Robinsons Insurance Agency Blog
Hurricane season might be inevitable, but having the right insurance can give assurance and protection. Given the strength of hurricanes, it's understandable how you care about your homes. But having a strong constructed home still surely helps.
Professional Liability is a type of liability coverage designed to protect traditional professionals like medical doctors, accountants, lawyers, and quasi-professionals like real estate brokers, consultants, against liability incurred as a result of errors and omissions in performing their professional services. Contractors that are required to maintain a license such as electricians, plumbers, and HVAC contractors also need this coverage.
Errors & Omissions, is another term for Professional Liability Insurance, which covers lawsuits or claims made by you clients. Errors & Omissions Insurance covers the cost of defending a lawsuit even if the lawsuit is groundless. These [policies are designed to cover financial losses rather than liability for bodily injury and property damage.
Builder's risk insurance is a special type of property insurance which covers against damage to buildings while they are undergoing construction. It will pay for direct physical loss or damage to the covered property from a covered cause of loss.
The name might be confusing but the inland marine refers only to the equipment transported over inland and that include contractors’ tools, equipment, and heavy machinery like a big excavator. This coverage is important to contractors as insurance company will pay to replace all your tools and equipment if they get stolen or damaged. Some contractors might think that the auto insurance will pay for tools replacement if the tool box is permanently attached to the stolen truck but that’s wrong. The auto insurance will pay for the vehicle only and all the items inside should be covered either by the home insurance (personal effects) or inland marine policy for the contractor’s tool.
Business Owners Policy also known as BOP insurance is a commercial package policy that combines both property and liability coverage. It is the best option for small to medium sized businesses like apartments, retail stores, restaurants, and office based businesses.
On average, most businesses pay around $1,000.00 per year for their CGL policy. However, the cost of an individual CGL policy depends on a number of factors, including the nature of your business, the location of your business, and the physical condition of your business assets. Underwriters take into account all of these factors in determining how much the premium will cost. One of the biggest factors that impacts price is the type of industry your business is in. If it is an inherently dangerous/ultrahazardous activity, the cost for the insurance can be significantly higher.
Workers Compensation is a statutory benefit as per state law provided to an employee or to his/her family due to a job-related injury, illness, or death. The benefit may be wage replacement, medical expenses, employee rehabilitation, or death benefits to the employee's family.
Imagine you finally buy your dream project. It’s an old hotel but it’s right on the beach and it’s already got tenants in it. With the right remodeling you’re sure you can capitalize on the appeal of a beach bungalow with the growing population of hipsters driving around in their range rovers thanks to the exploding local economy. The place has some work that needs to be done to make it into your dream beach pads and you have little to zero experience in remodeling. After going through the units, you quickly realize there is water damage in some units on the ceiling. You know you’re going to have to have the roof fixed to stop the leaking ceiling. You figure you need to fix the roof first before you can move on to the next step because the water is damaging everything else. You make a few phone calls and get a few quotes and you pick one.
Hopefully the one you picked is insured. Without insurance the property owner is doing more than taking a risk.
You need a commercial auto policy or business auto policy if you use the vehicle in your business operations. Examples are transporting tools to and from jobsites like a plumber's van, haul construction debris, use truck to tow a trailer used in business operation, transport good for a fee, deliver company products, employees regularly using the vehicle for business purposes, and the vehicle is registered to the company name. The commercial auto policy is also needed when higher limit of liability limit is required, usually if you are bidding for a job. Personal auto insurance can cover up to 300,000 liability per accident but commercial auto can cover you up to a million dollars.
When you purchase a general liability policy there is always a policy limit that the insurance company will pay. For example, if you have a liability insurance policy on your vehicle with a $75,000 limit and a judge or jury decides you caused damages of $1,000,000 the plaintiff will take the $75,000 from the insurance company and you could potentially be liable for the rest. Insurance companies assume liability for a variety of perils and circumstances that cause injury. Insurance policies typically cover the cost of legal representation and any award of damages in the event the insured is deemed to be responsible for paying. However, there is a limit that insurance company agrees to assume liability.