Offering Employees Insurance as a Benefit: An Insurance Blog

4 Public Liability Insurance Extras You May Need for Your Construction Firm

Posted by on Sep 21, 2015 in Uncategorized | Comments Off on 4 Public Liability Insurance Extras You May Need for Your Construction Firm

Like any other insurance policy, public liability insurance has exclusion clauses that stipulate which risks cannot be covered under that policy you have just signed up for. Such exclusions vary from one insurer to another. For instance, the exclusions may include damage to a client’s property resulting from faulty workmanship. This article discusses four options that you can ask for in order to get additional protection for your construction company. Professional Liability People may depend on your professional advice to decide what decisions to make. You may be held liable if any damage results after the client acts on your advice. For instance, a builder can be held liable for recommending a certain kind of weatherproofing if water ingress damages a client’s building and it is found that the building didn’t have the right kind of weatherproofing for that area. Professional liability cover would be helpful in such a situation. Employee Liability Cover Public liability insurance generally covers damage or injury to members of the public resulting from your work. However, an employee may sue you for an injury he or she sustained while performing company work. That is why you need employee liability cover to take care of such eventualities that may not be covered by your public liability policy. Faulty Workmanship Insurance Cover Some public liability insurance providers exclude damage resulting from poor/faulty workmanship. For instance, if you hammered a nail through a power cable and it caused a fire, the company may say the fire was a result of faulty workmanship, so they are not obliged to compensate your client for that damage. It is for this reason that you should acquire faulty workmanship cover as an addition to your public liability insurance if you find that it is excluded from your policy. Defamation Liability Cover A member of the public can sue you for making a statement that is construed as damaging to their product or reputation. For instance, you may have mentioned to a client that a certain building material does not last as long as the manufacturer claims. You may be sued for defamation if a company representative of the makers of that product overhears that statement. Your public liability insurance policy may have excluded such a risk, and you may end up incurring a high cost to compensate the company that sued you. A defamation policy rider (additional cover) may come in handy to save you when such a suit is filed against you. As you can see, it is much better to get all the protection you can get instead of taking the chance that a risk will never occur. Talk to a professional insurer like Unity Insurance Brokers, and get the additional cover in the areas above so that your business is given all the protection it can...

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Top Four Tips for Purchasing Better Business Insurance

Posted by on Jul 7, 2015 in Uncategorized | Comments Off on Top Four Tips for Purchasing Better Business Insurance

Business insurance is just like any other kind of insurance, it is something that is of high importance and can either be the start of something new and wonderful or the stop to a dream come true. It depends on several different aspects such as the situation, the insurance agent, the terms and much, much more. Below is more information on the process of purchasing business insurance, including the top four tips for being sure you purchase the best kind out there: Business Insurance is a major expense, especially for those that are independent contractors. Being a small business owner is a wonderful experience and it can lead to a lot of great things but you need to be sure that you have your back and that your assets are fine if something happens. Keep in mind that as your business becomes more and more popular than the risks of doing any business at all without having the proper type of business insurance can increase even more as well. You are the boss and it is your business so you need to protect it against illness, acts of vandalism, lawsuits and natural disasters. It is always better to be safe than sorry; you want to be safely covered for everything so when something bad happens you can deal with knowing that you got it covered. Be sure to know about everything that is involved, this includes what all of the risks are. When you are doing a policy application know that the company is going to measure the information that you put to a scale of what is considered to be an acceptable amount of risk. To prove a clear profit it is best to have no excessive risks and to have a background that shows the same. Once you got the insurance there will be a premium, this is what you pay to remain insured, it is a part of a fee and then there is a deductible, the amount you agree to pay whenever you go to make a claim. It is best to know that if policies were bought in bulk than the cost could be dispersed over more carriers instead of just one. The one you go with you should trust. – They will help you to create a policy that fits you and your business; they won’t try to sell you things that you don’t need. They are there to honestly help you because they won’t see any money until you sign on the dotted line anyways. This tip is short and sweet which makes it such a great tip because it is exactly what you can expect every single...

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