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Understanding Differences in Business Liability Coverage

Understanding Differences in Business Liability Coverage

For new owners, searching for business insurance in Orlando, FL can be a painful activity. All the coverage options and terminology can be confusing when searching alone. As a result, many often choose their provider based on the lowest rates rather than their business needs.

One of the points of confusion in terminology has to do with the difference between general liability and professional liability. While they sound like they cover the same things, there are key differences to note.

General Liability

General Liability covers any lawsuits by a non-employee who claims your business or product hurt them or caused damaged to their property. Some examples where general liability coverage would come into play include:

  • A guest trips on a mat in your office
  • A competitor claims copyright infringement
  • A client’s laptop is stolen from your car

Professional Liability

Professional liability, also known as errors and omissions insurance, is more specific and is intended to cover lawsuits from individuals who claim that they were harmed by your business due to your negligence on your part.

  • Breach of contract
  • Misdiagnosis of an illness
  • Lack of network security

There are many options for business insurance in Orlando, FL. When choosing a carrier, make sure that they have a good understanding of your industry and the type of liability coverage you need to carry.

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What To Look For When Considering Fiduciary Insurance

What To Look For When Considering Fiduciary Insurance

Fiduciary responsibility extends from specific employee benefits like health and welfare, to extensive retirement investment portfolios to take the employees into their future. Whenever a person is considered a fiduciary, there becomes a deep obligation to guide and direct effectively and accurately. Often, when dealing with people’s futures and current benefits, there is a risk involved. Having the right fiduciary liability policy in place can help through some of the difficult issues.

Important Attributes To Look For

When looking for an insurance company to provide you with the right policy, there are some things to consider:

  • The history of the company and if they are considered outstanding in their field
  • The company’s ability to design a policy around your specific needs
  • The company’s willingness to work with you, regardless of your company size

Because there are so many facets and responsibilities when you are a fiduciary, having the right insurance company on your side through the difficult times is very helpful. It’s hard enough to worry that one wrong misstep could lead to a claim being filed against you.

When you are dealing with important life events like retirement, pension and general employee benefits, there’s no room for mistakes. But if an error occurs, having the right fiduciary liability policy on hand from the best insurance company can make all the difference.

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Claim Protection for Your Pooch

Claim Protection for Your Pooch

Choosing a dog can be exciting. This is a creature who will live with you and be dependent upon you their entire life. It’s crucial to select a breed that fits with your lifestyle, living situation and personality. Purchasing breed-specific liability insurance for dogs can help protect you from claims once your new family member comes home. Below are some things to consider when deciding on your pet.

  • Have you owned a dog before?
  • How bark tolerant are you?
  • How much time can you commit to training a dog?
  • Do you have small children?
  • Do you have a yard?

Medical and Legal Coverage

Even the friendliest of dogs can cause injuries. If Fido feels threatened or believes that you need protection, he may take action. Playful pups may scratch and cause serious damage. Some homeowner’s and renter’s insurance offers limited coverage, but it may not be enough. Depending on the dog breed, they may be exempt from the standard policies.

Medical and legal expenses can pile up quickly if you don’t have the right protection. Ask your insurance professional about stand-alone liability insurance for dogs. It pays for damages and injuries caused to another person when your dog is responsible. A pet specific policy can give you peace of mind and protect you both from claims in the event of an injury.

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Data Compromise and Your Business

Data Compromise and Your Business

Every business is at risk. Cyber criminals are crawling the web looking for new ways to steal confidential information. If your business maintains client files with any sensitive customer information, it is vital that you have cyber liability insurance.

Sensitive Information

Before thinking that your business does not maintain sensitive client data, consider a list of what items are included:

  • Health records
  • Social Security numbers
  • Driver’s license numbers
  • Credit card numbers
  • Bank account information

Most businesses maintain files with one or more of the listed items. Even if your business does not store files, any access to any of this information creates risk. Every purchase involving a credit card or bank account is a potential for data breach.

Expenses

Maintaining profitability means keeping expenses as low as possible. For this reason, many businesses have chosen not to carry cyber liability insurance. Consider some of the expenses that a failure to have adequate coverage can incur:

• Repairing compromised equipment
• Notifying clients that there has been a breach
• Legal expenses
• Recovering information lost in an attack

Peace of Mind

The good news is that your business does not have to face this scenario alone. Discuss your cyber liability insurance options with a qualified professional and get the coverage that will best protect your business.

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Is Wind Damage Covered by Your Insurance Policy?

Is Wind Damage Covered by Your Insurance Policy?

It’s estimated that Hurricane Irma brought wind gusts of 90 miles per hour or greater across Florida. Even if your business didn’t suffer water damage, it’s extremely possible that the wind caused problems you expected your insurance company to handle. In coastal states, wind damage isn’t always covered by your general insurance policy. You need a separate wind insurance policy from Florida wind insurance companies to mitigate your loss following a named storm.

Review Your Insurance Policy to Know What Is Covered

Annually, you should go over your insurance policies with your insurance company to know what is covered and what is excluded. Wind insurance can include two kinds of protection. The first is against named storms, such as Irma or Maria. You can also get protection against wind or hail damage from general storms.

Water damage is often thought to be caused only by floods, but in some cases it’s the wind that allows water into your business. You might have water damage caused by a damaged roof, not because of a flood. This type of damage would generally be covered by wind insurance instead of your flood policy. Florida wind insurance companies can discuss the different types of policies with you to give you the information you need to make an informed decision about your insurance coverage.

