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 Posted: Tue Nov 25, 2008 12:13 pm Post subject: business insurance knowhow |
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What are the things that I should know before applying for business insurance?
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Dfreeman
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| Posted: Tue Nov 25, 2008 12:20 pm Post subject: |
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Business insurance is an essential protection in the event of claims arising out property damages, health injuries etc. There are some business operations wherein protection from errors and omissions is also important. To safeguard you from claims aimed at your business you'd need to maintain adequate business insurance coverage.
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anonymous00
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| Posted: Tue Nov 25, 2008 12:23 pm Post subject: |
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Hi..you should always remember to explain the different operations as well as the risk areas to your prospective carrier. This would certainly help them to measure the probable risk potential associated with your business.
They would be able to design the right kinda coverage for the future of your business. If you'd choose not to disclose all facts to your insurance carrier at the beginning, this could turn out to be one vital reason for the termination of your policy in the future.
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roddick
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| Posted: Tue Nov 25, 2008 12:26 pm Post subject: |
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My friend,
You should not hide financial hazards that you'd faced in the past. Also, remember to disclose your wage role. This piece of information would help your carrier evaluate your business volume. They would be able to arrive at your business liability towards others. So, these simpler facts would also help you avail a better coverage for your business.
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fatman
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| Posted: Tue Nov 25, 2008 12:34 pm Post subject: |
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Hi, in my opinion public liability insurance is also a must for you. You'd need to cover your business from 3rd party claims in connection with property damages or injuries. You'd be safe from claims filed against your business regarding legal costs and other eminent expenses. I'm saying this, since I've seen "no win - no pay cases" would also amount to thousands of dollars. Now its your call!
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roddick
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| Posted: Tue Nov 25, 2008 1:56 pm Post subject: |
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See...when you do not have adequate stocks it is okay for you to insure your liabilities only. But I think, you should always keep the other aspects of your business in mind. There are pretty many important areas-
* business interruption
* money support
* Repairs to furniture and fixtures
* Machinery and equipments leased
So, you see..how each of these are important for almost all businesses.
Plasticmind
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Plasticmind
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| Posted: Tue Nov 25, 2008 2:02 pm Post subject: |
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Hi,
Another important aspect that you should know is whether you'd need landlord insurance for covering your landlord's property. This is something which would largely depend on your lease terms. If the landlord is already obliged to protect your part of the building...then I don't see any reason why you should be worried. But yeah, you'd surely need to understand the terms of the lease pretty clearly.
Crossbreed
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Crossbreed
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| Posted: Tue Nov 25, 2008 2:08 pm Post subject: |
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| Quote: | | But yeah, you'd surely need to understand the terms of the lease pretty clearly. |
See...you'd clearly need to go through everything and make sure of what you'd need to cover on your own and what not!
In case you see that certain assets and particular parts of the shop are under your obligations...then you'd certainly need to get them covered. You could always put additional fittings to reduce your risks. These additional fittings again would have to be covered by you, since they would not come under your landlord's obligations. Pompido_alverado
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Pompido_alverado
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| Posted: Tue Nov 25, 2008 2:16 pm Post subject: |
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My friend, more often than not you'd come across business insurance that speaks of theft coverage only under forcible entry!
You know why? It is quite easy for the general public to earn a stealing opportunity during peak business hours when they have unrestricted access to your business assets or entry within your business premises. So, it implies that you'd certainly be covered for opportunities that would be forcibly created (without any opportunity of negligence on your part..) Just think of it now!
Mermaid-attitude
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Mermaid-attitude
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| Posted: Tue Nov 25, 2008 2:24 pm Post subject: |
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| Quote: | | Hi, in my opinion public liability insurance is also a must for you. |
Always remember, that this public liability coverage is meant to cover for the damages caused to the public due to any negligence caused on your part. But all your errors and omissions would have to be taken care under your professional indemnity insurance. Even for any defected workmanship, a public liability policy won't stand as a guarantee of your effective operations.
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Caromel_merquez
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| Posted: Mon Dec 01, 2008 8:14 am Post subject: |
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if you are very true and clear with the financial underwritings of your firms,having evidences for the past record of the firm and not any lawsuite against you is going on in any court then definately it will be a easier process for you to have this insurance. 
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ensurepune
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| Posted: Fri Jan 09, 2009 11:47 am Post subject: |
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| It's deffinately worth it |
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Wattage
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| Posted: Mon Jan 19, 2009 12:30 pm Post subject: thanx |
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| Hey friends I'm a online marketer & I just gone through all the posts & got so much needed information about business insurance. This will surely help me applying for a suitable insurance plan |
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horizon
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| Posted: Mon Jan 19, 2009 1:05 pm Post subject: |
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| Quote: | | What are the things that I should know before applying for business insurance? |
Your question is not very clear, but I guess a simple answer might me: If you don't have business insurance and are sued by a customer, a contractor, an employee or someone else, you could not only lose your business, but personal assets as well. |
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InsuranceMaze
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| Posted: Wed Jan 28, 2009 5:25 pm Post subject: |
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| Do I need to separate group mediclaim, property insurance, fixed assets, political insurance and many of them from business insurance or there is any package or a firm that includes all of these insurance without missing any of the aspects of my business because I am conscioud of any type of risk remained unaware of that particular insurance and became a culprit. Can anyone list so that we businessmen get a fair idea of what type of assurance options we have? |
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VIJAYRAJ
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