April 26, 2013 by admin · Comments Off
Many business owners have heard of business product liability insurance and are aware that if they sell products, they most likely need to find an insurance policy to protect them against claims of damage or injury resulting from a defect in a product.
However, what many business owners don’t realize is that they can actually get a general liability policy for just a small increase in price; and general liability policies actually include some product liability coverage.
Other times, a business may already have a general liability insurance policy, but it might exclude product coverage. In cases like these, the business most certainly needs to purchase a stand alone policy for product liability coverage.
April 14, 2013 by admin · Comments Off
Mistakes are the part of everyday life, and every type of job involves their own share of mistakes. However, in businesses concerning IT consulting being provided to clients who are involved in a huge amount of money or other physical property, a small error or negligence in the service or advice provided could create a colossal problem for the clients. The damage in turn could get the technology business sued against the damage resulting from mistakes and having to cover the liability charges. So, IT professionals need to have a fair idea of their professional liabilities and vulnerabilities and get the errors and omission’s insurance for consultants to protect themselves from any such possible situations in the future.
Errors and omission’s insurance is an ultimate necessity for any profession, which involves consultation of any form. Now this is the time when a minute negligence or error on the part of the consulting party can cause them to be charged upon for damage coverage in case any occurs. Since no single commercial insurance covers all the areas involved throughout the process, it is a good idea to get professional liability insurance for IT computer consultants that cover all the costs that might occur in case of lawsuits claiming damage recovery.
What is Professional Liability Tech Insurance?
To understand any form of insurance it is important to get a proper hold of what exactly the insurance is covering. Professional liability insurance is like a malpractice insurance where companies that give solutions for professional advice related problems to any client company are insured. There might be a situation when the client company suffers a loss and might end up suing the adviser companies of providing with erroneous advice. To be safe from liability and losing money to leagal issues, it is important to get covered with a professional errors and omission’s insurance policy for technology consultants.
The insurance gives protection to the consultant company against any error of advice or for complete failure of providing any advice or omission to any client company, which has resulted in any financial loss or any other damages to them. The insurance company undertakes the entire charges for getting a defense and covers the damages in case of any needed. They cover the entire procedure of the defense, judgment as well as the settlements if any. Errors and omission’s insurance is a highly advisable insurance policy for all consulting firms as the procedure of defending against a fake lawsuit when the company is totally innocent might include a lot of money and having an insurance coverage is a great boon for such occasions.
Professions like that of a doctor, lawyer, planner, web designer, estate inspector or engineer come under this category as their professional advice might cause monetary or physical loss to the customer side. So having a professional liability (E&O) errors and omission’s insurance is a safety precaution measure from any case arriving when the client files a lawsuit against malpractice, personal negligence or error of practice resulting in damage at their side.
March 13, 2013 by admin · Comments Off
People who own a business work hard to grow their company. They invest hour after hour, hard work, and focused attention to make sure that they will be successful. Incredibly, even the most conscientious business owners will many times make common mistakes when it comes to business liability insurance.
First, they will set the limits of the policy too low. Business owners sometimes don’t understand that once they pay for their initial insurance policy, extra coverage is very inexpensive. Sometimes you can actually double your coverage limits for only 10% more in premium costs!
Secondly, business owners will often not even read their insurance policy. These intimidating documents are tedious to read through… full of legal jargon, and a lot of contract verbiage. It’s not wise thought to accept a policy without reading it. An option that wise business owners sometimes exercise is asking an attorney to review the documents before they purchase the policy.
One of the critical points in the policy is “defend or indemnify”. It’s imperative to purchase a policy only if the insurer will defend the insured if a law suit is filed against them. A business owner also needs to know what amount the insurance company will pay if a judgment is against the business.
The third mistake a business owner makes is buying the wrong type of insurance. Casualty insurance and liability insurance are the two general categories. Casualty insurance policies will cover a business’s losses that come from unexpected events, like accidents. Liability insurance policies protect a business against losses of other people who file claims against you. Most policies provide both casualty and liability insurance, but it’s important for a business owner to understand exactly what they’re getting in both categories.
All in all, business liability insurance policies generally provide everything a business owner needs to protect themselves, but it’s absolutely crucial to approach it with care and attention.
March 4, 2013 by admin · Comments Off
Product manufacturers are among the most liable group of individuals in the production and distribution industry. They are, after all, the designers and creators of goods and products that are purchased by consumers so the blame for any harmful flaws or errors would undoubtedly fall on them, especially if they are close enough for action to be taken against them. It is only when they are too far for the laws of the relevant sovereign body to touch them that they can escape their product liability.
For instance, in the case of goods imported from another country, like Indonesia, distributors and retailers can fall prey to product liability suits simply because the product manufacturers are fortunate enough to operate beyond the reach of the law courts. In such cases, the plaintiffs, usually aggrieved customers, reserve the right to go after whoever seems easier to take on.
