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Assemble Your Business Insurance Policy Using These Components

Business owners need to customize their business insurance plans so that they can get the most out of their insurance coverage. Often, this means assembling a packaged insurance plan that will cover all exposures of the business. Here, we’ll take a look at the most common attributes of business insurance.

Insurance Rate Criteria

You can find coverage for pretty much any risk that your business might face. Your insurance company will have set rates for various policies. Often, these rates will fluctuate depending on the size of your company, your company’s claims history, and your company’s industry. A good insurance consultant will help you build a plan to suit your needs.

General Liability Insurance

All businesses need to purchase general liability insurance. General liability insurance covers your business in case of bodily injury or property damage to a 3rd party due to your negligence. The majority of these policies will protect you from the legal costs, and the resulting damages awarded to the claimant up to the policy limit.

However, keep in mind that not all legal proceedings will be protected by general liability insurance. Sometimes, it’s important to purchase E&O, D&O, EPLI, or other insurance policies designed to cover specific exposures.

Product Liability Insurance

If your company is involved in manufacturing or distributing a product, you are liable for the safety of the product. A malfunctioning or defective product that causes injury could cost you every dime in your company’s bank account. Product liability insurance can be included in the General Liability policy and will provide coverage for expenses that happen as a result of defective products that inadvertently harm a consumer.

Of course, the insurance company will analyze your industry before setting your rates. Small Business insurance liability varies in price for General Liability coverage, for example a company that manufactures paper will have less catastrophic liability exposure than a company that manufactures helicopter parts.

Professional Liability Insurance and E&O

All companies need to seriously consider purchasing professional liability insurance, also known as errors and omissions insurance. Errors and omissions insurance will cover your company in case a customer or client suffers a monetary loss as a result of an inadvertent error or omission. Unintentional mistakes in design work fall under this category as well. Many contracts require that businesses carry professional liability insurance.

Either way, E&O insurance claims are rising steadily. Did you know that one out of every seven professionals will be named in an E&O lawsuit at some point in their lifetime? Obviously, E&O insurance serves a huge purpose in most small business insurance policies.

Commercial Property Insurance

Business owners also must do whatever they can to protect their company’s property. Fire, flooding, vandalism, and many other dangerous occurrences can destroy the property of a business. As such, businesses should include commercial property insurance in their policies.

Business insurance property policies require the owner to insure the property to the full value. Some businesses may think that they pay too much for business insurance or over-insure there property, but it is important that you insure your property to full value on a replacement cost basis in case of a loss to recoup the full value of your property.

Shop around and compare prices at various insurance companies. Get quotes on quotes from multiples carriers as some insurance companies will provide lower rates for certain type of business insurance. You will find that you can acquire a reasonable and inexpensive plan if you incorporate all of these elements.

Read more about business insurance and how to build a plan that will include everything your business needs.

To build an insurance policy that will be effective and affordable, you need a company that actually customizes your policy for you. Visit us at www.rja.com to consult with an insurance professional who will construct a policy that will work for you.

Article from articlesbase.com

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Using health insurance brokers will provide self employed with cheap health insurance ideas, plans, and quotes with more service

Article by National Insurance Brokers

As a small business owner or independent contractor, you are usually in charge of everything for your business including finding cheap health insurance for you and your family. However, as a self employed business owner you do not want to short change your coverage just to have the ability to say you or your family is insured. It is vital to you finances to make sure the policy and plans you review are ones that meet your healthcare needs and your budget. This means to consumers that you must be educated on the models that health insurance companies put out for policies as well as the terms and to know how to read a plan to see what exactly is not being covered or what has limited benefits. The individual health insurance markets are very confusing and buying the cheapest health insurance plan will cause you much grief, or at least may, unless you fully understand what you are buying before you enroll and apply for that plan.

To combat these problems, many self employed are looking through the eyes of advisors who are called health insurance brokers. These services are very misunderstood, most brokers have in fees and are compensated by the carrier. They also are not just paid to sell you a plan, most brokers have agreements with carriers that they do not get fully paid on a self employed health insurance without having the client or consumer stay on the policy for a minimum of 1 year. This means that broker has a vested interest in making sure you get on the policy that is going to provide you the best benefits vs. price, they must make sure this is a plan you can afford, whether there is cheaper plans or not they are also making sure that the benefits meet those needs you explain to the brokers that you are looking for. In addition to these facts, the brokers will also be able to assist you in seeing what you are purchasing from different angles. You may not realize what you are asking for may effect you badly, such as purchasing a plan without name brand prescription coverage, which could cost you thousands of dollars in out of pocket money if you ever were to develop a major medical condition. Brokers can help you see this and many other obstacles in the individual health insurance industry that you are not currently thinking about.

A typical consultation for major medical insurance or a individual policy, usually takes less then 15-30 minutes and although this is longer the self quoting sites, it is rewarded usually with much more upfront savings and even more importantly long term savings on your health insurance. Another added benefit is the brokers are able continue to monitor your premiums and other carrier offerings throughout the year, and can send you updates on if cheap health insurance becomes available. You will also see addition services in having a independent advocate to help you get your policy to pay the claims that it is responsible. Anyway you look at it, self employed health insurance is most affordable this way.

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