What You Need to Know About Marine Insurance

Marine insurance is a specific insurance for ships, boats and cargo carried on either. It is intended to protect owners and transporters against losses from natural events that occur while the boat or ship is in transit.

Coverage of Marine Insurance

There is no basic marine insurance policy and different companies will provide coverage for different risks. Aside from covering expensive damages or losses due to a storm, marine insurance may also cover incidents related to piracy and cross-border armed battles. The open waters can be risky and pose a threat to your vessel and cargo. The financial damages to such threats could be detrimental. Marine insurance is specifically designed to ensure your finances and assets are protected against such threats.

Amount of Marine Insurance Needed

The amount and cost of your marine insurance depends on a variety of factors. Transporters and owners can choose insurance plans based on the size of the vessel, routes taken and value of the cargo. Plans allow you to choose specific coverage, even eliminating cargo coverage, to meet the very precise needs of your business. However, as one of the oldest forms of business insurance, marine insurance can be tricky to navigate, and companies are very strict when it comes to making claims.

Vessel Coverage

A major component of marine insurance is the coverage related to your vessel, also known as hull insurance. It is intended to cover loss or damage to a vessel. There are policies related to yachts, fishing vessels, tugs, barges, large commercial vessels and passenger carrying vessels. Coverage is determined to cover a specific timeframe or a single trip.

The hull coverage of a marine insurance policy is typically offered in two forms. An all-risk insurance policy essentially covers all potential external risks, except a few that should be clearly named in the policy, such as ice or aging conditions. The named perils policy covers specific perils, such as heavy weather, piracy, fire or other additional weather-related storms. Additional non-sea-related insurance can be purchased at an additional cost. Hull insurance usually covers the cost to repair prevent future damages to the vessel. Most will also include liability for damages associated with another vessel while at sea.

Cargo Coverage

The secondary part of marine insurance is cargo insurance, which is intended to do just that – cover the loss or damage to any goods while in transit. Cargo policies are also offered in two plans, all-risk and named perils, as outlined in the hull insurance paragraph above. Cargo can be insured for a single shipment or multiple shipments over a specific timeframe. Most policies will provide coverage for the cargo’s value and other charges, based on the payment that would have been received if the cargo were to reach its destination. Some cargo coverage policies have geographical restrictions; so make sure to read your policy carefully before determining if it fits your needs.

How to Get Business Insurance Policy

Finding out how to get business insurance can be a daunting task. Yet, if you understand the basic principles and what you need covered, finding the right insurance for your business can be seamless.

What is Business Insurance?

When looking for how to get business insurance, it is important to understand what exactly it is. Business insurance is intended to protect your investment from financial risks resulting from unexpected events, such as an injured employee, lawsuit, natural disaster or death of a business partner. It is not required by law, but it is essential to cover your assets.

Business Insurance Coverage

If you’re wondering how to get business insurance, you should have an idea of the types of risks your business could face and what you need coverage for. As no two businesses are the same, there are many coverage options available to customize your plan. For example, public liability insurance coverage protects your business against a third party claim. Accidental damages provides coverage for catastrophic events that are out of your control. Personal accident protects you if an employee is to get injured at work. Business all risk covers your equipment, while office contents covers your desks, office furniture and other office devices. There is also protection against fire, employee theft, goods in transit, work vehicles, machinery and building damages, as well as many other choices.

Finding the Right Company

Once you’ve determined what coverage you need, next you will need to find out how to get business insurance with the right company. Conduct an online search of reputable companies. Look at local businesses offering services. Don’t just choose the first company you find. Ask for business insurance quotes from companies and check into their backgrounds. Make sure that the company you are considering is reliable and has a good report. Once you’ve narrowed down your search, talk with representatives at the company to determine if they have a plan that will fit your needs. Ask about their plans and benefits they may have. Some companies offer discounts to those who have additional policies with them, such as car insurance or homeowners insurance.

Making a Claim

Once you’ve determined how to get business insurance, you will need to keep proper records of all you have insured. Make sure you have the invoices, quotes and written copies of anything related to what you are claiming. You will need to submit the necessary supporting documentation, such as quotes, third party details and damage reports. Ask your insurance provider how you will need to make claims, so you are prepared to do so in the event of an accident. Once you submit a claim, your insurance company should notify you of the status and what your payout will be.

Finding out how to get business insurance doesn’t have to be difficult if you understand what is offered and what sort of coverage you need. It is important to conduct research and choose a company that is reliable and helpful. Most trustworthy companies will help you secure a plan that is tailored to your unique business.

