#liabilitycover

There are inherent risks associated with running a business: - Employee injury on the job. - Natural disasters could destroy property. - A client could sue alleging a breach of contract.Therefore, it is crucial to protect your assets, both business and personal. Making sure you and your business are adequately insured is one way to do that. Below are the benefits of acquiring business insurance. Keeps Your Business Up And Running When a disaster occurs, such as an earthquake or flood, how does your business fare? Property and casualty insurance covers loss of property - buildings, equipment, etc. - but what about your lost money while your business is closed? That's where Business Owners Insurance (also known as BOP) comes in handy. A business can benefit from this kind of insurance by protecting itself from a severe loss of income in the event of a disaster. You get paid the income your business would have made while out of commission (assuming it's a covered loss). During that time, BOP compensates you for commonly incurred expenses (rent and utilities). Additionally, some companies cover employees' wages, for up to 12 months, in addition to lost income. Provides Employee Protection The most valuable asset of your business is not the products or services you provide, the equipment you take care to maintain, or even the brand you worked hard to establish for years. Your company's most precious asset is its employees, so it makes sense to protect them in an accident. By the law, it is a requirement to carry workers' compensation, but you should also consider providing disability coverage, whatever the cost. In addition to protecting your employees, you are also protecting yourself - from lawsuits or liability claims. A Lawsuit Filed Against You A litigious society is what we have today. Your business could collapse without insurance in the event of a lawsuit or liability claims. A single accident, breach of contract, or one disgruntled employee, and it's all over. Even if you win the suit, the cost of legal defense could lead to the end of your business. It is better to have liability insurance than to worry about what might happen, allowing you to focus on what is most important - running a successful business. It Makes You Look Credible You probably might not have thought about it, but having insurance makes your business look credible. The purchase of business insurance shows your prospects and customers that you are a reliable corporate entity. Your work for them is guaranteed, so you have the option to get compensated if anything goes wrong. Ensures The Protection Of Human Assets Owning a business enterprise entails a lot of responsibilities. The question is, what happens if you stop running for whatever reason, whether it is a heart attack, serious injury, or other unfortunate circumstance that keeps you away from the game for weeks, months, or even years?A company-owned life insurance policy covers you if you become disabled and unable to earn income. The buy-sell agreement provides funds for the purchase of your interest if you are killed or disabled.You can also purchase these policies - called "key person" or "key man" policies - to cover a valued employee's disability or death. Ensures Employee Retention And Attraction The purpose of insurance is not simply to protect your business in "doom and gloom" scenarios. Qualified employees can be attracted and retained with the help of this program. Besides salaries, job seekers are also interested in benefits packages covering life, health, disability, and long-term care. You may lose valuable employees to companies that do offer these benefits.

For the most part, people don't think about insurance until they need it. However, knowing what your homeowners insurance policy covers and does not cover can mean the difference between rebuilding your home and replacing your personal effects. In addition, homeowners need to do annual insurance policy "check-ups" to keep up with local building cost increases, home renovations, and inventory updates. What Is a Homeowners Insurance Policy? The homeowners insurance policy will compensate you if you suffer damage to your home or personal property due to an event covered under your policy. The policy also covers you if you cause property damage or injure someone else. Even though homeowner's insurance policies are infinitely customizable, they also have some standard provisions that outline the costs the insurer will cover: Exterior Or Interior Damage To Your Home Damages caused by fire, hurricanes, lightning, vandalism, or any other covered disaster will be compensated by your insurer so that your house can be repaired or even completely rebuilt. However, floods, earthquakes, and poorly maintained homes are generally not covered and may need a separate rider if you want to insure these items. Similarly, a detached garage shed or other structure on the property may need to be covered separately, using the same guidelines. Most items in your home are insured if destroyed in a disaster. It includes clothes, furniture, appliances, and other contents. There are even policies offering "off-premises" coverage, so you can file a claim for lost jewelry, for example, no matter where you lost