How Does Liability Insurance Differ across Professions?

Liability insurance is otherwise known as being errors and omissions insurance. In some instances, it’s also called malpractice insurance, depending on the industry that you work in. Of course, it’s important to know that a lot of small business owners can benefit a huge amount from this type of coverage and this is because it can protect you from a range of problems. Some of them include failure to uphold any contractual promises and even providing work that is incomplete or substandard.


You Don’t Always need to Be at Fault

At the end of the day, you don’t have to be at fault in order to be sued. An unhappy client could easily name your business in a lawsuit and this can cost you dearly either way. Your professional liability insurance policy will ensure that you really don’t have to pay any legal expenses, regardless of whether or not the claim is valid so this is a great option that you can take advantage of.

How are General Liability and Professional Liability Similar?

Both policies deal with liabilities that would otherwise be unavoidable. It really is a somewhat unfortunate fact of dealing with a small business. Small business owners tend to deal with issues all the time so it helps to have two policies that will work with one another so that if accidents do happen, you can help to mitigate them as much as possible. Both of the policies mentioned above will be required by your clients in order to close contracts. You should never be surprised if a general contractor requires you to have your own general liability or even worker’s compensation insurance.

How are the Two Different?

It’s so important to know that general liability can spare your business from a lawsuit and it will also stop you from being to blame if a visitor happened to slip and fall. Professional liability on the other hand can really help to shield you from the high cost of making professional mistakes that would cause another party a degree of loss.

General liability will cover you for physical damages but professional liability will cover you for financial damages. This coverage protects you from lawsuits over any finished work that may or may not end up harming someone. The coverage can be taken out for as long as you need, and different providers will be able to offer you different degrees of cover. If you are not quite sure how to take out a level of cover or if you want to find out if it is possible for you to change your cover then the first thing that you need to do is talk with your provider. When you do, they can then work with you to make sure that you get the support that you need and you can also count on them to give you the right policy too. If you want to find out more then you need to contact your provider today.

Auto Insurance is a Necessity

auto insurance

Everybody hates paying for insurance! You pay money out of your pocket for a policy that you hope to never use, and it seems like a complete waste of money…until it isn’t. Outside of most local government agencies requiring car insurance in order to drive a vehicle, it’s probably best that you have a solid policy that protects you and your family. Because of the legalities involved it usually isn’t difficult convincing the average person why they need insurance, however, it’s the depth of the coverage that is usually lacking. Allow me to explain common shortfalls and misconceptions when it comes to having adequate auto insurance.

Surprisingly, most people don’t have rental coverage. They often think that their car dealership from where they purchased the vehicle will simply provide them a free loaner, but that can’t be further from the truth. Insurance companies aren’t lining up to offer you free loaners either. Spending a couple extra bucks a year, literally, will ensure that you have unlimited rental coverage in the event that your car is laid up in the shop for an extended period of time. Truth be told, this might be the most overlooked aspect of coverage out there.

It is true that insurance is often more expensive than it needs to be, but there are numerous auto insurance discounts available to people everywhere. Not only do I highly encourage using an insurance comparison site to lower your premiums, but you need to seek out every discount available to you. Most cars have an airbag these days, but not all have passenger and rear airbags. Additional safety features can ALWAYS provide you with some nice discounts. Having an anti-theft device is a no-brainer, and probably the biggest discount available to you. Then there are states that unfairly charge premiums based on credit score and college education, but if you are on the favorable side of those aspects they can provide you with a much lower premium.

Most people think they don’t need the additional health coverage provided by an auto insurance policy. Regardless if you have good medical insurance through your employer there are always caps and limitations that you may not be aware of. For a few extra dollars this added insurance can provide you with peace of mind, and a huge safety net. Often times your personal coverage only applies to your medical bills, however, these policies can apply to others if you are found to be at fault.