Getting Public Liability Insurance Quotes

As a business owner, it is important to understand public liability insurance. Obtaining public liability insurance quotes is the first step in finding the right fit. Public liability insurance has many options and is important to protect your business.

Public Liability Insurance Explained

Before you look for public liability insurance quotes, you should understand that public liability insurance is designed to cover your business in the event of third party claims being made against you. For example, if someone is injured while at your business, you are held responsible for costs associated with the injury. Public liability insurance protects your finances from such claims. It can also protect you against damages to someone’s property as a result of something that happened at your place of business.

Choosing Your Level of Coverage

Before you begin comparing public liability insurance quotes, you must determine the level of coverage you will need for your business. Depending on your business, you may need more than the basic minimum of coverage. Businesses who work with other businesses may need a larger amount of coverage. If you sell goods online, you may want to consider an online retailers’ insurance or market traders may need a plan that suits their business trades.

Comparing Public Liability Insurance Quotes

It is important to compare public liability insurance quotes to determine how much coverage you need and how much you can save. You can compare details and prices based upon the coverage you need. There are many options to public liability insurance, so determine what options you need and compare public liability insurance quotes with those specific needs.

Look at the Details

Once you have obtained a few public liability insurance quotes, you should understand the basics of the plans and know what you need from your insurance. Check the policy for any exclusions. Make sure the policy includes employers’ liability insurance if you do not have a policy elsewhere. Make sure you have coverage on the right things related to your business. Also, compare the level of coverage and make sure that it is acceptable to your business.

The Importance of Public Liability Insurance Quotes

Public liability insurance is important to protect your business, especially so customers understand you have the right kind of insurance. Looking at a range of public liability insurance quotes will help you find the best plan that is tailored to your business. It should cover legal liability, damages to public or property, which could result from business activities. Having public liability insurance quotes also helps you find a plan that can meet the cost of any claims, along with payments for legal expenses.

Obtaining public liability insurance quotes is an important step for business owners who are seeking insurance. By comparing companies and quotes, you are ensuring that you will have the best price and best plan to fit your business needs. This type of business insurance is quite different from a private liability insurance.

Workers Compensation Insurance Explained for Employees

Nearly all employers have some form of workers compensation insurance, so as an employee, it is important to know what this business insurance policy means to you. If you ever injury yourself or get sick because of your job, workers compensation should cover your medical expenses and pay for missed work days.

How to Know if You Are Covered

Workers compensation insurance does not cover all employees, so ask your employer about coverage if they haven’t already specified. Independent contractors and domestic workers are not typically covered under a workers compensation insurance policy. You must be an actual employee of the company, not a contracted employee, and you must accidentally get injured or get sick while on the job. Not all injury cases are covered, as well.

Report Injuries or Illnesses

You can only make a workers compensation insurance claim if you report the injury or illness to your supervisor, human resources department or authority at your place of employment. This will ensure that you would get the proper incident report to fill out to obtain medical treatment under the workers compensation insurance. Following this, you should get a call from the insurance company to work out your claim.

Talk with the Medical Staff

If you go to the hospital or your normal doctor, you must state that you were injured at work while filling out your paperwork in order to make a workers compensation claim. It is important to make sure that you go to a hospital, clinic or doctor that is covered by your employer’s insurance policy. Workers compensation insurance will provide a list of covered providers to your employer, who should notify you of where to go.

Detailed Medical Record

In order to make a proper workers compensation insurance claim, you must have the proper paperwork related to the injury at work. It is important to make sure your medical records detail the history and circumstances surrounding the injury. Workers compensation insurance will only cover expenses related to the injuries that are listed in your medical record.

Drugged or Intoxicated Employees Are Not Covered

It is important to know that if you make a workers compensation insurance claim, the hospital or doctor will test you for drugs or alcohol. If you are under the influence at the time of the injury and at the hospital or clinic, you will not receive workers compensation. Most employers require a test after an accident and your claim will be denied if you test positive.

Do Not Expect a Large Payout

It is important to note that workers compensation insurance is not designed to pay your exact salary or missing wages. Most policies have a specific rate for lost pay, which is more like a minimum-wage salary. Also, the insurance is intended to cover your medical expenses and settlements are typically close to what your medical staff has provided related to your injury and future needs.

The Facts About Professional Indemnity Insurance

Professional indemnity insurance is just that – protection against legal costs or claims for damages for people who provide services or advice to clients. Professional indemnity insurance is not for everyone, but it is the perfect insurance solution for some business owners.

