When Should You Obtain Errors and Omission Insurance?

The time to obtain professional liability insurance or errors and omission (E&O) insurance is long before you need it. Should the benefits and services of such a policy be required, you may be under excessive stress during the difficult circumstances of a lawsuit, mediator demands, or settlement pressures. Having the policy in place before it is necessary will ensure you and your company’s needs are met should the time come that protection is required. Obtaining a New York E&O can address your needs before it is too late.

No matter which type of company you own, if you provide a professional service or skill to the public, you may be at risk of a lawsuit. Travel agencies, plumbers, computer programmers, and accountants are all at risk; not just the doctors, lawyers, and accountant you often hear about. The quality of work you provide is subjective, as are the “fulfillment of contract” terms, as many contractors know. Some people are more difficult to satisfy than others; hence the randomness of professional lawsuits.

E&O insurance can cover claims due to negligent acts, failure to provide a level of service expected, and even misunderstandings over advice given or not given. In other words, if you provide advice or services to others, you should get a New York E&O insurance policy long before you need it.

3 Common Cargo Coverages You Are Not Thinking About

Once you have your liability coverage squared away, it is time to start thinking about cargo coverage. What are cargo insurance programs going to be right for you? Most likely the one that covers your unique risk exposures. Here are three of the most common coverages you may not be thinking about.

1. Pollution Liability

No one wants to think about spilling cargo, but it does happen from time to time. If you are transporting goods like gasoline or other hazardous material, you may want to consider pollution liability coverage.

2. Theft Coverage

As you may know, the phrase “something that fell off the back of a truck” does not refer to something that actually fell off the back of a truck. It refers to theft of goods. If there’s a chance the material you’re carrying will attract the wrong crowd, include theft coverage in your fleet’s cargo insurance programs.

3. Refrigeration Breakdown

Sometimes referred to as “reefer breakdown,” this coverage protects you if you are carrying goods that must remain refrigerated and the system breaks down. No one wants to accept a delivery of spoiled milk or moldy lunch meat.

This list represents only three of several specialized cargo insurance programs. Consider your individual situation and select the policy that’s right for you.

Relax and Enjoy the View, With a Custom Boat Insurance Policy

If you’re an avid boater, you know all too well about the appeal of the Southern California coastline. Characterized by white sandy beaches, majestic homes, Palm Trees and a sea of rolling hills, it’s one coastline you have to view from the water. While there is no harm in taking your vessel out to catch a great view, safety should always come first, which is why you should invest in New Port Beach boat insurance.

Boat ownership comes with a number of unforeseen risks. Even if you take every precaution before hitting the water, there is no telling who else might be joining you. Boating accidents stem from a number of causes, but the most likely causes include negligent boaters, intoxicated boaters and severe weather. Boat coverage can protect you from collision or storm damage, and even safeguard you in the event of a lawsuit. If you cause an accident that results in damage to another person’s property or that causes a boat-related injury, Marine Liability Insurance is designed to cover your legal defense and any monetary settlements or judgments against you.

Additionally, the proper coverage can safeguard your investment in the event of theft or vandalism, and even be there to help you if you find yourself and your vessel stranded on the side of the road or in the middle of the Pacific.

New Port Beach boat insurance is a smart investment for the avid boater. Whether you prefer to cruise and enjoy the view or drive fast and partake in water sports, a customized policy can cover all of your boating needs.

Tips for Insuring Your Cargo

Moving cargo from one place to another always comes with a risk. Cargo could get damaged, lost or stolen, and sometimes whole shipments don’t make it to their final destination. The good news is that cargo insurance can reduce the financial risk involved with transporting goods.

In order to ensure smooth movement of cargo, consider choosing a U.S. based insurance company to get the best support. If you ship internationally, you might already be aware that sometimes business partners use an insurance company in their own country. It is recommended that you insure your cargo anyway as it can be troublesome having to deal with an insurer located in a different country. Always handle your own responsibility and don’t rely on someone else. Furthermore, make sure you document every shipment and its value in case there’s a dispute with a claim in the future. Be sure to check with your insurance company what modes of transportation and factors are covered. While most policies cover the standard risks, some don’t cover loss resulting from war or piracy. If in doubt and for the sake of peace of mind, consider an “all risk” policy. A company specializing in insurance solutions for unique risks can help you get the coverage you need.

The consequences of not having cargo insurance could be devastating for your company. Having an adequate insurance policy ensures that your business can keep moving.

Using Insurance to Protect Your Corporation

No matter what kind of a corporation you run, it is likely comprised of departments, employees, and possibly shareholders. Although the corporation may have rules and regulations the employees are expected to follow, the corporation is ultimately responsible for any action made by its employees. So no matter what kind of business you run or product you sell, having a corporate insurance broker to help ensure you are covered is essential to protecting your business.

Professional Liability

Professional liability insurance protects a company against lawsuits resulting from errors or misinformation that may have been shared during consulting or other professional services. Whether you own a construction company, a dentist’s office or a law firm, professional liability insurance can protect you and your business.

