August 18, 2013 by admin · Comments Off
No one ever really thinks of general business insurance as a fascinating subject, but the truth is that there are so many interesting things to consider that are massive benefits whether your a product retailer or a manufacturer or a distributor of products and other goods.
First, there are many different types of business insurance policies to cover different types of liability risks. Small businesses owners can get a general business liability insurance policy, or a product liability insurance policy for indemnity claims for product liability risks and even professional E&O indemnity coverage, depending on what type of business you run.
General liability insurance is the most common form of business insurance that most business owners get today, mostly because it covers a broad range of issues that can come up. Most of the time, General Liability Insurance should also be combined with a products liability insurance policy, but it does not typically come with a General Liability policy so make sure you have it added so you are fully protected from the risks associated to your type of business.
May 18, 2013 by admin · Comments Off
Before you open your doors of your small business, make sure you protect yourself, your business and your personal assets with insurance coverage. I’m not talking about the normal small business general liability coverage but rather a policy that is structured around product liability coverage. You worked way too hard to have your products business taken away from you because you were not prepared from unseen negligence or incidents that end up causing a legal liability issue for yourself. Even if you feel you have the best product and/or services, things may go wrong everyday and there is always someone to point that out in a courtroom.
In a lawsuit crazed world like we live in today, you cannot afford to put yourself, your business or family at risk from financial ruin. Leaving out this essential liability insurance protection from your business start-up plan can leave you open to losing everything that you worked so hard to get in an instant.
An insurance policy such as product liability insurance protects the small business owner, seller, distributor or manufacturer from malfunction. The insurance also covers defects in your product, a failure to warn and improper service or injuries to the buyer.
Make sure you have your assets covered properly by purchasing a product liability insurance policy from an insurance agency that specializes in product liability.
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.
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 4, 2012 by admin · Comments Off
Perhaps the power of technology has affected the world more than anything else and therefore, its importance cannot be over emphasised. This has increased the demand for professionals in different areas of technology. The more modernized the world gets, the more complex their jobs are. The increase in availability and accessibility of technological products and services has resulted in the upsurge of demand for technology-consultants.
With all these developments also comes the increasing wave of litigation and court cases backed by sometimes frivolous charges in a bid to extort money from companies or people. These complaints can, furthermore, rise from dissatisfaction in services. The vulnerability of technology consultants to litigation and financial damages makes technology insurance policy very important. This is to ensure that they are covered from any risks that may arise from any of these.
Technology consultant insurance covers technology consultants from unnecessary risks and liabilities that may arise from financial loss as a result of claims by third party. For example, in a case where a product does not meet client expectation, or it does not function at all; the policy covers the company or individual. The policy also ensures that claims that result from negligence, omission or errors are taken care of. The insurance company bears the costs of litigation as well as that of compensation that may arise from court judgements.
To get a proper technology consultant insurance policy that specifically meets your needs, it is advised that you conduct appropriate research or seek the help of an insurance broker.