commercial insurance types ? Depending on the individual risk characteristics associated with your business, the broker-agent will show you with various insurance coverage choices for purchasing commercial insurance. The relationship that you develop with a broker-agent is incredibly important in this specific critical decision making process. An experienced broker-agent has handled hundreds of businesses similar to yours. Since commercial insurance can be complex, you should feel free to discuss any terms, conditions,
or concepts that happen to be unclear to you with your broker-agent. It is a broker-agent?s service to answer the questions you have and to help you comprehend the insurance coverage you are purchasing.
Even while your business may not need all commercial coverage lines, it?s a wise decision to possess a simple understanding of the kinds of insurance coverage available. While your business changes and grows you should have the necessary knowledge to purchase insurance coverage as new exposures arise. The following commercial lines of insurance protect broad areas of exposure present with most business operations:
? Property Insurance
? Commercial Property
? Inland Marine
? Boiler and Machinery
? Crime
? Casualty Insurance
? Commercial Automobile
? Commercial General Liability
? Commercial Umbrella
? Workers Compensation
Commercial Umbrella:
When a liability claim proceeds above the aggregate limit of liability, the policy limits are exhausted. By buying a commercial umbrella, you are able to protect your business from being responsible for this extra liability judgment. A commercial umbrella handles the amount of loss above the limits of a basic liability policy. Commercial automobile, CGL, workers compensation, or any liability policy may be included in a commercial umbrella. A commercial umbrella can also offer coverage in case a basic liability policy is not in force. Also, commercial umbrellas can provide coverage for gaps in coverage under basic liability policies. When a commercial umbrella provides coverage for basic liability loss it does not pay out the loss from the first dollar. It?s quite common to possess a Self-Insured Retention (SIR) level of at least $10,000. SIR is much like a deductible. If there?s a commercial umbrella loss and there is no corresponding underlying policy in force, you must pay the first $10,000 of that loss before the umbrella policy responds.
Workers Compensation:
Whenever a worker suffers a work related injury or illness, workers compensation insurance steps in to provide benefits based on the form of illness or injury sustained. Workers compensation is based on a no-fault system, meaning an injured worker does not need to prove that the injury or illness was someone else?s fault in order to receive workers compensation benefits for an on-the-job injury or illness.
You may purchase workers compensation insurance from your licensed insurance company or through a State Compensation Insurance Fund (SCIF), if that state provides it. Employers could also have the option to self-insure. Your broker-agent can help you with purchasing workers compensation insurance from a licensed insurance company and can help you with information on SCIF and self-insurance. SCIF is a state-operated or
Unsere Empfehlungen:
Link to your article
Please use the following html code in pages of other websites (including your own) to link to your article. This in turn raises the popularity of your article, and the amount of visitors that will visit your website through the links on our website, and will also raise your Google search position.
Source: http://webpublicists.com/2012/03/12/commercial-insurance-types32/
ucla usc sean taylor usc football cybermonday coach outlet apostasy canon powershot elph 300 hs
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.