General Liability Insurance
By Bill Walker | February 17, 2009
General liability insurance protects a company’s assets when it is facing a lawsuit for damages it may or may not have inflicted upon a person though injury or property damage. General liability insurance can be bought independently or as part of a BOP (Business Owners Policy). A Business Owners Policy packs liability and property insurance into a single policy. The liability insurance coverage limits, however, are usually quite low. Businesses needing a greater coverage usually buy liability insurance as an independent policy.
In a general liability insurance policy, legal costs of a business in a covered liability lawsuit have to be paid by the insurer. Covered liability claims include property damage, bodily injury, personal injury and damages from false advertising, also called advertising injury. Insurance companies also cover general and compensatory damages. However, liability insurance policies do not cover punitive damages, as they are deemed punishment for deliberate actions.
General liability insurance policies always declare a maximum amount that insurers have to give during the policy period. Under the policy, there is also a maximum amount that the insurer has to pay per occurrence. For example, if a company has a $1.5 million occurrence cap and loses a lawsuit of $2 million; the insurance company is obligated to pay just the $1.5 million; the rest has to be paid by the business company.
As a cover against these types of circumstances, companies buy umbrella liability insurance, which comes into the picture where general liability coverage stops. It covers payments that go beyond the company’s policy’s limits and gives extra protection for liabilities not covered in the standard insurance policy.
Generally, there is a requirement for the policyholders to report to the insurance company as soon as an accident that can lead to a liability claim has taken place. The business owner will then have to help in the investigations, forward legal notices, etc.
Topics: Liability Insurance | No Comments »
In Need of Life Insurance Advice?
By Fred Tresdale | January 7, 2009
You’ve finally made the decision to purchase a life insurance policy. Good for you! And good for your family, too. There isn’t just one kind of life insurance policy available. Purchasing a life insurance policy can be much different from purchasing, say, an auto insurance policy in which case you can decide on purchasing simple liability coverage, or full coverage, and a high enough amount of auto insurance to cover damages resulting from everything from car accidents to theft.
With life insurance policies, while there are also two main kinds – term life insurance policies and whole life insurance policies – the two are very different in what kind of coverage and extra benefits they offer. Term life insurance policies cover you for a certain period of time, while whole life insurance policies cover you for the duration of your life – and that’s just the tip of the iceberg when it comes to the differences between term life insurance policies and whole life insurance policies.
The bottom line is, once you’re ready to choose the kind of life insurance policy you want to purchase, you’re probably going to need some advice.
There are a few ways to get good advice when it comes to purchasing a life insurance policy. First, do some research on both term and life insurance. Find out exactly what each kind of policy offers and make notes.
Next, talk to friends and family members about which kinds of life insurance policies they’ve purchased. They’ll tell you what works for them and why, and this will help you determine what might work for you.
Finally, talk with insurance agents who specialize in selling both types of policies. Agents are trained professionals who can offer advice based on the coverage you need.
Topics: Life Insurance | No Comments »
Motor Trade Insurance
By Patrick | November 20, 2008
Motor Trade Insurance is an intensive and extensive policy in the United Kingdom. It is available to protect the businesses of Motor Traders. The policy offers the best insurance for operators and dealerships on a full- time or part- time basis. It can be tailored to meet your budget as well as fulfill your protection requirements. Motor trade insurance provides coverage whether you operate your business from home or from a business premises.
Motor Trade Insurance is designed to cover various entities such as sports, prestige and import vehicle dealerships or operations such as repair shops. The insurance protects scrap, salvage and vehicle dismantles. Policies such as Road Risks policies or Stock of Vehicles at Trade Premises are also available. All of these said insured entities involve flexible payments and installment plan options. Additionally, many independent companies that provide this protection offer introductory discounts, yet they are limited.
Topics: Business Insurance | No Comments »
Medical Professional Liability Insurance
By Benson | October 20, 2008
Medical professional liability insurance is another name for medical malpractice insurance. There are two types of medical professional liability insurance, claims-made and occurrence policies. There are advantages and disadvantages to each of these types of policies.
Claims-made medical professional liability insurance policies are one year long policies that are renewed each year without interrupting the coverage. Any claims made during the claims-made policy period will be covered, no matter when the incidence actually occurred, as long as the incident occurred after the original purchase of the claims-made policy. This means coverage is retroactive back to the first policy. This type of medical professional liability insurance is cheaper in the first few years of coverage as it is less likely claims will be made in the first few years of coverage. Premiums increase each year up to five years, when the reach the approximate cost of the occurrence policies. Occurrence medical professional liability insurance covers all claims that occur during the coverage period, regardless of when the claim is made. Because there is no way of knowing how many claims will eventually be made due to actions occurring any given year, the premiums for occurrence medical professional liability insurance are not necessarily cheaper in the beginning like they are with claims-made medical professional liability policies. This type of insurance covers the doctor forever against claims that result from the period in which the policy was in effect. Both of these forms of medical professional liability insurance are very expensive, so there are currently a lot of organizations working on proposals to solve the problem of compensating any patients with legitimate medical malpractice claims without doctors having to pay huge premiums for medical professional liability insurance.
Topics: Life Insurance | No Comments »
Health Insurance
By Terry Laurel | October 18, 2008
GoHealth Insurance is your online resource for health insurance information, along with competitive quotes from America’s leading companies.
GoHealth takes a direct approach to health and wellness by providing an online resource for comparing health insurance options online. You’ll find educational tools to help you understand the world of healthcare.
Information is the key to managing your health. Whether it’s looking for health insurance or searching for advice on healthier living, staying educated about your healthcare and wellness will help you stay healthy.
Topics: Health Insurance | No Comments »