Top 10 Business Insurance FAQs

Business Insurance has been developed to provide essential cover in the event of claims arising from loss or damage to property and injury to persons in the course of carrying out your business activities. For businesses with a professional service, protection from claims arising from professional errors and omissions is very important. If you value your business and livelihood then you should have effective insurance cover in place. Claims against your Business could potentially result in not just substantial cost to the company but to you personally - even Director's of Limited companies are at risk - which is why Directors and Officers liability cover is also becoming crucial.

Here are the 10 ten most Frequently Asked Questions about business insurance:
  1. DO I NEED TO TELL THE INSURERS EVERYTHING ABOUT MY BUSINESS? Your Insurers need to be aware of all the facets of your business in order to asses the risk and meet the needs and demands of your insurance requirements to ensure you are fully protected. Failure to advise your insurers of a material fact could invalidate your cover!
  2. WHY DO I HAVE TO REVEAL MY WAGE ROLE? Your Insurers need this information assess the size of your company and the potential liability you may have to other parties.
  3. DO I HAVE TO TAKE OUT LANDLORD INSURANCE TO INSURE MY LANDLORDS PROPERTY? This depends on the terms of your lease. If the landlord assumes responsibility for the insurance of the buildings you occupy then you do not need to insure these yourself. However you should ascertain exactly what the lease specifies. If for example your lease makes you responsible for the insurance of existing fixtures and fittings, shop fronts, etc... then you must insure these. You will no doubt decorate and improve the risk with your own fittings. These must also be insured as the landlord will not insure them.
  4. DO I REALLY NEED PUBLIC LIABILITY INSURANCE In this litigious age every business needs to protect itself from claims from third parties for damage to the their property or for injury. The cover will protect the business from claims dealing with the legal costs and if necessary paying the damages awarded. Even defending a no win - no fee attempted claim, costs can run into thousands of pounds, which this cover will provide for.
  5. I PUT UP DISCLAIMER SIGNS AND HAVE PEOPLE SIGN DISCLAIMERS SO DO I NEED LIABILITY INSURANCE? Unfortunately yes. Signs may dissuade some claims but in law they have very little sway. The person injured may be blind or illiterate and cannot read the signs. They may well still attempt a claim even if they have signed a waiver on the basis that they did not know what they were signing and this claim would need to be defended.
  6. I ONLY EMPLOY MY FAMILY DO I HAVE TO HAVE EMPLOYERS LIABILITY INSURANCE? The Employers Liability Act 1969 does exempt family members from cover but if you trade as a limited company then you are legally required to have cover as per the Act.
  7. I DO NOT HAVE MUCH STOCK SO CAN I ONLY INSURE MY LIABILITIES? Yes of course, but in protecting your business and continuing to trade you must consider the other aspects of cover that most business insurances provide. Business interruption (loss of profits), money cover, damage to fixtures and fittings, leased equipment, etc... Under the terms of most leases you are liable for these.
  8. I SELL PRODUCTS TO THE PUBLIC, IF THEY CAUSE INJURY DUE TO SOME DEFECT BEYOND MY CONTROL AM I INSURED? Public Liability policies can include liability arising from products supplied.
  9. WILL MY PUBLIC LIABILITY POLICY COVER CLAIMS AGAINST ME FOR ERRORS AND OMISSIONS OR DEFECTIVE WORKMANSHIP? A public liability policy will only cover injury to the public or damage to their property caused by negligent acts. Errors or Omissions such as wrongful advice is protected by professional indemnity insurance. With regard to defective workmanship, a public liability policy is not a guarantee that you know how to carry out your trade so defective workmanship is excluded.
  10. WHY DOES MY BUSINESS POLICY RESTRICT THEFT COVER TO THEFT BY FORCIBLE AND OR VIOLENT MEANS? As you can imagine, if the public are allowed unlimited access to business premises such as shops, offices, hotels, etc. then theft is very easy for the opportunist thief. Some restrictions have to be imposed hence the requirement for forcible entry.

Posted in: on Tuesday, October 28, 2008 at at 8:09 AM 0 comments  

Dental Insurances

Teeth are a very important of the human body. It is only with the help of teeth that we are able to chew food which is then used to provide energy to the body. Hence proper care should be taken of this body part. In the US, there are a number of companies offering dental insurance. Blue/Cross, Aetna, etc are some of the companies which offer a host of coverages. So it is not only important to know the company insuring your teeth but it is equally important to the plan under which your teeth are protected. Also, it is important for your dentist to know about this dental insurance coverage of yours. This helps the doctor in carrying out the treatment in such a way that it is most beneficial for you.

Deductibles and Co-Pays are not included in the insurance cover. So the insurance companies earn their profit from this point. They know that many people, fearing these co-pays and deductibles, will avoid taking treatments. So always go to a doctor whose rates are affordable.

Also, it is not advisable to put off using of your insurance cover till the end of the year. Because this is a very bad financial proposition for you. Most of the insurance programs work according to the Gregorian calendar. So 31st December is the last date of this insurance. And on this day, the insurance cover no longer exists. In the end, it only leads to waste of your money.

So if you want to make full use of your dental insurance cover, consult your dentist regarding this. Ask him to make a two year coverage plan for yourself which will last the entire duration of the insurance cover. This is a good tactic especially for the fall. Also, if you are regular guest at the dentist's, ensure that your insurance contract is renewed a few months before the expiry of the current one. This will help you in getting the continuous benefits of the insurance policy.