Importance of Professional Indemnity Insurance

Professional indemnity insurance is important for those who provide services or advice. If your services do not meet a client’s expectations, you could endure financial loss and face a costly claim. Professional indemnity insurance protects you from such losses. It is recommended for those who provide knowledge, skills or advice as their profession.

Who Needs Professional Indemnity Insurance

If you are someone who provides a service to customers, you may want to consider professional indemnity insurance. Professionals who are solicitors, accountants, financial service providers, consultants and media service providers are just some of those who would benefit from professional indemnity insurance. If something goes wrong, such as a claim against you or your business services, you are held responsible for your actions. This could substantially affect your finances, reputation and even your employees or volunteers.

Covered by Professional Indemnity Insurance

Your professional indemnity insurance policy should provide coverage on a few basic people related to your business, such as your business, principal, any employees or related entity. Standard professional indemnity insurance will cover claims of civil liability related to your services and costs associated with the claim. Some policies will cover criminal prosecutions, such as legal services for allegations made against you. Additionally, some offer coverage for fines and penalties that are associated with a professional services claim.

Exclusions from Professional Indemnity Insurance

There are some exclusions to professional indemnity insurance. When you purchase a policy, your insurance company will provide an amount that is covered. Any claims that go above the amount will most likely not be covered by your policy. If your policy expires and you have not renewed it, then any claims happening after that time will not be covered. Most professional indemnity insurance policies will also include a list of excluded activities or overseas work that will not be included for coverage. Additionally, if you leave your profession or stop services, or if you retire, then you will probably not be covered against such claims under your professional indemnity insurance plan.

Amount of Professional Indemnity Insurance Needed

There is not one particular business insurance policy that fits, as all businesses are different, so are the professional indemnity insurance policies that serve them. Consider determining what your risks are related to the service you provide and who you provide service to. Your professional indemnity insurance should cover total costs related to legal claims and negligence claims against you. It is also important to consider the magnitude of the businesses or clients you serve. If you have big companies, they may have larger budgets for legal fees, whereas smaller companies may not have such budgets.

How to Use Your Burglary Insurance

An invasion of your home can be disturbing. Yet, burglary insurance can help ease the loss and stress if a thief breaks into your home and steals your belongings. Many who experience a home invasion should understand where to turn and how to make an insurance claim.

Contact the Authorities

The first step to making a burglary insurance claim is to contact the police and file a report. Take a clear inventory of what was stolen or damaged and compare it to your list of insured items. Then, contact your insurance provider to start the claim process. Some companies have a time frame on how long you have to wait to make a claim, so it is important to understand this information up front.

Document the Damages

Once you have alerted the police, you will need to make a list of all that was damaged during the burglary in order to continue with your burglary insurance claim. Document any property damage that was a result of the theft, such as a broken window or door, and take pictures as evidence. Some insurance companies will ask for pictures of the damages to make a claim adjustment. Additionally, you may want to consider including repairs that will make your home safer and prevent future thefts.

Make a List of Stolen Possessions

Your should have a detailed list of items that you specified to be covered when you drafted up your burglary insurance policy. This list will help guide you to determine what stolen items and possessions you can claim. Take pictures and provide necessary paperwork detailing the losses in order to make your insurance claim.

Contact Your Insurance Provider

Once you’ve determined the list of stolen possessions that you wish to claim and you have received estimates for cost of repairs related to any damages from the theft, you should contact your insurance provider to complete the burglary insurance claim. The amount you should expect to receive will depend on the type of policy you have in place. Usually, there is no deductible for depreciation or repairs to the damages.

Understand Your Personal Property Coverage

Your burglary insurance claim payout will depend on the type of personal property coverage you have on your belongings. If you have replacement cost coverage, then you will most likely receive the value of the stolen item at the exact cost it would be to purchase the item today. If you have actual cash value coverage, then you should expect to receive payment based upon the item’s depreciation and value of the actual item that was stolen.

Completing the Claim

Once you’ve processed your burglary insurance claim, you will need to pay your deductible in order to receive the payout of your claim. This amount should have been determined when you purchased the policy. If you are unsure, contact your insurance provider to find out what your deductible cost is on this sort of claim.

What You Need to Know About Private Liability Insurance

You never know when something could happen to you or your children. Private liability insurance is within your homeowners policy, and covers liability costs for injury or property damage sustained by others, protecting you and your family from financial disaster.

