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professional liability insurance

Types of Contractor Insurance To Consider

As a contractor, you are in the business of building and fixing things. But, there are times when things can and will go wrong. Selecting the right type of contractor insurance can protect your company from big financial losses.

Types of Contractor Insurance

For adequate protection, most contractors need more than one type of coverage. Here are six key policies that you should consider:

  • General Liability – covers injuries and property damage that occurs on your site
  • Workers’ Compensation – covers lost wages and medical bills for employees
  • Commercial Auto insurance – covers injury claims involving commercial vehicles
  • Installation Floater – covers materials that are en route or waiting to be installed
  • Equipment and Tool coverage – covers tools and equipment taken to worksites
  • Professional Liability – covers lawsuits and claims due to negligence

The cost of coverage will vary depending on the size, location, and industry of your business.

Surety Bonds for Contractors

Surety bonds are another tool you should also consider. They are not insurance policies but they assure your customers that you will complete any work or project as specified in your contract. If you don’t, the bond pays your customer and then your company repays the insurance company that issued the bond.

There are many risks involved with being a contractor. Having the right type of contractor insurance can give you the peace of mind you need to face them.

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Insurance Coverage

What To Expect From Pawn Shop Insurance Programs

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While pawn shops do need general liability coverage and other coverage options common to other businesses, they also have unique needs because of the way they operate in the secondary market for goods. Between valuable collectibles and useful items like electronics and tools, pawn shops are often used as a place to get quick cash by criminals, and failure to spot and report likely theft can cause a shop to incur liability. That is why your shop needs great pawn shop insurance on top of its great business policies and documentation procedures.

Protection for Common Classes of Goods

Pawn shops often sell goods like motorcycles and RVs or even vehicles that involve a title transfer, as well as goods like firearms that can be inherently risky to own and operate. That is why the right pawn shop insurance program is vital. You need to be sure you are covered in the event of damage to goods while they are under pawn, before the shop owns them outright, as well as protection against liability and protection for your inventory. It’s a lot to take care of if it is split into separate policies, and that is why there are dedicated programs for pawn shops.

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professional liability insurance

Safety Precautions To Consider When Having a Pool Installed

There are plenty of reasons to add a pool to your property. Whether you’re searching for a way to beat the heat in the summertime or you want to encourage guests to visit and spend time outside, you must first follow the right precautions. Though advantageous, pools also present many risks. To clear the air, consult with your contractors and ensure they have comprehensive pool contractor insurance. 

Asking Yourself the Right Questions

One of the first steps you must take when building a pool is assessing your property. How much space do you have to work with? What do local ordinances say about the addition? You should also meet with the pool designer in order to select the best model for your exact property. Factors that can impact your decision include:

  • Where property lines are drawn
  • Whether the pool needs a protective fence 
  • What neighbors think about the decision

There are many precautions you can take on your own. Still, you need to make sure the professionals you hire are on the same page.

Understanding the Importance of Pool Contractor Insurance

Working with contractors that have appropriate insurance is vital to your project’s success. Coverage usually includes premises liability, property damage extension endorsements, and limited pollution liability. Should something go wrong, ample insurance will make a world of difference.

A pool can enhance your property in many significant ways. As long as you take time to think through the details, you will be able to see your project completed without major setbacks. 

There are plenty of reasons to add a pool to your property. Whether you’re searching for a way to beat the heat in the summertime or you want to encourage guests to visit and spend time outside, you must first follow the right precautions. Though advantageous, pools also present many risks. To clear the air, consult with your contractors and ensure they have comprehensive pool contractor insurance. 

Asking Yourself the Right Questions

One of the first steps you must take when building a pool is assessing your property. How much space do you have to work with? What do local ordinances say about the addition? You should also meet with the pool designer in order to select the best model for your exact property. Factors that can impact your decision include:

  • Where property lines are drawn
  • Whether the pool needs a protective fence 
  • What neighbors think about the decision

There are many precautions you can take on your own. Still, you need to make sure the professionals you hire are on the same page.