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Providing Appropriate Coverage

Providing Appropriate Coverage

When searching for a surety company in New Jersey, there are many companies vying for your attention, but it’s often a smart move to do business with a company that specializes in your particular industry. Additionally, choosing one that’s local to your area may often mean that agents are more engaged in their immediate community and able to forge a more meaningful business relationship with their clients.

These companies are skilled at pinpointing the various factors that businesses face, and their agents will often take the time to explain in detail the coverage and limits of each policy. If needed, they can often perform a thorough analysis of a business’ day-to-day operation and offer suggestions towards cost-saving.

Specialized Coverage

Most companies have customer service lines with knowledgeable agents ready to provide assistance. Many also have convenient online forms for their customers who need to perform simple transactions such as reporting a change of address or printing evidence of coverage.

It’s often best to select a surety company in New Jersey that has a solid, dependable reputation. These companies are aware that some situations may be complex and time-sensitive, and can be crucial to the success of a business. Their agents are readily available and will go the extra mile to ensure your needs are met.

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Insurance for The City of Angels

Insurance for The City of Angels

Known for its glitz and glamour, traffic and tinsel, Los Angeles is The City of Angels. Unfortunately, all the big budget Hollywood flicks and A-list celebrities in the world won’t keep reality from striking in the form of calamity. Earthquakes are the fodder of many a Hollywood production, but the real and present danger of these natural disasters looms over the head of every Los Angelean. Los Angeles insurance companies are there to provide for Californians when the worst feasible situation comes true. All you need to do is have the foresight to purchase a plan to prevent disasters from ruining your life.

Los Angeles insurance companies are also there to provide automobile insurance to the frustrated LA driver stuck on the 402. Notorious traffic in LA can cause the sanest of individuals to go crazy. Don’t be crazy and neglect getting car insurance for your vehicle. Statistics show that more cars on the road equates to more car accidents. When your livelihood depends on a commute from valley to valley, don’t leave the security of your work up to the fate of the road. One uninsured car accident can lead to the loss of a vehicle, the inability to get to work, and the eventual loss of a job.

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Protecting Your Boating Merchandise

Protecting Your Boating Merchandise

Dealing in recreational vehicles, such as selling boats and yachts, means having the right insurance coverage for your facility. A recreational marine insurance wholesaler can help you evaluate what kind of coverage your facility or dealership needs, but here is a look at some of the more important pieces of this purchase.

Whether you show boats in a showroom or on a dock, you need insurance to cover any possible property damage. This could be damage to your merchandise or caused by your merchandise, such as roughing a dock if a boat becomes lose in a storm. That means property coverage should include merchandise, personal property, piers, wharves and docks.

Employees at your facility also need insurance coverage as dictated by local, state and federal laws. Worker’s compensation is just one kind of coverage employees need in order to feel secure at their place of work. Alternately, protection in case an employee commits an illegal or risky act is also important.

Choosing the right recreational marine insurance wholesaler means knowing what kind of insurance coverage you need and who can supply it. Protecting people and property is a must since this can create an atmosphere of trust. Covering for property damage and employee accidents can also save your facility money in the long run.

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Benefits of a Personal Umbrella Policy

Benefits of a Personal Umbrella Policy

A personal umbrella policy is designed to provide you with added insurance when your primary policies aren’t enough. A typical homeowners insurance policy has about $100,000 of personal liability. Medical costs could quickly use up most of that amount, leaving you liable for any costs above that amount. If you had umbrella insurance from Olson Insurance Agency, you would most likely be covered.

An umbrella policy is often an affordable asset protection. It’s not only for the wealthy, but for anyone who is concerned about a lawsuit that could wipe out his or her finances. Umbrella policies can be an added peace of mind in your insurance portfolio. Umbrella policies can also cover legal expenses and judgements if you are sued. Some policies even protect you against things that have nothing to do with your car or home, such as libel, invasion of privacy or false arrest. It depends on the policy and its exclusions and coverage.

In today’s litigious society, anyone with assets can be at risk for being sued. An umbrella policy can fill in gaps that your regular policies won’t cover. At Olson Insurance Agency, you can work with your agent to determine if an umbrella policy would benefit your bottom line. If you need comprehensive coverage to protect your personal assets, an umbrella policy could be what you need.

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What Insurance Coverage Does Your Business Need?

What Insurance Coverage Does Your Business Need?

When you are thinking about the kind of insurance your business needs, it may be helpful to consider the wide variety of business owner’s policy coverages that are available. Some of the major disasters you might want to be covered for include fire, flood and earthquake. You could also consider coverage for minor damage due to theft, vandalism and insect damage.

One great aspect of a business policy is that it can be combined into a personal policy so you have comprehensive insurance for your home, your cars and your business assets. All of these assets can be protected under one umbrella. This kind of policy might also generate a substantial discount.

If your business has special needs and serves a specific market segment, your policy can be customized to meet those needs. These types of coverages might include exterior structures, glass, signs and equipment breakdown. Your business can even be covered for interruption of business. Then, if your business can’t operate due to a covered loss, you can be reimbursed for the money you are not making.

Be sure to contact an insurance expert to find out about all the business owner’s policy coverages that are available to you and get your protection and peace of mind secured as soon as possible.

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