Coverage of Private Liability Insurance

Private liability insurance protects you from financial situations that may arise during a mishap or careless act. Private liability insurance covers medical treatment, compensation and salary losses due to disability or injuries. If a person in your home family has an injury related to you or your family, private liability insurance can cover medical treatment, loss of earnings and compensation due to pain and suffering. It can also cover material damages, such as cost of repairs to your property, replacement costs and missed profits.

Examples of Private Liability Insurance Use

If someone falls down your stairs or slips on your floor, your private liability insurance will cover medical expenses related to mishap. If your child throws a ball through the neighbor’s window, then private liability insurance should cover the cost of repairs. Additionally, private liability insurance protects you against lawsuits. For example, if someone falls on your side way crack and injures their leg, they could sue you for medical expenses and lost wages. The insurance company will defend you if you are ever sued and will pay damages to the injured person.

Inclusion in Homeowners Policy

Private liability insurance is a part of your homeowners insurance policy. Most policies will have a minimum amount of private liability coverage. Such as, the insurance company will only pay a specified total amount to the injured person. The amount can be increased, depending on what you need.

Exclusions of Private Liability Insurance

There are a few exclusions to private liability insurance, as with most insurance policies. Your homeowners policy may not cover all situations that you or your family members may be responsible for causing injury or property damage. It is important to read the policy carefully to understand what is and is not covered under your private liability insurance. Talk to your insurance provider to determine if all of your liability needs are being met and ask what exclusions there are.

Purchasing Private Liability Insurance

When looking to purchase private liability insurance, it is important to compare quotes from various companies. Talk with your other insurance provider, such as the company that holds your auto or business insurance policy, to determine if they offer discounts for taking out an additional insurance policy. Look at different companies to ensure you are working with a reliable and trusted provider. There are many scandals out there, so be weary of cheap advertisements and those offering “basic” coverage.

Private liability insurance should be a part of your homeowners policy and can help protect you and your family members against liabilities and legal obligations. You don’t want to get stuck in a financial crisis because of a mishap, so having private liability insurance is a must.

Goods in Transit Insurance Explained

Goods in transit insurance is designed to protect sellers and buyers in the event of a loss of shipment. It is a type of insurance that covers inventory and other merchandise that is being shipped, but has not been received by the purchaser because it has been lost, damaged or destroyed.

Who Needs Goods in Transit Insurance

Most sales agreements between sellers and buyers will include information on who will need to purchase goods in transit insurance. This determines who is responsible for the lost or damaged goods in transit. Some are even legally obligated to purchase goods in transit insurance, but even if it is not legally required, sellers or buyers should consider goods in transit insurance to protect their finances and shipments.

Amount of Goods in Transit Insurance Needed

Once it is determined who is responsible to hold the goods in transit insurance policy, then you need to determine how much coverage is needed. The goods in transit policy should be based upon the maximum value of the goods being shipped during one trip. Cargo policies are usually determined by invoice costs, freight charges and advances to cover expenses incurred during shipping. Exporters may want to also include a profit margin in the policy, if it is not already included in the price.

Types of Goods in Transit Insurance

Goods in transit insurance is intended for one shipment and some may want to look into specific insurance related to their industry. Such can make sure that the insurance will meet your needs for each shipment based on specific terms, conditions and valuations. Common carriers insurance may not hold the carrier responsible for the loss or damage of the goods due to the carrier’s negligence. A freight forwarder’s insurance is good for infrequent shipments and caters to specific needs, cost and financial strength of the insured. Warehouse-to-warehouse insurance may not cover all shipments, but coverage begins when your responsibility begins.

Exclusions to Goods in Transit Insurance

There are a variety of goods in transit insurance to choose from, so exclusions may vary depending on the policy you choose. Although, some goods in transit insurance policies will exclude goods that are not in transit and may be in temporary holding or storage. Goods in transit insurance typically covers events that occur during unexpected delays in transit, but not planned storage. Other interruptions are usually covered, but it is important to check your policy to determine what is and is not covered.

Goods in transit insurance is designed to protect buyers and sellers from catastrophic financial losses due to costs associated with goods being damaged or lost during an event while they are in transit. When looking at goods in transit insurance, it is important to make sure the policy you are considering covers the specific type of transporting you are in the business of.

All About Fidelity Guarantee Insurance

Fidelity guarantee insurance is just that – a guarantee by the insurance company to an employer for the loss of money or property as a result of fraud, theft or dishonest employee. It guarantees that the employer will have insurance coverage for any financial loss arising out of a situation with an employee.

