For most people, securing reliable, complete insurance coverage is a no-brainer. There’s no reason to not protect your valuable assets or give yourself financial protection. Some things you can live without, but there are certain things in life you want a New Mexico insurance agency to watch over for you. The following are types of insurance coverage you need for yourself and your loved ones.
If the unfortunate and unforeseen happens, and you pass away before your family is raised, how will they manage financially? Life insurance provides a financial benefit for your dependents when you die. You choose a benefit amount, and you’ll pay an affordable monthly premium.
Not only does auto coverage protect you from having to pay through the roof in the event of an accident, but it’s required by law for drivers to have it. Your New Mexico insurance agency should offer this benefit.
Damage to your home from accident or the forces of nature can result in thousands of dollars (or more) in repairs. The costs can be overwhelming. Fortunately, with homeowner’s insurance you won’t be responsible for much of this.
When the time comes to find an insurance agent, it’s vital to select a company that can give you all the necessary options. Make things easy on yourself and choose an agency that offers life, home and auto insurance.
If you work in a highly skilled profession where your daily craft directly affects the well-being of clients, you understand the potential for lawsuit. If a customer or patient claims negligence or mistake on your part, you want to protect yourself and your interests. This is why liability insurance is so critical.
Understands Your Business
Always look for a liability insurance provider that currently has other clients in your industry and that has a long history of serving other customers in your line of work. This way, when it comes to Pennsylvania professional liability, you can be sure the provider understands the nuances of your business.
Do Your Homework
Protecting yourself against a malpractice or negligence lawsuit means everything to your career and livelihood. Make sure you do thorough research and compare and contrast all potential options. Make a list of pros and cons for all, and choose the one that meets all your needs, not the first one you come across.
See What Others Have Done
Chat with co-workers or other trusted colleagues in your industry. See what they’ve done for their Pennsylvania professional liability needs.
Hopefully you never need to use your liability insurance. But if you do, following these tips can give you confidence that youÕll have the protection and help you need.
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.
According to New Jersey law, all employers who are not covered by federal programs and who are not approved for self-insurance must have workers’ compensation insurance. By having New Jersey workmans comp insurance, business owners can be covered if their employees get injured because of the work these employees performed for the business.
This insurance often also needs to cover lost wages. According to New Jersey law, employees who have been disabled for more than a week may get seventy percent of their wages when on disability. The workers compensation coverage may even pay something to employees’ family members if employees die because of job-related issues. These death benefits often include funeral expenses and seventy percent of the workers’ lost wages. In exchange, the employees and their families cannot sue their employer for problems incurred while working.
New Jersey workmans comp, though, may be expensive for small business owners. New Jersey has an agency in the Banking and Insurance department called the Compensation Rating and Inspection Bureau that determines how much premiums your client may need to pay. As an insurance agent, you want to provide these small business owners, who do so much for our country and its citizens, with coverage that will not bankrupt them but will still allow you to earn a living. Insurance agents, like you, help business owners around New Jersey follow the law, help their employees, and help themselves.
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.
There are many services you provide your clients as a retail insurance agent. You want to provide them with the finest insurance products that give the individualized protection they are looking for. However, there are professional clients that may present insurance needs that you cannot place in your standard markets at competitive prices. This is when you need the expert capabilities and experience of a Professional Liability Wholesaler.
What Is a Wholesale Broker?
A wholesale insurance broker provides specialized products to retail insurance agents and brokers. They support these insurance products with expertise in specific areas such as professional liability insurance. A broker can consider the accounts that you, as a retail agent, cannot place at a reasonable price in the markets you normally use. They can utilize markets or specialty insurers that underwrite hard to place or specialized insurance.
Why Use a Professional Liability Wholesale Broker?
The best reason to use a Professional Liability Wholesaler for your clients is specialization. Your professional clients have particular needs for liability coverage, and the wholesale broker excels in placing these unique accounts in markets that specialize in them. In this way, you work as a team with the broker and your clients are served with an excellent combination of good coverage and fair pricing.
When you have clients that require individualized professional liability coverage, you can assist them by using the services of a professional liability broker to help deliver the products they need.