Owning a business can be rewarding yet stressful. Even if you’re successful and all is going well, it’s important to keep your risks in mind. While you shouldn’t be paranoid or anxious, it’s only professional to make sure your exposures are covered and your risks are managed. Learn about risks involving lawsuits and how to reduce them with malpractice insurance in Austin.
The sad fact is that no business is safe from making mistakes. You can provide the most stellar services but there may come a time when you or an employee messes up. If anyone in your company is negligent with a service or doesn’t deliver as promised, you could end up with an unhappy client and a costly lawsuit. Preparing yourself for the worst with malpractice insurance in Austin prevents you from being ruined by legal action in the future.
Frivolous Lawsuits Happen Too
Maybe your business remains steady, professional, and without error. Even in this case you’re still vulnerable to malicious lawsuits. Although you might not owe any damages, you could end up spending a lot on legal fees. This can be crippling for small businesses.
Don’t let your business remain vulnerable to these potential risks. Running a business requires having adequate insurance. Think about getting malpractice insurance in Austin today.
Understanding the difference between construction general liability insurance and other kinds of insurance is necessary for many contractors. The following describes some common forms of insurance.
Your business property is part of what you have invested in your success, and it should be protected. Property insurance will cover tools and equipment for many contractors.
This is a specific type of property insurance that offers coverage for fire, vandalism and other unforeseen events that may occur during construction. Each project will have a different value, and therefore different needs for builders risk insurance.
Construction General Liability Insurance
If someone files a lawsuit against your business for property damage or injury, liability insurance can protect you. It will cover injuries to non-employees and damages that may occur on property that is not owned by your business.
Commercial vehicle insurance needs will vary depending on state requirements. Individual contractors may need this insurance for coverage beyond what is offered by their personal auto insurance.
If you are shopping for insurance, from construction general liability insurance to builders risk coverage, it is important to find an insurance agency that will take the time to understand your business. This will help you know you are purchasing insurance that fits your needs.
As a small business owner, you want to keep your employees safe on the job, but you cannot always prevent injuries. Workers compensation in Virginia is required for almost all companies and can vary quite a bit in cost. If you want to provide adequate coverage for your workers but still be able to manage expenses, consider these three factors that may affect your premium rates.
1. What is the Nature of Your Business?
Your industry may be the single biggest issue that determines your premiums. If you are in a dangerous or high-risk line of work, expect your premiums to be significantly more than someone who provides clerical or other administrative work that requires little to no physical activity.
2. How Many Past Claims Have You Had?
The safety record history of your business can directly impact the amount of your workers compensation in Virginia. If you have had few insurance claims filed, you can expect lower premiums than a company that has a higher number of work-related injuries.
3. Why Does Payroll Matter?
The other two factors speak more to the safety of your line of work, but your payroll also can influence premium amounts because it is part of the formula for calculating rates. A lower payroll amount may translate to lower premiums because you may have fewer employees to cover.
While you cannot change all of these factors, you can create a work environment that stresses safety in order to control rate increases for workers compensation in Virginia and keep your employees injury-free.
One question to ask insurance companies you are considering for your temporary staffing insurance company is this: “What happens after I file a claim?” In company responses, look for a straightforward step-by-process and ease of contact.
Acknowledgement of Claim
In the first 24 to 48 hours after filing the claim, you should expect to receive written acknowledgement of the claim you filed. This acknowledgement should include the claim number as well as the name and contact information of the insurance claims professional handling the claim.
Contact from Claims Claims professional
Within one business day of the claim being received, the claims professional should contact your staffing agency to talk about the claim and where the process could go. This contact is normally via telephone.
If a lawsuit has been filed against your agency, the claims professional reviews your coverage and assigns you defense attorneys. They are chosen from a list of qualified area attorneys.
Dealing with a temporary staffing insurance claim can be an overwhelming and uncomfortable process. It is important that your insurance company is responsive to your questions. To that end, ways to contact your claims professional should be clearly listed. For example, you should know your claims professional’s name, mailing address, phone numbers, fax numbers, website URL and email address.
Bars and taverns are known for bringing people together and offer an ideal place to unwind or relieve stress. If you own a bar, you are mostly likely focused on providing a positive experience for your customers and creating an atmosphere they feel comfortable in. In order to successfully ensure the safety of both your employees and customers, it is critical to become aware of the important of insurance for bars. There are countless benefits to having insurance. It can make prevention and recovery from losses and damages easier, which will allow you to not be in a constant state of fear or worry.
Without insurance, a damage or injury could force you to shut down your bar. It is better to be safe now and make small payments then wish you had obtained insurance later on. Although making payments continually may seem daunting or unnecessary, you will thank yourself when you are potentially hit with a large payment that is covered by insurance. Insurance for bars is especially crucial due to the possibility of alcoholic incidents. When people are under the influence, their chances of an accident are heightened, and they are more prone to initiate violent acts if something does not go their way. Be sure to ensure your bar today before an incident occurs.
A product liability insurance policy protects companies in the even that products they manufacture injure someone or cause property damage. Product liability insurance is particularly important for businesses that deal in product manufacturing and production. It protects a business financially in the case of a lawsuit claiming product defects. Manufacturers are legally responsible for damages that may arise from the use of their products. The manufacturer has the responsibility to ensure that products are of high quality. Most liability claims are covered by a company’s commercial general liability policy (CGL). CGL policies generally cover bodily injury and property damage that occurs off business property that is the result of a product. Unfortunately, CGL policies do not cover damages to a product when the damage was caused by a faulty part or faulty workmanship during manufacture. If the manufacturer of the equipment is also the manufacturer of the faulty part, CGL policies do not cover damages. A product liability insurance policy goes further than a CGL policy and can be purchased independently of CGL.
Having product liability insurance is especially important for partnerships and sole proprietors. Unlike corporations, these business owners do not have a corporate shield to hide behind in the case of a lawsuit. Product liability exposure lasts as long as a product is in use even if the product is no longer in production. Therefore, your product liability insurance policy should be kept in force as long as the possibility remains that a product is in use and could cause injury or damage.
No professional caregiver plans on being sued of having to face allegations that could threaten their business and career. Nevertheless, sometimes mistakes are made innocently or someone makes a false claim against a well-intentioned provider. If are in southern Georgia and you work in adult family services, at pregnancy centers, or even at charter schools, it is worth your time to consider an Atlanta liability insurance agency that can protect you and your reputation.
Often people who work in fields such as providing care or aid tend to give a lot of themselves. The last thing on their mind in that a client may someday be dissatisfied with some element of their care and may try to sue for damages. It may sound cold and calculating to think about how to protect yourself from the people you serve, but in actuality, having liability insurance can prepare you to work harder and provide better care for your clients. The process of insuring yourself through an Atlanta liability insurance agency will help you be aware of situations that could lead to claims against you, and thereby can help you avoid them. In addition, knowing that you are covered going into a caregiving situation will keep your mind at ease and that can help you focus on providing excellent service.