All Posts tagged insurance policy

What is Tail Coverage Insurance?

What is Tail Coverage Insurance?

With so many types of insurance on the market, it can be difficult to know what type of insurance you need. Whether you are looking for insurance for yourself, your home, your business, or anything else, it’s important to know what’s right for your needs. This article explains tail coverage insurance for the layman.

What is Tail Coverage Insurance?

Tail coverage insurance is a type of coverage that allows claims to be filed after the original insurance expires or is canceled, so long as you still had insurance when the incident/accident occurred. For example, if a person has a car accident on Monday, their insurance expires on Wednesday, and they file a claim on Friday, then having tail coverage insurance would allow the claim to go through.

According to Axis Insurance Services, tail coverage insurance may also be referred to as an extended reporting period endorsement, or an ERP. In most cases, ERPs are already available to customers who have a claims-made insurance policy. However, a Standalone ERP (Tail Policy) may need to be purchased separately. If customers are unsure of what policy they have, it’s best to ask their insurance broker.

Overall, tail coverage insurance is a great thing to look into if you need to file a claim but have recently lost insurance. Purchasing this type of insurance is also a great idea for business owners who know their business will be closing soon. Ask your insurance broker about tail coverage insurance for more information.

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Protecting Your Business From the Public

Protecting Your Business From the Public

Protecting Your Business From the Public

Whenever a business allows people outside of the company onto business premises, there are risks involved. Public liability insurance, or PLI insurance, is beneficial and essential for any business that has physical contact with the public.

Coverage Limitations

PLI insurance is considered to be the bare minimum for commercial insurance that businesses need if they invite anyone outside the company into the business. Whether these people are from a third party or the public, your company takes a risk by allowing them on the property if they are not employees. People covered by this insurance include:

Customers to a retail store
Delivery personnel
Office visitors

Under your commercial insurance, you most likely have a policy that protects your employees in cases of injuries or illnesses. This policy is similar in that your business is held responsible for what happens to visitors. However, rather than protecting visitors, it protects your business. The insurance policy itself is designed to safeguard the company from claims of the following on the business premises:

Negligence
Accidents
Injury

 

Basic Coverage for Your Business

If you own a business that allows members of the public to access the premises, you need PLI insurance as the base level of protection. That way, if an accident happens and someone from the public files a claim against you, your business is protected.

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