Posts Tagged ‘Liability’

What Is Public Liability Coverage?

Public Liability Coverage

Business owners need to think about how to best protect their assets. All it takes is one simple accident and you stand to lose everything you have worked so hard toward. Thankfully, the right insurance package can be your best line of defense. Public liability insurance, for example, is specifically designed to keep business owners protected from the most common losses associated with their industries. In fact, this type of insurance is considered the entry point for most businesses, as it covers the most basic risks.

Weigh Out Your Options

As reported by insurance experts, public liability coverages are essential to protect a business. However, there are some gaps in the policy that should be noted. This coverage does not include any claims that might come from internal sources like the members of your staff. Additionally, this policy does not include the expenses related to claims from vendors or investors. For these concerns, a policy or general liability is more advantageous. Weighing out all of your options is the only way to find coverage that protects you from all fronts. Points to focus on include:

  • How much you can afford to spend on a policy
  • The unique risks of your specific industry
  • Your history with claims

Conduct Preliminary Research

Planning ahead with your insurance is the best way to find coverage that covers all of your bases. Take time to review the most critical risks of your industry and select the policy that makes the most sense for your unique needs.

Choosing Between Umbrella and Excess Liability Coverage for Your Business

Umbrella and Excess Liability Coverage

Businesses today face many risks associated with their operation. Coupled with rising costs related to handling claims, it is clear why many companies seek additional insurance protection. However, merely adding more coverage may not be the right choice for you. When researching the differences between umbrella vs excess liability coverages, you should take care to see which one best meets your business’s needs.

What Is Umbrella Coverage?

It is essential that businesses maintain an appropriate amount of coverage to protect their assets and secure their financial stability. An umbrella policy, which is generally added as a rider or additional policy, is one option businesses can use to achieve that. It extends beyond the standard protections of any existing liability coverage. That makes it a flexible option for many companies that are looking to expand coverage.

How Does It Differ From Excess Liability?

Unlike an umbrella policy, excess liability coverage expands on the limits of your existing policy. This can be a good approach if you are concerned about increased costs associated with claims but do not need coverage for additional situations.

While every company should have adequate insurance coverage, there is no one-size-fits-all approach to business insurance. An experienced insurance company can help you choose the right coverage for your unique needs.

Covering Your Clients With Professional Liability Insurance

Professional Liability Insurance

As an engineering firm owner, you understand how much your clients rely on you and your team to come up with the designs commissioned. From calculations that drive design choices to detailed drawings, there is a strong focus on the specifics because they make all the difference between a design that works and one that doesn’t. What happens when a mistake in your analysis or an oversight leads to a faulty design, especially one that results in damages or losses?

Understanding Engineering Liability Insurance

Mistakes do happen, but the consequences of mistakes in engineering and design can be disastrous. It’s important for you to have professional engineering liability insurance that protects your company from lawsuits and claims by a third party due to losses incurred from errors and omissions in your work. This type of protection is also known as Errors and Omissions (E&O) insurance and can help cover your operations:

  • Mistakes in design
  • Omissions in deliverables
  • Wrong professional judgment calls or recommendations

This coverage inspires confidence with your clients in the way you do business as you have a policy that addresses your deliverables and claims that may arise.

Getting the Right Protection

Professional engineering liability insurance should not be confused with general liability that covers property damage or accidental falls. E&O insurance specifically addresses your work product and can cover legal defense costs and settlements. You owe it to yourself to buy a policy that is tailored to your firm’s specific needs.

What Is Cargo Insurance?

Cargo Insurance

Companies that transport cargo are responsible for ensuring that it reaches its destination undamaged. Any type of accident or mechanical malfunction could end up in a transport vehicle damaging or losing the entirety of its cargo. In this type of event, cargo insurance offers indispensable financial protection.

Do All Carriers Need Cargo Insurance?

Failing to have adequate cargo insurance coverage can result in costly liability to a shipper. Even if a company is transporting its own goods, it should still insure them. Not only will it be faced with a considerable internal loss, but it may also be in breach of contract to whomever the goods were being delivered. For these reasons, it’s important that all motor carriers obtain cargo insurance.

How Affordable Is Cargo Insurance?

The cost of a policy will depend heavily on the value of the cargo, the number of vehicles transporting it, and the distance that it is being transported. Working with an insurance provider that is experienced in serving clients in the trucking industry will give you access to the most competitively priced carriers.

What Coverage Options Are Available?