it. Personal Liability For Damage Or Injuries You are protected from lawsuits filed against you if you have liability coverage. Your pets are also covered under this clause. Thus, if your dog bites Doris, whether the bite occurs at your house or hers, your insurance company will cover her medical expenses. In addition, if your kid breaks her Ming vase, you can file a claim for reimbursement. Even if Doris slips and lands on the vase pieces and successfully sues for pain and suffering or lost wages, you're still covered for those losses, just as if it was someone who fell on your property. Rental Of a Hotel Or House While Your Home Is Being Repaired Or Rebuilt Hopefully, you will never be in such a situation, but it will be the best insurance you've ever had if it does happen. The additional living expenses portion of your coverage would pay for the rent, hotel room, dining out, and other incidental costs you incur during the waiting period for your home to become habitable again. If you plan to book a suite at an expensive hotel, please remember that the policies have strict daily and total limits. Those daily limits can be increased if you are willing to pay more for coverage. What Does Homeowners Insurance Not Cover? Generally, homeowner's insurance will cover most scenarios where a loss could occur, but certain events, such as natural disasters, are not typically covered. Are you at risk of floods or hurricanes where you live? How about earthquakes? For these, you'll need riders or a separate policy for earthquakes or flooding. Additional coverage is available for sewer backup and drains backup, and you can even add identity theft coverage for reimbursement of expenses related to identity theft.You can't expect your homeowner's insurance company to give you a check for the amount of your policy if your home is destroyed. The payout is directed to contractors, depending on the cost of selected reconstruction and the insurance coverage. A crucial decision is choosing coverage that will cover the total cost of rebuilding your home, even if costs exceed your policy limits.

A car accident is a traumatic experience. Even if the accident wasn't that severe, a car could be totaled. Failure to repair destroyed vehicles is not a problem, but the cost of such repairs is deemed excessive. If the insurance company determines the car to be totaled, the damage is greater than 75 per cent of its value. Your insurance provider may still allow you to bring your car home before it hits the salvage yard if you recently had a car accident and determine that it is a total loss. However, you must ask yourself if you wish to keep it. What Is a Total Loss? Cars are total losses if the cost of repairs exceeds the vehicle's value at the time of the accident. Though the definition may vary from insurer to insurer, however, if your insurance company determines that the car damage is so severe, it will be a total loss, cost considerations aside. In any case, if it is not possible to salvage the vehicle, you should cut your losses and accept the check your insurance company sends you. Your insurer marks your vehicle's title as salvage once written off as a total loss. Your insurance company will determine your real cash value and issue a check depending on your car's make, model, mileage, condition, and options. It will then be auctioned off for its salvage value by the insurer. What To Consider Before Keeping a Totaled Vehicle One of the reasons to keep a totaled car is to salvage it yourself for spare parts or to believe it can be restored and made safe for driving again. You may be correct, but take some factors into account before making your decision. Repair Costs The repair cost is a big deal. You have to make sure you can get actual value from your vehicle if your insurance company doesn't think it's worth the repairs. Consider getting an expert opinion if you don't know much about mechanics. One scenario in which such a vehicle is worth keeping is if you are a mechanic and can make the repairs yourself for a great deal less than what it would cost to have another mechanic do it. Other drivers and the environment are at risk if you fail to repair a totaled car properly. Insurance Your repaired vehicle may be difficult to insure—and you'll have a difficult time finding an insurance company that will cover your vehicle before being fixed. When the car becomes a salvage vehicle, insurance companies are hesitant to write a policy. You may only be eligible for liability coverage. Financing If you don't own your baby, don't get too excited about bringing it home. You may not keep the vehicle if financed, and you have not fully paid it off. The final decision will be by the financial institution that holds the loan. You should consider gap insurance if you are concerned that you will owe more than the vehicle is worth if it is totaled. It will cover the difference between your owed amount and the value of the car. If You Still Wish To Keep Your Vehicle Even if you can't bear to part with your baby, arrange with your insurer to keep your beautiful wreck. Payment will be determined by your carrier the same way it would if you weren't holding your car, but the vehicle's salvage value will reduce the settlement amount.

