Error Omission Insurance-3 Frequently Asked Questions What is error omission insurance? It covers a business when it is sued because they failed to meet expectations. This is a huge assistance, because in many instances lawsuits can require you to pay a huge sum of money, rightly or wrongly. Therefore, having coverage is very important. Here are three frequently asked questions about the topic: #1) What kind of businesses should get...more
The global economic crisis has hit everyone and businesses everywhere are finding it difficult to keep their heads above water. The credit crunch has also affected insurance for commercial properties. The property market in general has suffered in difficult economic times as property prices have dropped considerably. There is a direct link between the value of a property and property insurance, as the demand for commercial properties falls so...more
If you run a haulage company then you will need a good deal of insurance to keep it running properly. It is essential that you get the right kind of policy for your business vehicles, whether your company vehicles are small vans or three and a half ton lorries, they need to be properly insured along with the premises from which you run your commercial business.The basic insurance for a van or lorry is the same as other vehicle insurance i.e. third party, third party fire and theft or fully comprehensive insurance. Fully comprehensive is the only type of insurance that will repair or replace your vehicle and pay any medical and personal costs arising from an accident. It is essential that you get the right type of commercial vehicle insurance, as getting it wrong could have an adverse effect on the running of your company.Likewise you'll also need to insure your offices and haulage yard appropriately and adequately. Commercial insurance will enable you to tailor a policy to suit your business needs, part of the process involves risk management and for this reason it is wise to ask the advice of insurers who deal with this type of insurance.There are many reputable insurance...more
As a business owner there are all kinds of worries when it comes to protecting your business assets. You might have commercial vehicles that are on the road if you are a service business, or you might be working out of your home and have customers who visit your property occasionally. Commercial legal expenses, public product liability and...more
Many businesses think they should just get the minimum insurance cover required by law, when they are first starting their business, but that might not be the most prudent way to think. You need to get adequate protection for your assets because a growing company can have additional risks to think about. For that reason, businesses need commercial...more
When you are starting your business, you might not have to worry about too many assets, but it is important that you assess your insurance needs on a regular basis.While many business owners will get the required general public liability or employers' liability when they first start their business, as business assets increase, so should the commercial contents cover on the business assets and equipment.What many new business owners don't understand is that there are many business assets that need proper cover, yet they might not have given them proper consideration. You should base your business insurance cover on your needs, but when it comes to contents cover, you can choose between plant and business equipment insurance that offers a 'replacement as new' clause or an 'indemnity' basis.The primary difference is that indemnity basis insurance cover might offer more affordable insurance premiums, but in the event of loss, the wear and tear will be taken into consideration when settling the claim, netting you a lesser amount.This might not be sufficient if it is an older piece of expensive and crucial equipment. You need to think about business continuity so you should consider...more
When you consider the wide range of products and services that are available to help you manage business risks, it might seem like more practical advice and information than you think you might need.The thing to keep in mind is that your personal...more
When you are operating your own business, it is important that you protect yourself and your company from lawsuits and natural disasters that might occur. Because your business might be growing, it is important that you have the proper commercial...more
When you own a business, it is likely that you have a lot invested, either monetarily or in hard work or maybe, both. If you deal with the public, you always have to be worried if it is all at risk, unless you have the adequate commercial cover to...more
When you have a growing business, it is important that you consider the amount of commercial cover you have, on an annual basis, at least. It might be more important to analyse your needs more frequently, if you have experienced a jump in the worth...more
No matter what kind of business you are in, you need to have the proper insurance cover.Depending upon the kind of business you have, you may be in need of and construction or trade, insurance, shop, pub and/or restaurant insurance, office insurance,...more
Essentially you are just a compilation of risk. You may believe that you don't need insurance for you or for your family and that you will take your chances on staying healthy and safe but taking this risk could cost you everything that you have...more