The A, B and C's of Most Business Insurance Policies

A Commercial General Liability policy (CGL) is a comprehensive insurance product that companies buy to protect themselves in case of losses such as fire, water damage, acts of nature, bodily injury, and damage to property or criminal activity. Purchasing this policy is the first step businesses take to protect their assets. This safety net is critical in a society in which the number of lawsuits and the value of judgment awards have increased over the years.

The CGL is subdivided into 3 sections - Coverage A, Coverage B and Coverage C.

Coverage A - Bodily Injury & Property Damage.

This section of the policy agrees to cover the costs the insured becomes legally obligated to pay due to property damage, bodily injury and products/completed operations. It will also cover all costs incurred to defend the insured against any/all claims that allege such damages. This section offers a wide range of coverage that protects the premises and the product. However, there are also many exclusions that are standard throughout most industries. Most common exclusions as follows:

Aircraft, auto, Watercraft Pollution Workers compensation Expected or Intended injury Recall of Products/work

There are 2 types of limits that coverage A defines.

Occurrence Limit - the limit insurer will pay for all damages resulting from bodily injury or Property damage from a SINGLE Occurrence

Aggregate Limit - the limit the insurer will pay for ALL claims during the policy period

Coverage B - Liability for Personal & Advertising Injury

Under this section of coverage, the insurer agrees to pay for damages as a result of personal and advertising injury. Examples of this coverage include libel, slander, copyright infringement, false arrest, using others advertising ideas and or slogans. The limit of liability is most often the same limit as the occurrence limit as per Section A.

Coverage C - Medical payments

This section of the policy covers medical expenses the insured is legally obligated to pay in case any person (other than insured) that is injured on the insured's premises or as a result of the insured's operations. It is important to note that this limit is just a small fraction of the limits provided in sections A & B. Atypical Medical expense limit is $5,000 on most traditional policies. This limit can be increased by way of a special agreement/endorsement with the insurance company.

By having a CGL in place, companies can relax knowing that they can conduct business without having to worry about a claim and how it will be handled. If a claim is filed against an insured business, the insurance company will conduct a thorough investigation to eliminate any claims that are proven to be unjust. Legal fees, including court costs, are covered under the policy. If the business is found liable and the incident is covered under the policy, their insurance company would pay the award amount up to the coverage limit purchased by the insured.

When considering business insurance coverage, one should consider the following:

The coverage limits of the policy that will cover exposures related to your business Coverage should be customized to your unique business needs Additional policies or endorsements may be required to cover specific business activities and needs How To Find The Best Priced Commercial Auto Insurance Policies   What Is Public Liability Insurance and How You Can Have It   Facts About Fleet Motor Insurance   Ways to Reduce Risk Sharing Expenses   Protect Your Business With Public and Product Liability Insurance   Vacant Property Insurance   

All About Special Event Insurance

Planning special or large events can be exciting, overwhelming, and sometimes even intimidating all at the same time. Even though there can be a lot of things to think about, keep track of, and stay on top of, one thing that people tend to forget about is making sure that the affair is going to be properly insured. Fortunately, getting special event insurance doesn't have to be as difficult as it might sound, especially if you keep a few particulars in mind during your search.

Making sure that your occasion is properly insured can be important for a number of reasons. It may even be required by law, depending on your area and the type of event that you're planning to do. This is particularly the case for events that are being hosted in public areas, such as with concerts, flea markets, trade shows, farmers markets, festivals and so forth.

Numerous kinds of occasions can receive coverage. Some companies may even have policies and packages that are specifically designed for certain functions. This can include more professional-based functions, such as auto or garden shows, carnivals and sporting events. Some policies may also cater to weddings, bar mitzvahs, reunions, birthday parties and more.

In most cases, festivities or occasions that are being held in public places, or even locations that you rent out, will require some form of insurance. However, when in doubt, you can often gather more information by contacting the place itself, or the city that you plan to have it in.

Checking into the legalities can also be important when it comes to other factors or things that you may need to think about. For example, there may be certain restrictions that will apply based on the type of affair you're planning to do, the area that you wish to have it in. This can include policies on alcohol, the number of people that you can have present and so on.

Companies that offer insurance for these types of circumstances may also be able to you find out what particulars or legalities you'll need to consider. They can also help you determine what type of coverage you'll need or may want to have, and they may be able to offer alternative suggestions or package deals.

It's often a good idea to think up any questions that you have regarding certain policies ahead of time. Many people prefer to write up a list, so that nothing is forgotten. You can often ask these questions over the phone, in person, or over the internet, and you may be able to get price quotes as well.

In order to obtain the ideal special event insurance, it's important to be clear on what your goals are. This includes what you plan to do during the occasion, how many people you think will be attending, among other factors as well. In the end, the right company will be able to work alongside of you, providing you with a better chance to get the kind of financial security you might need.

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The Advantages Provided To Businesses With Public Liability Insurance

Insurance represents one of the most intelligent investments businesses make when trying to expand potential and reduce the many financial risks that are developed from this entrepreneurial pursuit. The utilization of public liability insurance can represents one of the greatest resources of this protection when your company regularly interacts with a large quantity of consumers or features a physical store. To determine all the benefits that can be accessed from this liability insurance protection, identify advantages such as business protection, financial security, customer protection, and a lifeline of safety.

Business Projection

The first area of opportunity that is created with a company's investment into public liability insurance can be found with the solutions of business protection. Most small businesses are developed as a result of a significant financial investment made on the part of an owner or business managers. When an incident occurs within your property that can result in financial responsibility, your company can easily be overwhelmed by legal demands and expenses that shut down your business and result in you losing your financial savings. Utilization of insurance can serve as a crucial resource to countering this potential loss.

Financial Security

As previously identified, small businesses are able to operate because of the investment individuals make into their potential. While there is always a risk that exists with your business failing, a person would rather take the risk of business failure then find failure as a result of consumer injury or property damage. Financial security in this regard can be secured through the resources of public liability insurance since your insurance will cover any consumer injury, property damage, or property loss based on your specific protection policy.

Customer Protection

Many businesses identify different ways they can protect their consumers to avoid unfortunate accidents. Barriers are placed in areas that consumers are not permitted to enter and employees spend a significant amount time making sure products are properly stocked in order to avoid the need for creative shopping. Even with all the resources of protection your business takes advantage of, injuries and damage can occur on a regular basis, enforcing the importance related to public liability insurance.

A Lifeline of Safety

The final advantage that your business will be able to utilize is found with how public liability insurance represents a line of safety. The solutions of insurance assist in managing legal fees so your business can be continuously protected regardless of the scrutiny which may be developed from an overly enthusiastic individual seeking financial gain.

Every advantage which has been previously identified only covers a few of the opportunities that are available to business when seeking the safety and security that is provided with public liability insurance.

How To Find The Best Priced Commercial Auto Insurance Policies   What Is Public Liability Insurance and How You Can Have It   Facts About Fleet Motor Insurance   Ways to Reduce Risk Sharing Expenses