people who are not aware of such limits may be under the illusion everything is covered, when in reality this may not be the case. If you have a lot of personal items such as these, it can cost you big time in the long run if you have the wrong type of coverage. Always make sure you know exactly how much coverage your plan allows for personal items.

No matter what kind of coverage you decide to get, make sure that you check with different insurance companies to ensure you get the lowest rate possible. There can be significant variation in prices from one company to the next, and taking the time to look around for a good deal can save you thousands of dollars in the long run. One of best ways to find out which companies give the best rates is to use an insurance company comparison website. These websites are extremely easy to use; you simply fill out a short form and you will receive quotes from several different insurance companies right away. This is the easiest way to find the best deal when you are shopping for home insurance.

Start Saving Money on Home Insurance Today. Compare free quotes or to find a list of Top rated insurance providers in your area at http://www.InsureWish.com

Author: Matthew Griffith
Source: ezinearticles.com

I’m not licensed to sell life insurance, but I am a big fan of insurance under the right circumstance. Life insurance can be a great way to aid your widow to retire the business’ debt. That would enable her to sell the business after your death and realize the full value of your company. You might need some additional life insurance coverage to retire your home mortgage debt, car loans or other debt, and provide cash to support your family after they lose your income.

What about disability insurance?

You didn’t ask about disability insurance, but it might be even more important, given your circumstances. You’re a young and physically active person. And, your business is relatively small and cannot operate for long without you. You’re more likely to suffer a disability in the next 20 to 30 years than to die. So, I’d encourage you to discuss disability insurance with your agent.

Before you meet with your agent, please review this post- Is Your Insurance Agent Reassuring. In that post, teach you how to communicate with your agent in order to make the most of insurance purchase.

Remember this- Your insurance agent is NOT YOUR agent. Your agent actually represents the insurance company. So, keep in mind that you always have the right to seek a second opinion from any professional advisor. If you’re not comfortable with the advice you’re getting, seek a second opinion. You might return to the original advisor, but you’ll have more information and possibly a higher level of faith and trust in the advice you’re getting.

Matthew Griffith is an entrepreneur, coach, business owner and attorney. He is a shareholder and director of the Indianapolis law firm of Thrasher Buschmann Griffith & Voelkel, P.C. He is also a principle, director and co-founder of the business consulting firm, Blue Marble Consulting Group, LLC.

Mr. Griffith can also be reached at his blog site- http://askmattonline.com.

