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Cover Up: The Importance Of Insurance For Every Situation

Do You Need Public Liability Insurance for Your New Business?

Posted by on Nov 16, 2016 in Uncategorized | Comments Off on Do You Need Public Liability Insurance for Your New Business?

There are many new business owners that fail to realize the importance of acquiring public liability insurance for their business. Without this cover, the business can incur huge penalties for any damages caused to third parties as a result of the business operations. Public liability insurance is essential for all forms of business that interact with the public, regardless of whether the business is small, medium-sized, or large. Before taking out public liability insurance, it is important to understand why you should take it and how much of it you need so that you can protect your business in the public sphere. Why do you need this coverage? The reason why many businesses don’t take up a public liability cover is because the owners don’t fully understand the meaning of the term “interaction with the public.” You will need this cover if your business undertakes the following: If clients and members of the public visit your business to make a consultation, purchase goods or services, or to receive any other type of service.  If you run a home business and your clients converge at home for meetings and services.  If your business organizes events that are attended by members of the public. The public liability insurance covers for any physical, emotional, or mental injuries to third parties and damages caused to property during the course of business operations and transactions. It is not a mandatory cover, but it is essential if your business involves the aforementioned undertakings. How much coverage do you need? Determining the ideal coverage will ensure that your business isn’t under or over insured. In the case of underinsurance, you will be required to pay for any damages that exceed your cover. If you over insure your business, you will end up paying more than is required to cover the business and third parties. Here are some of the things that determine the ideal coverage for the business. The size of the business, where a large business requires more coverage than small ones. The types of risk that the third parties may be exposed to in the course of daily business operations. The minimum amount of coverage specified in your contract if you are working on a government contract. Your insurance company should help you calculate the required coverage based on these factors. Once you have determined the suitable coverage, they will inform you of the amount of premiums that you will be required to pay on a monthly or annual basis towards the...

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Why an Insurance Broker is Better than a Comparison Website

Posted by on Nov 2, 2015 in Uncategorized | Comments Off on Why an Insurance Broker is Better than a Comparison Website

People shop for insurance providers in two main ways. Some visit insurance price comparison websites while others contact insurance brokers. This article discusses why it may be better for you to choose an insurance broker over a comparison website. Provision of Regulated Advice Many jurisdictions have institutions that oversee and regulate the activities of insurance brokers. Such regulatory bodies help to ensure that insurance brokers provide advice that is in the best interest of the client. Price comparison websites may not fall under the jurisdiction of such regulatory bodies, so you are at a higher risk of being misled if you make a decision based on their advice. Would you rather take that risk, or hire a broker who is bound to provide the best professional advice? Identification of Custom Products Price comparison websites provide information on generic insurance policies. For instance, they will give you the rates charged by different companies that can insure your goods while they are in transit. However, an insurance company that specialises in insuring particular items (such as antiques) may serve you better. An insurance broker may be in a better position to refer you to a company that has experience in designing policies for such special situations. Explanation of Policy Contents Many laypeople may not be able to understand the insurance jargon used in insurance policy documents. An insurance broker helps such clients by explaining the contents of the policy. Such explanations can help you to make an informed decision on whether to purchase the policy, or not. Price comparison websites may not offer the same kind of detailed explanation of policy terms that a client needs in order to understand whether a given policy is the best for him or her. Exploration of All Factors Price comparison websites emphasise price when generating results for a person who has requested for a comparison of different insurance companies. This emphasis of price can lead some insurance companies into ‘stripping’ a policy in order to appear very competitive, as a study discovered. This denies the client an opportunity to explore all factors that may affect his or her cover (such as the exclusions to a policy). An insurance broker asks you to explain what your needs are, and then he or she makes recommendations of which policies may meet those needs. As you can see, it may not be wise for you to think that you will save by not engaging an insurance broker, such as those at Ian Hewitt & Associates. This professional will provide invaluable expertise that will save you money in the...

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Key Benefits Of Having Business Insurance

Posted by on Apr 21, 2015 in Uncategorized | 0 comments

Some business owners can think that having business insurance is the preserve of established companies or think that is it something they can do without. This is a major mistake, as there are business insurances that can be tailored and adapted to the individual business. Although it can be a little expensive to have proper business insurance, think of it this way: if you pay premiums for years to be covered by insurance, it is likely that just one payout from the insurance will more than cover the premiums. Let’s look at some key benefits of having business insurance. Protects Against Massive Loss Many businesses suffer catastrophic losses due to hurricanes, floods or fires occurring. For a business without proper insurance, this often means permanent closure. For a business that has the proper insurance, the closure will be temporary, and the business can reopen once it has recovered. Furthermore, some insurance companies offer an interruption insurance; this insurance will provide a business with a cash flow while the business is closed due to one of these natural disasters. Pays for Litigation It is a bit of a cliché to say that we live in a litigious world. Sadly, however, it is very true. People and other companies seek reimbursement for all kinds of things in today’s society. Even the most frivolous litigation cases can be costly for a business to defend against, and that is without considering if the other party is successful. In many cases, the award given to a party seeking reimbursement will far exceed the ability of a business to pay. From here, business (and even personal) assets start to become at risk, as they may have to be sold off in order to meet the costs. Business insurance will usually meet a good part of these costs; in many cases, they will cover the cost of the whole award. Replaces any Goods After a Theft Businesses that have just been formed or businesses that have recently upgraded their equipment may become the target for intruders and thieves. For these people, all that they see when looking at new computers or high tech equipment is some quick and easy cash. If this does happen, proper business insurance will not only cover the cost of replacing these expensive items, in many cases, they will also pay for the damage caused when the intruders broke their way into the business. Business insurance is so important, that it should be budgeted into the outgoings of a new business. It can be the difference between a company closing and a company remaining...

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