3 Tips to Choosing the Right Liability Insurance

pennsylvania professional liability

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.

Insurance Solutions for Contractors

Construction general liability insurance

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.

Property 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.

Builders Risk

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 Vehicles

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.

3 Factors That Determine Your Workers Compensation Rates

workers compensation in Virginia

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.

Protect Your Manufacturing Company From Liability With a Product Liability Insurance Policy

product liability insurance policy

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.

The Role of a Risk Manager in Protecting Business Assets

Risk management specialists are key players in today’s rapidly evolving financial marketplace. These highly trained professionals use their talents, training and experience within the financial services industry to help businesses assess risks, implement new plans and determine new strategies to maximize income while minimizing losses.

 

While risk managers take on a wide variety of tasks, their ultimate responsibility is to identify and resolve any insurance or safety-related issues or risks before problems arise that could lead to litigation. To effectively lower risks, these professionals must familiarize themselves with the businesses they represent to the furthest extent possible. Here’s a look at how risk management professionals work hand-in-hand with businesses in order to achieve their shared goals.

 

Establishing Objectives

 

In order to effectively aid a business in maximizing profits while minimizing risks and losses, risk managers must fully immerse themselves in all aspects of company culture. This includes working cohesively with businesses to determine goals, establish shared objectives and define measurements of success.

 

Evaluating Current Conditions

 

Once clear goals have been established, the role of the risk manager is perform a comprehensive, onsite evaluation to determine what’s already working, what could use more attention and what’s hindering, rather than helping, a particular business.

 

Analyzing and Implementing New Strategies

 

The results of the evaluation process help risk managers determine the most effective techniques to use moving forward. Risk managers perform cost/benefit analyses to ensure that any new operational or safety initiatives they recommend for a business are not only valuable, but cost-effective as well.

 

While the specific duties of risk management professionals vary, their primary goals are to get to know a business from the inside out, identify areas that pose a risk or threat and then, ultimately, take the steps needed to minimize or eliminate these risks.