Understanding the Importance of Pool Contractor Insurance

Working with contractors that have appropriate insurance is vital to your project’s success. Coverage usually includes premises liability, property damage extension endorsements, and limited pollution liability. Should something go wrong, ample insurance will make a world of difference.

A pool can enhance your property in many significant ways. As long as you take time to think through the details, you will be able to see your project completed without major setbacks. 

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Property Insurance

 How Insurance Protects Your Business

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Running your own business is exciting. However, companies face a variety of risks that require preparation on behalf of a business owner. Obtaining a business insurance policy is an efficient way company heads can protect against threats.  

Understanding Insurance for Businesses

Unlike other forms of insurance, insurance for businesses does not protect an individual. At its core, insurance for commercial purposes protects businesses from unexpected losses and costly liability that deviates from typical business procedures. Usually, the most common risks associated with commercial organizations include employee injury, property damage, and expensive legal disputes. 

What Insurance Covers 

Insurance for your business will cover what is outlined in your policy. Before investing in an insurance policy, most business owners will internally or externally conduct a business risk assessment. After conducting a risk assessment, business owners will choose an insurance policy that caters to their individual needs, product services, and budget. For example, most companies invest in the following insurance policies: 

  • Property insurance
  • Product liability insurance
  • Professional liability insurance 
  • Cybercrime insurance 

As with any industry, business owners must be aware of any financial or liability threats to their company. One of the most efficient ways to protect against unnecessary costs and lawsuits is by purchasing insurance for your company. 

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Renter's Insurance

Benefits of Rental Dwelling Insurance

You may rent out your dwelling as a part of your career or as a way to make some money on the side. Regardless of why you rent, you should understand some risks. Tenants can be unpredictable, so you should be prepared for their actions.

Understanding these common risks helps show why rental dwelling insurance can be so beneficial.

Understanding the Liabilities 

Again, tenants can be unpredictable. What if one of them throws a party, which results in the vandalism of your property? On the other hand, a well-meaning tenant could break an appliance.

This is all on top of normal liabilities you could face. An appliance could malfunction, causing injury to your tenant. Flooding, fire, earthquakes or other natural disasters could destroy your property.

How Insurance Can Help

All of these expenses add up. Next thing you know, you could find yourself sinking into the financial drain of these claims. This is why insurance is important.

Landlord insurance can provide financial assistance for a variety of different claims. If a claim goes to court, having adequate coverage can help out with legal fees.

Having adequate coverage can give you peace of mind. You can focus on benefitting from your rentals, not worrying about what could go wrong. 

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Insurance Coverage

How To Insure High-Value Items in a Sensible Way

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Insuring a single piece of property is usually not a very complicated endeavor. However, you may be someone who has seen a lot of luck in your life. If you were born into a wealthy family and have used this advantage to accrue properties, then you may need to consider additional insurance options in order to find the perfect fit for your needs. To see success in this regard, take a step back and look for the right fit for your needs. 

Learning About Private Client Insurance

One of the easiest ways to feel as if you are covering all of your bases with insurance is by selecting a policy that accurately reflects your needs. For some, this will mean reviewing private client insurance in Florida. With this type of coverage, you have the opportunity to cover many residences at the same time. What’s more, you can find coverage for high-value investments that might not fall under traditional coverage. Advantages that come along with this type of insurance can include coverage for:

  • Collections of a higher value
  • Vehicles of the luxury designation
  • Second and vacation homes

Reviewing the Ins and Outs of Coverage

When it comes to finding appropriate insurance for your needs, there are many different points to consider. Take time to look over the options that are available to you and see how easy it is to stay protected no matter what is in store.

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Business Insurance

How Can You Make Your New Real Estate Business Successful?

Going into business for yourself with a new real estate venture can be a great way to grow your income. To make your venture profitable and manage risk effectively, you will need to do a lot of planning and groundwork.

Get All Necessary Licensing

In certain areas, you may need a business license from your city or state to operate. Even if you have a license as a broker or an agent, it may be necessary to bond and license your business entity separately.