Also, it is very important to listen to your dentist. Always keep your ears open to what he is saying. Choose your insurance policy according to the recommendations made by the dentist.

Also, keep an eye on the terms and conditions imposed by the insurer. There are conditions like "Least expensive alternative treatment", etc which prevent the person from receiving any top-notch treatment. Thus, if you have to go for implants instead of a partial denture, it is possible that the brunt of treatment fee has to be paid by you since the treatment does not fall under the insurer's terms and conditions.

Also, if you have a missing tooth and are thinking of removing another bad tooth, make sure that you replace the first missing tooth before making the other invisible. This is because, in many insurance company clauses, two or more missing teeth force you to go for the cheapest treatment.

Posted in: on at at 8:08 AM 0 comments  

Individual Dental Insurance Plans

Finding individual dental insurance plans doesn't have to be as hard as you think. After all, there are a variety of different companies out there that offer you many different choices when it comes to your dental insurance. In fact, with the competition out there, it's fairly easy to find a good price on your insurance and a good plan as well. One of the best places to look for great individual dental insurance plans, in on the internet. So, if you are looking for an excellent plan for your dental insurance needs, here are a few things that you need to look for.

Look for Reasonable Premiums
First of all, when it comes to purchasing individual dental insurance plans, you will want to look for reasonable premiums. Price is a very important factor for most people and no doubt you want to make sure that you get the best possible price on your dental coverage. So, take the time to compare a variety of different companies, the options they provide, and the prices that they charge. Make sure that you get an excellent plan for a price that is reasonable when you are looking for the right insurance plan for your needs.

Ensure You Get Preventive Dental Care
You should also insurance that the dental plan you choose gives you the preventive dental care that you really need. Some of the things that you should look for in a good plan with great preventive care includes free coverage of x-rays, regular cleanings, and free check ups as well. When you have good preventive measures that are covered, you'll find that you will have much better dental health and you can even avoid major problems with your teeth as well.

Check the Company's Background
Of course checking out the company's background is also important when you are trying to find great individual dental insurance plans. You want to make sure that they have a good background behind them and quality customer service as well. Make sure that the company has a great record of settling their claims and that they are financially sound.

Posted in: on at at 8:06 AM 0 comments  

The Reason Behind Business Insurance

Business insurance is an often overlooked item when starting a new business. Many people don't take into account the reason behind needing business insurance or the cost of this type of insurance when they figure out their business planning or financing.

Why Insurance Is Needed
This insurance, while not required for every business by law, should be required out of common sense. What this insurance does is cover the business, the business owner and any monetary losses in case of liability or loss of business which would otherwise put the owner out of business. When a business suffers substantial loss due to a major event the insurance acts as a safety net to ensure that the business is not crippled or completely fails if possible. It can also act as a safeguard in case of complete loss for the owners against any outstanding costs. Some of the things covered by most business insurance are included in this list:

-Natural disaster
-Fire
-Machine or equipment failure that shuts down the business
-Loss of income due to employee negligence
-Lawsuits brought against the business
-Ensure ongoing operations due to adverse affects from man-made circumstances outside the business
-Consumer issues or problems

It can help defray, or sometimes completely cover, the cost associated with the list above. This is a huge help when most of a business's finances are tied up or would not be enough to cover huge lump sum expenses.

Small Business Insurance
The smaller the business is the more likely the need for insurance in today's world. Many, if not most, small business owners will have placed their entire lives and earnings into the business. Several reasons exist for the smaller business to own business insurance:

-When a large problem requiring a financial outlay large enough to destroy a small business
-Banks often require business insurance specifically for small business to cover loans and payments
-If the owner of a small business dies, the insurance guarantees payment of all business debt
-If an accident occurs at the site of the business, insurance is needed to cover the costs of the accident.

Posted in: on Wednesday, October 1, 2008 at at 6:51 PM 0 comments  

Business Insurance is Required

One of the first things you should think about when you start a business is buying insurance. The costs of comprehensive business insurance are small compared with the risks that you are taking if you don't have insurance.

There are some very easy ways to find the cheapest insurance and the cover that is right for your business. Using the internet is a great way to compare different quotes. If you can see quotes from leading insurance providers side by side it makes it easier to choose the cheapest cover and the one that suits your business the most.

The type of business insurance you should have for your business depends upon the business you run and the activities you do. In the UK one of the most common types of insurance is Public Liability Insurance. It forms the core of many business insurance policies.

Public Liability Insurance protects your business against claims for any injury or damage your business activities may cause to another person or their property. This is an especially important cover for businesses that have people visiting their premises or go out and visit other people's premises.

Professional Indemnity Insurance is another cover that is designed for consulting businesses such as Business Consultants. This protects them for claims against them due to advice given which may have caused a financial loss for a client.

Employers Liability Insurance is a cover that is a legal requirement for companies in the UK. It protects businesses for claims made by employees if they are injured or fall ill whilst at work due to their employers negligence.

Other additional covers included with business insurance could be Tool and Equipment Insurance, Business Buildings Insurance, Commercial Vehicle Insurance, as well as any other cover you think you may need depending on the type of business you run.

Posted in: on at at 6:49 PM 0 comments  

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