How to Choose the Most Cost-Efficient Business Insurance
If you would like to protect your business, insurance is crucial. However, even as there are several factors to consider when selecting a policy or an insurance company, cost is one area that is common to all. And in order to get the most protection for the lowest possible cost, you need to go for the right limits and deductibles, and understand the usual elements and exclusions.
Best Coverage, Best Price
Ask for multiple quotes from various companies and agents, rather than considering one prospect at a time. You can’t say a policy or insurer is the best if you haven’t seen how it compares with the others.Before you compare, be you have to be clear about what’s covered and not by each policy.
For owners of small home-based businesses, a rider may typically be added to their homeowner’s policy, making it unnecessary to buy a separate policy.Discuss your specific situation with an agent so you understand what is best for you.
Usual Elements and Exclusions
There are times when you can pay an extra premium for an “endorsement” or an amendment to a comprehensive plan that will provide coverage for a basic exclusion. When liability involves a unique risk, such as an accountant’s professional services, a specialized policy will be needed, aside from a comprehensive general liability insurance policy.
A comprehensive policy protects against liability for whatever “occurrence,” whether property damage or personal injury, while the policy is in effect.Whatever lapses there are in insurance coverage, you are automatically vulnerable.
According to court policy, a claim cannot be denied simply because the insurance company has proven that a “reasonable person” would have known the outcome.Instead, they must show what the insured was really thinking at the time, which is rather a tall order to meet.
Intellectual Property, Advertising and the Like
Keep in mind that insurance providers have more recently excluded trademark infringement, copyright, patent and trade name, while narrowing their definition of “advertising” as a ways to deny or limit coverage. You have to look into any proposed comprehensive general liability policy for such type of coverage.
“Property damage coverage is only provided for “tangible” properties or “physical” damages. The tangibility of data and the physicality of harm it can inflict are both up for debate. So if you are in the computer hardware, software, or programming industries, you have to be very sure that you will get the coverage you need.
Property Insurance Differentiated
Lastly, remember that on its own, comprehensive general liability coverage cannot protect you against property damage. You need to include property insurance for that particular property.
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