Work With a Local Professional Association

Being active in various professional associations in your community can help you network strategically. The connections that you make in your area can help you get new business, manage expenses, and market your services resourcefully.

Mitigate Risk With Insurance

Commercial and professional insurance protections can safeguard your venture against potentially staggering loss and liability. The type and scope of coverages that you need to adequately mitigate your risk exposure may depend on the nature of your business’ activities. 

Starting a real estate business takes strong networking skills and a high degree of professional expertise. The industry is increasingly competitive, so you are going to have to work hard to set your business apart. 

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Insurance Coverage

How To Tell if You Need Commercial Fleet Insurance

Every business that owns a vehicle needs insurance built around the way it is used, but not every business needs fleet insurance. Even some companies with multiple vehicles find individual commercial vehicle policies cover each of them efficiently. There comes a point, though, where economies of scale catch up and an upgrade to a commercial fleet insurance policy becomes a good idea.

  • When you have a pool of vehicles that need multi-state liability coverage
  • Companies that own several vehicles doing the same kind of work and needing the same kinds of coverage
  • If your fleet needs additional perks like roadside assistance coverage even across different vehicle types and purposes
  • Any time your fleet is large enough to have complex insurance needs that could benefit from the extra streamlining a fleet policy delivers

These are hardly the only scenarios where a commercial fleet policy is a good solution, but they are some very common examples. The best way to learn more about how your business could benefit from fleet insurance is to find a program you like and solicit a detailed quote.

Picking the Right Fleet Insurance Program

Experience is key when it comes to picking the right professionals to work with. The more established a vehicle insurance program and the more experienced its representatives are in the industry, the more they are capable of anticipating the complex needs of today’s commercial vehicle fleets. Keep that in mind as you shop for a new commercial fleet insurance policy.

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Workers' Comp Insurance

Key Differences Between Group Personal Accident Insurance and Workers Compensation

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Group personal accident insurance and workers’ compensation cover job-related employee injuries. However, they also have some significant differences employers should understand before choosing one over the other for their business. Here is what employers should know regarding group personal accident insurance vs workers compensation.

Employer Responsibility

Under workers compensation, if an employee gets injured, workers compensation covers all injury-related expenses, including lost wages. The employer is rarely responsible for related out-of-pocket.

Under group personal accident insurance, expenses are only paid up to policy limits. The employer is responsible for any costs the policy does not cover.

Employer Liability

An employee covered by group personal accident insurance who gets injured can sue the employer for pain and suffering and punitive damages. The employer bears the burden of proof in an injury lawsuit brought by an employee.

An employee covered by workers compensation holds the burden of proof in a work-related injury lawsuit and can only file a lawsuit in rare cases. This significantly reduces the employer’s liability.

Group personal accident insurance is typically the cheaper of the insurance types but could cost considerably more if a serious injury occurs. Employers should weigh options carefully when deciding on group personal accident insurance vs workers compensation.

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Tips & Tricks

What You Should Know About Educational Malpractice

Educators understand that their work comes with certain exposures that need to be mitigated. Each day of the academic year involves many interactions between students, faculty, staff, and administrators. General liability insurance and other policies help protect your institutions against lawsuits and claims related to injury and property damage, but is that enough? How would you handle a student or parent suing a university for poor education?

What Constitutes Educational Malpractice?

Malpractice generally refers to negligence or incompetence from a professional or an expert who has a professional relationship with the person making the claim. In order to prove educational malpractice, a plaintiff would have to prove the following:

  • The institution or person employed by the institution was obligated to provide services that meet reasonable standards
  • The negligence caused some type of harm
  • The plaintiff suffered damages or losses

Claims of this type are often made when students experience problems when it comes to grade-level readiness or career readiness.

Protecting Your Institution

Lawsuits and claims related to educational malpractice are often thrown out because of the difficulty of defining a standard of care for education. There are often other factors that affect a student’s readiness for the next level of education or entering the workforce. It’s important to recognize that this is a potential vulnerability for schools and universities.