Commercial Liability Insurance Tips

How Do I Find The Right Commercial Liability Policy

2009-06-17T19:41:00.000-07:00

Independent insurance advisors can help you with the comparison of different policies. They have all the necessary documents and information for you to compare commercial liability insurance policies.

To find out the best commercial liability insurance policy for your business, you can also use the Internet. Research on the commercial liability insurance policies will help you to compare the policies and choose the best one.

External Resources:
Overview of Commercial Liability Insurance
Commercial Liability Policy Quotes

Employer Liability Insurance - Find Out Exactly What it Covers

2009-06-17T08:44:00.000-07:00

Employers liability insurance will cover the expenses you incur when you have to compensate for any injury or illness of your employees they suffer from their job. It covers injuries and illness caused both on or off site. Employers liability insurance only covers your employees, and does not cover claims by third parties against you. For third party claims, you'll need public liability insurance. Injuries due to motor accidents are not covered by employers liability insurance but are covered by a motor insurance policy.

Generally, employers liability insurance covers employees against illness or injury while at work. The word “employee” has a specific definition here. Someone is described as your employee if:

•If contributions and income tax are deducted from their salary paid by you

•You can decide where, when and how they work

•No substitute is employed on their behalf by them

Small businesses should always opt for it because it can safeguard their financial position and business assets in case any claims arise. Many small companies went bankrupt because they did not opt for employers liability insurance and later had to pay for claims by employees for injuries. So to avoid any such situation in future, it is always better to get cover for such problems.

How much liability insurance does your business need?

2009-06-16T20:36:00.000-07:00

Public liability insurance is not only beneficial for businesses to protect their assets, but it required in many states within the USA and countries around the world. Some typical examples of covered circumstances are: a third-party slipping on a wet floor on your premises or damaging their car being damaged at your mechanic shop due to an accident by one of your employees, etc.

So exactly how much coverage does your business need?

The amount of public liability insurance coverage depends on the type and size of your business. If you run a small home business then you will only need a smaller deductible to cover yourself. But if you run a big business with hundreds of people then your deductible should be large enough (a few million dollars) to cover any probable claims. Even though the deductibles are high, your premiums should be pretty reasonable.

Your premium depends on what type of business you operate. These premiums are rated against the activity of the business. In general, your premiums are determined depending on your revenues. For some businesses, however, different factors may come into play to decide their premium. For a hotel that wants public liability insurance coverage, it may be decided based on the number of beds in the hotel.

External Resources:
Liability Insurance for Businesses
Third Party Liability Insurance