Risk mitigation is at the heart of insurance coverage. Individuals and small businesses can use insurance as a means of protecting themselves against financial loss, but insurance companies have interests of their own to protect. Typically, insurance policies will include exclusions based on this so that they don't cover every scenario. They are interested in insurance exclusions, and why do insurance companies exclude exclusions from their policies? Here's the answer. What Are Insurance Exclusions? A policy exclusion provides a way for an insurer not to cover certain risks, such as an unexpected loss. It is a way to restrict the scope of coverage for risks they are unwilling to protect. As a result, policy exclusions contribute to the overall definition of the policy. What is the reason? Ultimately, it would help if you kept in mind that an insurance company is a business. Events are covered; many insurers would be discouraged from entering the market or remaining excluded. So, what are the reasons for exclusions? Reasons For Insurance Exclusion Use exclusions for various reasons in insurance policies, but most relate to the risks listed below. A Cataclysmic Event Catastrophic events make certain risks uninsurable. War is an example. Your commercial property insurance coverage does not cover a bomb destroying your business property in a war situation. Military action and war are almost universally not included in property insurance policies. If Previously Covered By Another Policy In many cases, the exclusions are risks covered by one policy from another. For example, a general liability policy excludes auto liability claims from coverage since a commercial auto policy covers them. Workers' compensation insurance covers any benefits an employer must pay under workers' compensation laws. Liability and auto policies exclude benefits payable under workers' compensation laws. Maintenance Of a Car Or Property Wear and tear, for example, are excluded because they are natural occurrences and controlled by the policyholder. Both physical damage coverages for commercial properties and autos exclude wear and tear-related damages. Also, prevent rust, corrosion, and insect infestations risks through regular maintenance. Deliberate Actions Businesses and people purchase insurance to protect themselves from misfortune, accidents, and other unforeseen circumstances. In such cases, most policies won't cover the losses if the insured deliberately causes the damage. For example, suppose a driver experiences road rage and deliberately drives into another vehicle. In that case, their auto insurance policy probably will not cover the damage to the insured's car, even if it has comprehensive coverage. In another example, if a contractor deliberately damaged a client's property to evade payment, the provider wouldn't cover the impact. Illegal Actions Many policies do not cover crimes, law violations, and deliberately caused injuries against public policy. Due to this, liability policies do not cover claims arising from the insured's deliberate, harmful acts such as firing a gun. As the first step in evaluating an insurance claim (under any policy), an insurance company determines if the event caused the loss is fair to count as an "occurrence." A claim will not be counted as an occurrence most of the time if a crime is underlying it. Exceptions To Exclusions And Buybacks In many exclusions, there is a limit of coverage given back. An example of this exclusion is the contractual liability exclusion in a general liability policy, which exempts the company from liability under a contract. In some instances, there is an exclusion, which requires coverage for liabilities assumed under an insured contract (as described in the policy). You can remove a few exclusions if you are willing to pay an additional premium. For example, the standard general liability policy excludes injuries caused by employees against each other. In many cases, businesses purchase coverage for co-worker claims.

Leaving your car safely in the parking lot as you run out to the grocery store, you return to find it burglarized, and your belongings are nowhere around. The first question you ask yourself after having been the victim of theft is, "Does my auto insurance cover it?". The answer to whether or not auto insurance covers theft depends on the situation and the type of insurance you have. A comprehensive policy will typically cover thefts, as well as damage caused by break-ins. Since liability insurance usually covers bodily injury and property damage from accidents, theft is unlikely to be covered. In case of car theft, you'll want to know what your insurance will cover. Let's examine a few different scenarios. Car Theft And Insurance Scenarios Scenario 1: Car Damages Are Due To a Break-In As long as your coverage is comprehensive, you're in good shape. In general, comprehensive insurance covers your vehicle's repair costs, including: - Broken door locks; - Smashed windows; - Broken ignition systemScenario 2: Stolen Car It also depends on the type of auto insurance you have. The policy will cover the value of your vehicle if you have comprehensive coverage or third-party fire and theft coverage. Scenario 3: There Were Stolen Items In Your Car Is car insurance going to cover stolen goods? Sadly, it does not. The comprehensive coverage only extends to the parts and components that are permanently attached to