Medical Articles

A Behind the Scenes Look

How Your Professional Liability Premium is Determined To those outside of the insurance industry it may appear that professional liability premiums are determined somewhat randomly by people with limited knowledge of the design profession. As a former underwriter turned broker, I am here to tell you that this misconception couldn't be further from the truth. Your professional liability premiums are established through a process involving the assessment of several factors over which you have some power to influence. Looking through the eyes of an underwriter, design professionals can gain an edge in obtaining the best possible insurance premiums with the use of a thoughtful application submission.

Rental Property Insurance and Why Loss of Rent is So Important

One the easiest and fastest ways of making one rental property insurance policy CHEAPER, is simply to remove, or not to offer, the loss of rent to the landlord. This one coverage alone could be the difference between bankruptcy or profit on your rental property. Worst of all, it cost only pennies of day on your insurance premiums. Here is a great example: Imagine your four unit apartment building, the lowest tenant, teenager is making French fries with some friends and forgets about the fries for just a minute or two. The next thing you know you have a moderate to average kitchen fire. Everyone gets out, nobody is hurt but you do have some and a ton of water damage thru all four units of the building.

What is the Difference Between E and O and Tech E and O Insurance

Based on the above title, you are probably scratching your head and asking what does this mean. Tech Errors and Omissions was created as a response to General Liability that did not extend liability to web pages and other electronic risks. Everyone, Tech and non Tech companies, who has a website, or has gone paperless on private employee and/or client information, should have Tech E and O insurance. Some firms who have a broker who is not knowledgeable, may assume that Tech E and O is errors and omissions insurance (AKA Professional Liability) for the tech company. It is not. How can that be? It is called Tech E and O so the uniformed broker assumes this is a policy especially to cover Tech companies, but this is wrong.

Stay Protected With Professional Indemnity Insurance

The economic world calls for players who are smart, witty, resourceful, and for those who know exactly what they want and how to get it. Whether you are a businessman or a working professional, it is your responsibility to protect yourself. One of the most effective ways to safeguard your business and your skills is through professional indemnity insurance. Insurance is something you are already familiar with, but professional indemnity insurance is the kind that many people often neglect or take for granted. Mind you, it is one of the most helpful and important kinds of insurance that you shouldn't live without. In this dog-eat-dog world, it is exactly what you need to succeed and rise above the others.

Is Replacement Cost Value the Best Option For Your Rental Property Insurance?

In order to make a informed decision on your rental property insurance you need to know your options. There are two ways that you can value and insure your rental properties, one is called Market Value approach and the other is called the replacement cost valuation. Each possesses its own challenges and rewards. In order for you to make a educated decision on your rental property insurance you need to know the pros and cons of both. Here we will discuss the Replacement Cost Approach. Replacement Cost Approach: Just as it sounds, what would it cost to replace the building today. At today's prices, today's building cost and today's labor rates. If there is a loss especially a big loss you want the insurance company to walk in the door and pay for everything at today's prices.

Fire Insurance Pays For New Furniture Store, But What About New Customers?

In 2004, a three alarm fire ravaged the Los Angeles furniture store that my wife and I have shopped at for years. It used to be a beautiful, state-of-the-art showroom. Now it was a pile of ruin. It took a team of 49 firefighters to smother the flames, which caused the roof to collapse and burned chairs down to their springs! After some research, I discovered that insurance stepped in to cover the costs of reconstruction (estimated at over $1 million). But what about the resulting loss-of-potential-business that they would experience over the coming years? Why doesn't insurance cover the cost of that too? It could easily amount to $4-6 million for a furniture store of this size, but I'm sure this furniture store won't see a dime of it.

Construction Surety Bonds - How to Improve Your Chances of Qualifying

Knowing what documentation is required to apply for a construction surety bonds is an important step toward a company becoming bonded. But it's not the first - and likely not the most important - step in the process. All of the documentation will mean little if your company doesn't have the right attributes and experience to document. First and foremost, make sure your financial house is in order. You need to provide adequate collateral and to show that you have proper funds control. A well-qualified applicant for construction surety bonds also will have built a sound financial statement, with low debt levels (proportional to their market) and good cash reserves.

Commercial Insurance - Commercial Liability, Property and Compensation Insurance

Having a business and running it with all governing laws in itself is a challenge. On top of it managing liabilities, workers compensation and unseen law suits adds more dynamics and tough calls in running the business. The nature of business, responsibility and accountability for business raises importance to have a good insurance. Due to these reasons it is important to understand "what is Commercial Insurance". Most of the new business owners or even very little experienced business owners often end up buying the wrong or not perfect commercial insurance. The important thing is not only buying the insurance but also with right coverage to protect your business.

Business Insurance - What Sort of Excess Level Should I Expect?

All types of insurance have certain terms and conditions. One of the standard terms applying to a policy is that there is usually an excess applicable. The excess is the amount that you, the policyholder, either have to pay or have deducted from any claims settlement. When looking around for a business insurance quote, you really have to read through the small print to see what the excess levels are and whether you are happy with these. Many different types of business, such as shops, takeaways, restaurants and hairdressers are sold a "package" policy. This includes the different types of covers that you would ordinarily require. These include commercial building insurance (if you own the structure), contents and stock cover and products, employers and public liability insurance.

Small Business Insurance 101 - Do I Need Insurance For My Business?

Insurance can cover a variety of catastrophes including natural disasters, fire, and theft. Providing good health coverage for your employees can help you retain them. However, these are not the only types of insurance available. You may be required to carry life, business interruption, or auto insurance depending on the nature of your business. Other types of insurance cover business liability or damage to your inventory. The easiest solution for new business is to purchase a business owners policy or package policy. These packaged policies cover the most common business insurance needs and are usually cheaper than buying the policies one-by-one. If there are specific insurance needs required for your business, such as product liability or professional liability, you can purchase these separately.

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