Cargo insurance companies offer policies that are based on a scheduled vehicle basis or according to your total revenue. They can also provide coverage for goods while they are being stored in a warehouse.

 

Risk Management for Businesses in Richmond, VA

Risk Management

As a business owner, you have to be conscientious about safeguarding your business against risk. Working with an insurance company that is experienced in serving commercial clients in Richmond can provide you with thorough coverage to protect your business from risk comprehensively and affordably.

Getting the Right Help

Business Insurance by BlueSky offers a variety of coverage areas that can meet all of your business’ individual policy needs. BlueSky provides insurance for a wide range of businesses that vary in size and span across many different types of industries. Their experienced representatives can help you build a package that’s customized to address every type of risk involved in your day-to-day operations.

Tailored Policies for Your Business

To effectively safeguard your business, it may be necessary to get more than a basic general liability policy. BlueSky can help you get competitive prices for the following types of policies:

  • Commercial Property
  • Commercial Umbrella
  • Directors and Officers
  • Employment Practices Liability
  • Cyber Liability
  • Errors and Omissions
  • Special Events
  • Workers Compensation
  • Bonds

Building a package with an experienced agency can help you get access to the best carriers in the marketplace that serve your area. Reach out to BlueSky for help with protecting your business from potential liability or loss with thorough commercial insurance coverage.

The Importance of Commercial Insurance for Small Businesses

Commercial Insurance

A small business needs to be proactive about protecting itself against the possibility of a sudden loss or some form of liability exposure.  Obtaining a commercial insurance package policy is a fundamental part of any small business’ management.

Key Elements of Commercial Insurance

You don’t need to become an insurance expert before getting insurance for your business, but you need to understand some of the basics of commercial insurance coverage so that you can get a general sense of what you need when you reach out to an agent for help. Generally, more than one type of policy is needed to insure a business’ operations. You will likely need to build a package that includes the following types of policies:

Additional Policy Indorsements

Depending on your business’ activities, you may need additional protections to fully safeguard your business against loss and liability.

  •       Auto insurance for company vehicles
  •       Directors and officer’s insurance to protect board members and corporate officers from individual liability
  •       Professional liability insurance to protect companies that offer professional services in a specialized field

Work with an insurance agency that is experienced in serving small businesses in your industry for guidance about how you can structure a commercial package that meets your business’ needs.

3 Things Your Small Business Needs Today

Small Business

Owning and operating a small business comes with a lot of responsibility. You are responsible for deadlines, working with vendors, reinvesting capital and of course, liabilities. If you’re just starting out, you have a lot to learn along the road to success. Here are three areas that can help get you ahead.

  1. BOP Insurance

Business owners insurance is essential for small businesses that can’t afford the risk of liabilities. Everything from your building to your employees presents a liability risk. A BOP policy can be tailored to fit the needs of your business, including property and general liability coverage.

  1. Marketing Strategy

You don’t need a marketing department to have a marketing strategy. You can start out simple with a webpage and social media accounts. The key is to update often, and also purchase advertising. Social media platforms offer an affordable way to complete with companies much larger than your own.

  1. Business Plan

If you didn’t create a business plan when you started your business, start making one now. This will help you set clear goals and milestones for growth. You should review your plan often and revise it as often as needed. Studies have shown that writing down your goals makes it more likely you will reach them.

What Are Blanket Bonds? How Do They Work?

Blanket Bonds

Financial businesses are among the many industries that use bonds as risk management tools, especially banks. Between investment bankers with fiduciary duties to clients and company shareholders alike to honesty bonds against employee bad faith, there is a variety to choose from, and finding the right fit for a bank or another lending institution can be a bit difficult. That’s where blanket bonds come in. If your bank or credit union looks like it might need several bonds to protect against customer loss due to bad faith actions by an employee, you can also opt for a blanket bond that is written with wide-reaching provisions to cover all your risk management bond needs, without the trouble of balancing several specific bonds that each handle a different kind of risk exposure.

Limitations To Blanket Bonds

While these bonds are very broad in their coverage, they are not all-purpose risk aversion tools. That means they don’t replace your regular insurance policies, they simply protect the customers and institution from theft, embezzlement, and other material losses related to employee misconduct. They also don’t provide identity theft protection on their own, which means you might need another kind of coverage to handle that risk if it isn’t already folded into one of your liability policies. What they can do, however, is simplify your bond management so your entire coverage portfolio is easier to handle.