the car. The insurance does not cover any personal belongings you may leave inside, like an iPod or a wallet. However, homeowners' or renters' insurance policies are likely to cover these items. For a stolen vehicle, file two separate insurance claims, one with your auto policy and the other with your homeowners' insurance. What To Do With Stolen Vehicle Or Truck You should contact the police immediately if someone stole your car or truck. By all means, the police will be interested in basic information like the make, model, plate number, and possibly even the VIN. You can then contact your insurer to find out if you are covered. Contact your homeowners or renters insurance carrier if you believe personal items were in the car when stolen. Do these things as soon as possible. Your claim process will be faster, and the chances of finding your car will increase. If you successfully file a claim, many insurance companies will use your vehicle's actual cash value (ACV) in determining your payout. You will also have to consider the terms of your policy when calculating the total. Insurance company adjusters determine the value of your vehicle based on its age, model, make, and regular wear and tear. You can also consider upgrades such as premium seats or wheels you have made, but not additions like a premium stereo or music player you can remove. Usually, if the adjuster comes up with a value for your car, you'll receive a check for that amount minus any deductible you have on your policy. In a Nutshell Remember that not all policies offer coverage if your vehicle is broken into or stolen when choosing car insurance. Collision and liability insurance aren't enough to protect you. Comprehensive and third-party fire and theft insurance cover car theft, but it doesn't cover your personal belongings inside the vehicle. For this, you must contact the company that issued your homeowners' or renters' policy to expedite the process, file a police report and insurance claim as soon as possible. It will allow you to replace your vehicle as quickly as possible.

Owning a car comes with its share of maintenance expenses. Maintaining a vehicle can be very expensive owing to the ever-increasing maintenance costs. So, investing in good auto insurance coverage makes sense to protect you from those additional expenses arising out of any eventuality! So What Is Own Damage Insurance Policy As the name implies, an Own Damage policy (OD) is a personalized auto insurance coverage that protects you and your insured vehicle against damages due to accidents such as fire, theft, etc. In the event of an accident, an own damage policy pays for the expenses to repair or replace parts of your vehicle damaged in the accident. For example, let us say you parked your car at its usual place and all of a sudden your neighbor's cricket ball git one of its windows or probably a coconut falls on the windscreen and leaves not only shackles but dents too! You might be looking at hefty losses in retrospection, but in such circumstances, your damage insurance can get you out of such an unfortunate incident. Who Should Get Own Damage Insurance? When looking to purchase auto insurance coverage, you have the option to buy a limited cover or one with an extensive range. As for many, they go for the limited scope, which is the third-party liability policy. The main disadvantage of purchasing this type of auto insurance policy is that it does not offer you or your car protection. So if you are carrying third-party auto insurance coverage, you might also want to purchase a standalone Own Damage policy to protect your vehicle from damages and losses. What Is Covered In Own Damage Insurance Policy? Own damage insurance policy covers the cost of damages or loss to your car due to the following: - Natural disasters such as floods, earthquakes, typhoons, hurricanes, storms, hailstorms, frost, inundation, self -Ignition, lightning, cyclone, etc. - Artificial disasters such as strikes, vandalism, protest, riots, and terror attacks - Theft or malicious acts or fire.What’s Not Covered In The Own Damage Insurance Policy? Though an Own Damage insurance policy is excellent for your car’s protection, few things are not covered in the policy. These include: Third-Party Liabilities Own Damage Insurance policy is a standalone policy and, as such, will not cover your third-party liabilities. Your third-party auto insurance policy will instead take care of the same. Drunk Driving DUI or also known as Driving Under Influence (of alcohol), is against the law. Therefore, the Own Damage insurance policy does not cover claims for driving under the influence of alcohol. Driving Without A Driver Licence No insurance company will accept claims if you’re driving without a driver's license. So, you can only file claims if you are driving with a valid driver’s license; as such, Own Damage insurance policy will not cover claims if you’re going without a valid driver's license. Others include: - Consequential Damages - Contributory Negligence - Driving without a Licence Holder - Wear and tear and depreciation - Not having a valid driving license - Mechanical or electrical breakdowns, failures, or breakages - Contractual liabilityHow Protected Are You In Your Damage Policy? The amount that your insurer pays you for an own damage claim depends on your car’s Insured Declared Value, the deductibles you opted for, and the make/model of your vehicle.