Means for Fidelity Guarantee Insurance

Those who are exposed to significant yearly financial losses, possibly because of fraud from employees, should consider fidelity guarantee insurance. Companies that handle money and have a lot of employees who are managing transitions should consider fidelity guarantee insurance. It is typically purchased by those where employees are more likely to cause a financial loss to the business because of regular exposure to cash, stocks and other finances. Additionally, the growing use of computers and electronics also makes companies susceptible to fraud, making it even more necessary to seek fidelity guarantee insurance.

Fidelity Guarantee Insurance Coverage

A fidelity guarantee insurance policy will typically cover any losses of an employer due to an act of fraud, dishonesty, stolen money or goods or forgery of an employee. For example, if an employee forges your signature on a check and your business sustains financial losses, then you could claim the loss with your fidelity guarantee insurance. The loss or damage must have occurred during the employee’s time of employment in order for the fidelity guarantee insurance policy to be valid. Coverage can be purchased for a single employee or for a group of employees.

Types of Fidelity Guarantee Insurance

There are a few basic types of fidelity guarantee insurance. An individual policy will cover an individual employee for a specific amount. A collective policy will cover a group of employees with various amounts for each employee depending on their position and responsibilities. A floater policy is a single amount based on one employee who is named in the policy. A blanket policy will cover unnamed employees in a categorized group, such as clerks or employees who handle cash.

Things to Consider in Fidelity Guarantee Insurance

When looking at fidelity guarantee business insurance plans, it is important to consider some key factors to protect yourself as an employer. You should clearly determine the roles of your employees, such as assistant or manager, and yourself as owner or director, to ensure the level of superiority. You may also consider the record and reputation of the employee that will be covered in your fidelity guarantee insurance policy. Additionally, you will need provide history and general supervision of the employee when applying for fidelity guarantee insurance.

Making a Fidelity Guarantee Insurance Claim

Once you have purchased a fidelity guarantee insurance claim as an employer, you should understand the steps to take when making a claim. First, you should take immediate disciplinary action against the suspected employee. Then, you must document the act committed by the particular employee. Lastly, you must submit the proof of loss to the insurance company. Make sure to include the specific amount of the loss and the entire employee’s name.

Consequential loss insurance Policy

If you own a business, consequential loss insurance may be an insurance option you should consider to protect losses that are not covered under standard business insurance. Consequential loss insurance is a type of business insurance related to losses to business property or equipment.

Definition of Consequential Loss Insurance

Consequential loss insurance would cover business losses that arise from damage to an insured property. Consequential loss insurance policies diminish indirect risks that arise from a situation and are typically offered in combination with regular business or property insurance. Consequential loss is considered an indirect loss, as opposed to a loss from a natural disaster or accident.

Benefits of Consequential Loss Insurance

There are several benefits to having a consequential loss insurance policy. Normal insurance policies generally cover the cost of repairing or replacing damaged property, but consequential loss insurance will cover additional financial losses that your business may incur as a result of such damages. Consequential loss insurance is a solution to cover your profits and business interruptions. It can be purchased in conjunction with a standard business policy at a much smaller cost than the effects your business could endure.

Coverage of Consequential Loss Insurance

Consequential loss insurance is not intended to cover actual property damage from storms, fire or theft. It is designed to cover the financial losses due to interruption of business while a damaged property is being repaired or replaced. Consequential loss insurance will cover profits lost due the interruption of business. It can also cover increased cost of working, as such related to the working facility being unusable momentarily during repairs. Salary and wages can also be covered under consequential loss insurance.

Determining Your Consequential Loss Insurance Needs

The amount you will need to ensure under your consequential loss insurance policy depends on the gross profit of a specific time frame. Most insurance companies will determine the time frame based on the maximum time it would take to get the business back to normal operations after damages occur. The annual gross profit should equal a portion of the selected time period and should represent the net trading profit plus any standing charges. The sum insured should be representative of the difference in turnover and total variable and standing charges.

Exclusions of Consequential Loss Insurance

Consequential loss insurance is designed to cover financial losses in the event of a business property needing to be repaired or rebuilt because of a named peril. It does not cover business interruptions unrelated to such events named in your business insurance policy. Typical named perils are storm, fire, theft and vandalism. Most consequential loss insurance policies will not cover financial losses of unnamed perils, such as war, invasion, flood or other events.

Consequential loss insurance is a smart choice for businesses who are already purchasing property or business insurance. It will help protect financial profit losses and give you peace of mind while rebuilding or repairing your business property.