FAQs > General Commercial Lines FAQs (41 entries)
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The term “Business Insurance” refers to a wide variety of insurance coverages that can reduce or mitigate or compensate for exposure to risk for the business or its employees. It also ...
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The risk assessment process is the basis for determining what insurance you need. Many insurance companies provide a wide variety of business property and casualty coverages. These can be underwritten individually ...
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The cost is dependent on the specifics of your business situation. You can probably reduce the cost by shopping around. There are many companies providing business coverages and competing for your ...
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Many factors influence the cost of business insurance, but some important ones include the type of business, the location, the size (both physically and in terms of volume of business). Competition ...
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Some types of businesses including restaurants (except fast food), financial companies, some types of medical offices and others may be considered high risk for some types of insurance and so may ...
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As with other potentially risky aspects of life, insurance can help by taking risks faced by many policy owners and pooling them so as to compensate the ones who sustain substantial ...
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Property and casualty insurance provides a tool for reducing the individual business’s risk by spreading the risks faced by many businesses. Many business owners contribute their premiums to the insurance company ...
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Running a business is inherently risky. Many factors outside the control of the business owner can influence the success or failure of the enterprise and a high percentage of new businesses ...
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The insurance company has to pay for the cost of the coverages provided to the insured businesses. The predictability of these costs will vary based on the type of coverage. Some ...
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Risk analysis is a process by which you consider all possible risks and determine which are the most significant for your particular business. It may make sense to mitigate some risks ...
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The size of the company, type of industry, type of organizational structure, capitalization, geographical area, management team, degree of experience and expertise in the targeted business, capitalization, competitive environment and many ...
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The primary ways of dealing with risk include: Find ways to avoid risks such as eliminating potentially hazardous products or procedures Reduce the ...
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A review should be done periodically. Once a year might be appropriate for many businesses. Many insurance premiums come due or up for reevaluation annually. That would be a good time ...
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The type of organization can have a bearing on the degree to which you are personally liable for obligations of the business. Unincorporated Businesses: ...
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A closely held corporation has a small number of shareholders, no public market for the corporate stock and the ownership and management overlap. Many small closely held corporations are functionally not ...
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In today’s business world, your computer data constitutes a key asset – perhaps more valuable than many of your tangible items such as buildings or vehicles. So safeguarding data and data ...
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Yes. For example, you cannot insure against many business eventualities such as loss of business to competitors or rising prices of supplies.
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Once you have analyzed the risks, you need to consider the cost of the various coverages and what your most significant exposures to risk are. Then you should consider your available ...
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Buying insurance is one way to deal with risk. However, some risks can be countered with measures such as: Installation of better locks or security devices ...
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A business owner’s policy (BOP) is the best choice for many small to medium size businesses if they can qualify and if the limitations and types of coverages fit their needs. ...
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You have had your personal coverage with the same company for many years. Will it help you to get a better price on your business insurance? Usually, it will only be ...
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Property damage includes a number of direct risks as well as some indirect ones. Direct damage would include fire or flooding damage to the building where you do business while indirect ...
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Many forms of business insurance (other than property coverage, life insurance or disability insurance) fall under the general category of Casualty Insurance. This includes such risks as workers’ compensation, automobile coverage ...
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Some industries have an especially high risk of losses to various types of crime. These can include such acts as burglary, armed robbery and theft by customers or employees. It is ...
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Despite some highly publicized cases of accusations of misdeeds against officers and directors of major companies, for many small businesses it may not be necessary to have Directors and Officers DNO ...
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Basic liability coverages such as provided in business owners’ policies may be adequate in many cases, But if you are in a business or profession where there is an especially high ...
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It depends on your situation. If your business is new you may want to wait until you have been in business a while and have achieved a degree of success. Once ...
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A business can be crippled by the death of a partner, because the partnership is effectively ended by the death and needs to be reconstituted with the remaining partners and any ...
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The basic problem is that the business may have to be liquidated shortly after the owner’s death if there is no plan for business continuation. The problems are somewhat different for ...
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A properly prepared buy-sell agreement will require the estate of the deceased owner to sell the business and the purchaser to buy it for a prearranged price. This guarantees a market ...
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The death of a shareholder of a closely held corporation does not terminate the corporate, but it may have serious consequences concerning the continuation of the business, the disposition of the ...
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A shareholder may wish to receive cash for his or her stock in a closely held corporation in order to retire or for other reasons. Also, an extended period of disability ...
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Many business owners have no intention of disposing of their business as long as they are alive. But some others become ill, or wish to retire, or decide for some other ...
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Since execution of a buy sell agreement or other possible transactions require an estimation of the value of the business. It is essential that a valid method for determining an accurate ...
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Planning for business owners generally impinges as well on personal financial issues. For most business owners, the business constitutes a significant part of the owner’s personal assets. Furthermore, personal financial problems ...
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Since few business owners are likely to have competence in entrepreneurial skills as well as the wide variety of specialized disciplines required, it is almost inevitable that some resort to advisors ...
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Suppose you are trying to meet an important deadline for a key customer when a disastrous, unforeseen event takes place putting your ability to complete the job in jeopardy. An example ...
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Most businesses with employees will need to purchase worker’s compensation coverage. While details vary from state to state, there are generally requirements mandated by state law and the coverage is purchased ...
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The person or vendor who provides your payroll services will make the proper payments to the state and federal unemployement organizations as part of the payroll services function.
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A business owner’s policy (BOP) has been compared to a homeowner’s policy for business. BOPs were first developed in the 1970s and have become a very popular form of insurance for ...
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There are as many Insurance Carriers as variables when deciding what Workers Compensation policy is best for you and your business. That said The Harford has compiled a great ...