Author: Eran Salu
Source: articleage.com

The importance of insurance cannot be over-emphasized and neither can the danger of paying for insurance you don’t need. It is strongly recommended you solicit the advice of an in-dependent business insurance agent. Don’t forget to SHOP! Talk to three or four independent agents and compare notes and prices. An insurance agent will lay out a vast array of insurance coverage much of which you simply may not need. Your situation will be unique and you must consider each insurance element carefully to ensure comprehensive coverage.
Whatever your final insurance program looks like, you should review it at least every six months. Your business can change rapidly, especially in the first few years and insurance needs change with it. Keep your program up to date by calling in your agent and reviewing your coverage. Make changes where necessary.
LIABILITY INSURANCE
This is probably the most important element of your insurance program. Liability insurance provides protection from potential
losses resulting from injury or damage to others or their property. Just recall some of the big cash awards you have read about that have resulted from lawsuits concerning liability of one kind or another and you will understand the importance of this insurance. Your insurance agent can describe the various types of liability insurance coverage that are available. If you will end up with a comprehensive general policy, make certain that the general policy does not include items you don’t need. Pay for only the insurance you need. For example, your business may not need product liability insurance.
Do not confuse business liability coverage with your personal liability coverage, both of which you need. Your personal coverage will not cover a business-generated liability. Check to be certain.
Compare the costs of different levels of coverage. In some cases a $2 million policy costs only slightly more than a $1 million policy. This economy of scale is true with most forms of insurance coverage. That is, after a certain value, additional insurance becomes very economical.
KEY PERSON INSURANCE
This type of insurance is particularly important for the sole proprietorship or partnership where the loss of one person through illness, accident, or death may render the business inoperative or severely limit its operations. This insurance, although not inexpensive, can provide protection for this situation. Key person insurance might also be necessary for others involved in your business.
SGC was a small firm run by three partners, a software programmer, marketer, and a general manager. Their product was a complex computer program used by aerospace firms. Al, the programmer, was involved in a severe automobile accident, became totally disabled, and SGC lost their programming capability. The problem was that the computer program written by Al was essentially the company’s sole product. Modifications to accommodate the customer became impossible and the time to bring another programmer up to speed was excessive. SGC lost considerable business as a result of this situation. These losses could have been offset by key person insurance.
DISABILITY INSURANCE
You, as a business owner, should be covered by disability insurance whether or not you decide on key person insurance. This insurance, along with business-interruption insurance, described below, will help ensure your business will continue to operate in the unfortunate situation where you are unable to work. Your disability insurance policy needs to provide satisfactory coverage. Particular attention should be paid to the definition of “disability,” delay time until payments start, when coverage terminates, and adjustments for inflation.
FIRE INSURANCE
Fire insurance, like all insurance is complicated and you should understand what IS and IS NOT covered. For example, a typical fire insurance policy covers the loss of contents but does not cover your losses from the fact that you may be out of business for 2-months while your facility is rebuilt. Fire insurance is mandatory whether you’re working out of a home office or you have a separate facility. You should discuss a comprehensive policy with your agent. Take the time to understand the details. For example, will the contents be insured for their replacement value or for actual value at the time of loss?
Consider a co-insurance clause that will reduce the policy cost considerably. This means that the insurance carrier will require you to carry insurance equal to some percentage of the value of your property. (Usually around 85%.) With this type of clause it is very important that you review coverage frequently so you always meet the minimum percentage required. If this minimum is not met, a loss will not be paid no matter what its value.
If you are working out of your home, your existing homeowner’s policy may not cover business property. If this is the case, have your insurance agent to add a home-office rider to your policy.
AUTOMOBILE INSURANCE
You probably already have automobile insurance but it might not include business use of your vehicle. Make sure that it does.
WORKER’S COMPENSATION INSURANCE
If you make the decision to hire employees, you will be required, in most states, to cover them under worker’s compensation. The cost of this insurance varies widely and depends on the kind of work being performed and your accident history. It is important that you properly classify your employees to secure the lowest insurance rates. Work closely with your insurance agent.
BUSINESS INTERRUPTION INSURANCE
This protects against loss of revenue as the result of property damage. This insurance would be used, for instance, if you could not operate your business during the time repairs were being made as a result of a fire or in the event of the loss of a key supplier. The coverage can pay for salaries, taxes, and lost profits.
CREDIT INSURANCE
This will pay for unusual losses as the result of nonpayment of accounts receivables above a certain threshold. As with all policies, you must thoroughly understand the details so discuss it with your insurance agent. One of the largest providers of this coverage is American Credit Indemnity, Baltimore, MD. (800) 879 1224.
BURGLARY/ROBBERY/THEFT INSURANCE
Comprehensive policies are available that protect against loss from these perils, including by your own employees. Make certain you understand what is excluded from coverage.
RENT INSURANCE
This policy covers the cost of rent for other facilities in the event your property becomes damaged to the extent that operations cannot continue in your normal location.
DISABILITY INSURANCE
This insurance will pay you an amount each month slightly less than your current salary in the event you become disabled and are unable to work. Cost for this coverage varies considerably depending on your profession, salary level, how quickly benefits start, and when they end. Benefits paid are tax-free only if you, not your company, pay the premiums.
This list could be continued since it is possible to purchase insurance for just about any peril you can imagine … if you can pay the premium! When considering your insurance coverage, use the following checklist:
INSURANCE COVERAGE CHECKLIST:
? Can you afford the loss?
? What coverage is required by Federal, state, or local law?
? What SPECIFIC items are covered by the policy?
? Are items to be insured for their replacement cost or original value?
? What SPECIFIC items are EXCLUDED by the policy?
? If there is a co-insurance clause, do you have adequate coverage?
? Have you chosen deductibles wisely in order to minimize costs?
? Do any of the policies you are considering duplicate or overlap one another?
? Do you need any insurance based on location, e.g., flood, earthquake?
Use the following checklist to review your insurance plans:
INSURANCE PLAN CHECKLIST:
? Employ an independent insurance agent rather than going to individual insurance companies. Ensure the agent shops for your insurance.
? Talk to and get quotations from at least THREE agents and pick the best one for you.
? Use money saving comprehensive policies, if possible.
? Perform periodic (every 6-months) reviews of your insurance program.
? Have business assets professionally appraised to determine coverage needs.
? Ensure existing personal insurance coverage includes business-related activities and add riders as necessary or obtain additional coverage.
http://www.TotalBusiness.com is a Website that provides business owners with the information they need in order to successfully start, manage, grow, and sell their businesses.
The site features over 3,000 articles and 60 guides on business topics such as starting a business, financing a business, sales and marketing, building a website, setting up an office, hiring employees, and selling a business. The site also contains articles on legal and accounting issues affecting businesses and allows business owners and entrepreneurs to get free expert advice from local lawyers or accountants. The site contains over 1,000 business forms and agreements that are helpful to business owners and provides a business directory with over 1,700 merchants who provide services specifically for small businesses.
Eran Salu, JD,MBA,CPA is the Founder and CEO of TotalBusiness.com