Product Liability

Product liability protects a business against flaws in the products they sell that may be potentially harmful to those who use them. For example, if a car seat is found to be unsafe after it is released to the public, this insurance can help take care of the recall as well as any possible injuries that may have occurred. This insurance is essential for any company selling products to consumers.

No matter what type of business you run, if you are selling services or merchandise to the public, corporate insurance is a must. A corporate insurance broker can help you choose the right insurance to protect you and your business.

Errors and Omissions Coverage for Architects and Engineers

Are you in the field of engineering or architecture? Do you or your employer currently carry errors and omissions insurance coverage? If you are an architect or engineer, you are probably face exposures specific to your field, and the insurance professionals at Axis can help you get the coverage that you need.

Increasingly, architects and engineers are facing litigation resulting from alleged errors and omissions in their work. Protect yourself from allegations of this sort by using Axis Insurance to cover yourself. Axis offers coverage for firms and individuals such as:

  • Mechanical engineers.
  • Civil engineers.
  • Safety engineers.
  • Design build engineers.
  • Geotechnical engineers.
  • Drafting professionals.
  • Structural design consultants.

With various levels of coverage and ranges of deductibles, you want to choose the right policy for your business, one that takes into account your unique exposures. At Axis, you can even purchase an errors and omissions policy that includes prior acts coverage, covering work performed before the purchase of the policy.

Additionally, in some cases policies may include tail coverage, also called extended reporting, that covers work performed while the policy is in place, even if a claim is made after the policy has been terminated.

Like many professionals, engineers and architects require errors and omissions coverage, coverage suited to their unique exposures.

What Coverage to Expect From a Comprehensive BOP

Every business owner should have a standard business owners’ policy in place to protect them against typical business exposures such as theft, vandalism, property damage and other losses. Unfortunately, despite everything you may do to prevent them, accidents do happen, and they can end up costing your company millions. To safeguard your business, your employees and your customers alike from unforeseen risks, invest in a business owners’ policy in Carmel.

While most insurance agencies offer a standard business owners’ policy, your company may benefit from a BOP with customizable options. In addition to property insurance for personal property, contents and your building, you can tack on Business Interruption Insurance to cover any losses accrued while your operation is shut down during a building remodel or while repairs are being made. This type of coverage covers ongoing expenses such as utility bills, payroll, product development and more. Additionally, a comprehensive business owners’ policy should include coverage for equipment breakdown, property crime, professional liability, employment practices liability and workers’ compensation.

As a business owner, you may do everything in your power to safeguard your business from standard risks, but unfortunately, sometimes that is not enough. The only way to truly protect your business and its assets is with a comprehensive insurance policy. A comprehensive business owners’ policy in Carmel can offer the protect your business needs to recover financially in the aftermath of a costly incident.

3 Common Types of Equipment Breakdown in Manufacturing

As a manufacturer, you rely heavily on your equipment. If for some reason part or all of your equipment fails, causing a delay in production, your business could get into serious financial trouble. Manufacturers insurance in Orlando allows you to purchase equipment breakdown coverage which can help reduce the financial losses incurred from the following mechanical issues.

1. Mechanical Equipment

Breakdown claims regarding air conditioning units are very common. Can you imagine operating without A/C in the Florida heat? Chances are you would have to stop all production until your unit gets fixed, which could be costly and cause you to lose valuable business. Mechanical issues can also arise from refrigeration units, washing machines, dryers, pumps, motors, and so forth.

2. Electrical Equipment

Your manufacturing facility probably contains a lot of electrical equipment, such as fans, computers, security systems, vending machines, transformers, ATM machines, telecommunications equipment and electrical service panels. Failure in one of these systems could cause other equipment to fail as well, due to the fact that a lot of them are interconnected.

3. Boilers and Pressure Vessels

These two types of equipment are cited by manufacturers as another common cause of business interruption and they get more troublesome as they get older. Boilers and pressure vessels, such as heat exchangers, water heaters, hydronic boilers, and so forth, can also pose a huge hazard to your workers.

There are many mechanical issues that can occur unexpectedly and cause financial loss. Manufacturers insurance in Orlando is a safe haven when things don’t work the way they are supposed to.

Don’t Get Caught in a Legal Nightmare – Make Certain Your Taverns Are Insured to the Max

When you opened your traditional European tavern years ago, you had no idea how successful it would become. Now, you have four taverns throughout your state, and each one is bringing in tremendous profits. As you pour over the most recent financials for each facility, you realize that you could save money in some areas, which is perfect because you are ready to find a location for your fifth full-service hostel. One place where operating capital flies out the window is business insurance, because taverns have additional coverage needs. It’s time to look into wholesale tavern insurance.

Even with a wholesale package, you still get all the added protections your business requires. The right broker will offer multiple policies that protect all of your taverns against drunken and disorderly conduct, accidents inside and outside the premises, protection over your alcohol and special events coverage. The right broker can also give you increased liability limits that won’t break the bank. You shouldn’t have to pay exorbitant deductibles to get the coverage amounts you need just because you run taverns. Wholesale tavern insurance can save you money on this budget line, so contact a qualified broker today to go over its wholesale offerings, and then use the money you save on insurance to open your newest tavern-style hostel.