The risks involved with being a foreign manufacturer might not be enough to warrant getting product liability insurance coverage. If you are a local manufacturer, however, you certainly cannot escape liability so it would be wise, therefore, for you to get product liability insurance coverage for the risks. . If your customers, for instance, are harmed or inconvenienced in any way during using your products, they can decide to sue you for damages; and lawsuits can be very costly. Getting product liability insurance coverage would help you cover the costs of either winning or losing expensive courtroom battles.
January 1, 2013 by admin · Comments Off
With the current trend in information technology whereby companies are embracing technologies that come at a high cost; IT contractor liability insurance coverage is vital. Why should you take up liability insurance as an IT consultant? Here is why:
Working in companies while uninsured will attract a fine according to the state you are in. Getting insurance will ensure you do your work smoothly. Many companies out there also prefer to use IT professionals who are insured so that they don’t run the risk of paying for damages and injury.
When you are insured, the business will be guaranteed of financial security in the event of an IT contractor getting an accident while working.
Protection of employees
As an IT professional working for a company, getting insured will mean that you will work while knowing that job hazards have been removed to a large extent. You are also sure that in case an accident occurs, you will not have to pay for it yourself. This means that in case of an accident, the costs shall be met, and you will receive relevant medical care.
December 16, 2012 by admin · Comments Off
When it comes to purchasing small business general liability coverage, you need to think about your unique business needs and the risks that are there. Insurance is not designed to decimate your budget. With thye many business insurance plans available, finding one that meets your needs and fits your budget won’t be hard to do. The main thing to ensure is that you do have an insurance policy in place and that it covers you in the event of an accident or disaster. Trust me, I know. I have a friend that had to learn this lesson the hard way and it almost destroyed his small business. It has taken him five years to get back to where he was before he was sued. He will never do without insurance again.
November 28, 2012 by admin · Comments Off
A surety bond is an agreement between two parties, which ensures the safety of the rights of the customer in case any fraud or scam happens. The loan is given only after a guarantor is produced who becomes responsible for repayment in case the borrower fails to repay the amount. The companies get a surety bond signed by their newly recruit employees under which the employee signs a bond for a particular amount backed by a guarantor. If the employee leaves the organization after his employer has trained him on professional services or technology, which obviously has cost money to the employer, then the company can ask the guarantor to pay the money agreed upon in the bond. This protects the rights of the employer because if the employee leaves the organization without doing any productive work for the organization then there has to be some law that should protect the rights of the employer. The surety bonds serve this purpose. A Surety Bond ensures that the bonded party works efficiently for the benefit of the other party. However, the surety bonds are offered to any individual or organization against strong and healthy credentials only. A good background, debt free economical status is the pre-requisites to get a Surety bond.
October 15, 2012 by admin · Comments Off
With the deteriorating economical condition, more people are trying to get money in ways they wouldn’t have dreamed of a few years ago. Some people do it simply because they feel that they deserve it. They don’t see it as money coming from your pocket.
Trying to operate a business without commercial insurance coverage is like driving an uninsured vehicle on a crowded turnpike, in a storm with no head lights! All it takes is one simple mistake or one freak accident to completely ruin your life and your business.
If you have a home business and you’re assuming that everything is covered under your home owners policy, you’d better check it again; and most likely your business may not be covered. Most business insurance policies can be purchased from the same company you have your homeowners policy with, but you will probably not find them on the same policy.
Business insurance is usually less expensive than other types of insurance. The premiums are always deductible on your taxes as a business expense even if you just have a home business. Fires, hurricanes, floods and other storms can be disastrous to your business, as well. If you are insured you will, at the very least, have a hope of starting again.
October 6, 2012 by admin · Comments Off
An IT professional needs business professional liability technology-related insurance in the same way a doctors needs to be able to purchase medical liability insurance. Both professions are important and in fact vital to the health of the economy and need affordable options when it comes to insurance. If an IT professional in Huntsville, Alabama has signed a contract with NASA and yet an angry administrator of NASA tries to break the contract by paying the information technology professional less in order to save costs, the IT professional should be prepared to fight this. The IT professional could use their business liability insurance as an IT professional to fight this unfair issue conducted by NASA for example. You will need plenty of affordable business liability insurance in order to fight the high-priced attorneys which NASA can afford.
September 30, 2012 by admin · Comments Off
When you need a contractor bond, but you have bad credit, how does that affect you? Can you even get a contractor bond when you have bad credit? What do you do to find these things out? These are all common questions that face the contractor that finds himself in the unenviable position of having bad credit for the first time. If this sounds like you, then you have to find the answer as fast as you can. This tough economy makes for short timelines when it comes to things that affect your revenue. Let’s start with the first part.
How does your newly acquired bad credit affect your ability to get a contractor bond?You have bad credit, and you need a contractor bond, so your first step is to find a good surety bond company that sells high risk surety bonds. If they do, then they will probably sell high risk contractor bonds, too. You have no worries in that case. The trick is finding a surety bond company you can trust. If you can’t trust your surety bond company to do what they say they will do, what do you do then? Once you do, you are home free.
As far as your credit affecting your bond, you will find that it really doesn’t. Once a surety bond company decides to stand behind you, you are golden.