Having insurance can protect you and your assets as well. Car accidents are common at-fault lawsuits that we see in courts every day. Insurance companies not only provide an umbrella of coverage, but they have a team of lawyers and mediators helping to settle the whole suit out of court in an expeditious manner.

5 Things You Wish Your Car Insurance Was Before the Accident


It often takes a personal experience to best understand the pros and cons of a certain service. However, when it comes to something like a car accident, you’re going to be hoping that your insurance company is everything that it should be at that point in time. This isn’t a convenient moment in which to discover that your current service leaves much to be desired. Also, if you’re living in a busy city like Sacramento auto insurance costs will be more expensive since the risk of an accident is higher. So shop around using a for a good policy will ensure you’re protected at the lowest cost.

Ok then, but how do we choose the best service without being able to try them out first hand?

Learn from the experiences of others who either found much value (or at times grief) with their car insurance companies. This way you get insight into which services are important, when to look into the fine print, and what’s a good price. Ask your friends if you want a more personal pool of people to ask, but these are some common car insurance factors that the majority of the population can agree on:

1-     Courteous Customer Service

If you’ve recently been in a car accident or even have some damage due to a parking issue, chances are that you wouldn’t consider that a good day. The last thing you want to hear is a sassy, judging voice on the other side of the line. There are limitations to what the insurance people can do on their end, however, they don’t have to make matters worse by being rude. Good customer service goes a long way.

2-     Quick Acting

Timing is everything, especially when your car is out of order and you have a million things to get done. If getting all the paperwork in order and having you behind the steering wheel of a car takes longer than a couple of days, you’re with the wrong people. A good insurance company values the fact that you have a vehicle because it is of use to you and not having one to drive can be a huge hindrance on your life.

3-     Replacement Car Rental

Though you may just want to rent a car on your own terms if it comes to it, knowing that your policy has a rental car included while yours is in the shop is a weight off your shoulders. Today it’s a pretty standard clause, however, not every plan has it.

4-     First Time Forgiveness

You’re a very careful driver, but unfortunately the day will come when you will need to call the insurance company due to some damage to your car. When you do, you’ll love knowing that you get a “first time forgiveness” from the company and that you won’t see your rates go up due to this accident. Remember, they happen to everyone. Some companies will even reset this clause if you have no subsequent accidents in the next few years.

5-     Someone to do the Research For You

How much does the average person know about car insurance? Honestly, not much. If you want someone experienced to do the grunt work for you, it’s time to reach out to an insurance broker. There are many reasons you will love their service, including affordable and competitive car insurance rates and be able to directly contact car insurance brokers for a quote instead of doing all the research yourself online.

Though learning through your own experience is arguably the best way, no one want to suffer through dealing with a terrible insurance plan or company. Set yourself up for a graceful and pain-free experience in case you will need to make that phone call. Know that you have a solid policy and stand-up company on your side.

How to Save on Home Insurances

How to Save on Home Insurances

If there is something as important as the car and life insurances, it has to be the home insurance. You can’t even afford to debate if you are a family person: it is an absolute no-brainer. When a hailstone storm rips your roof to shreds, a fire breaks in the basement or a thief steals all your valuables while you are away on a vacation, a basic home insurance policy will have you all covered in such unforeseen mishappenings.

But just because you have to buy one, you don’t have to overpay for a home insurance, especially when there are a variety of policies and discounts available. Here are some important tips to save on your home insurance:

How to Save on Home Insurances

  • Shop around for the best deal. An insurance broker can help you with companies that offer discounts, since they have databases of sources of a variety of companies. Other than that you are entitled to special discounts if you are living near a fire department or if you possess safety devices such as a security system or deadbolt locks. Sometimes sticking to the same insurer may get you a loyalty discount.
  • Increase your deductible
    Deductible is the part of the insurance claim that the insured has to pay before the insurance company gives you benefits. If you think the cost of your monthly premiums is increasing annually, you can raise the dollar value of your deductible, and in a way you are reducing the risk on your insurance provider and also reducing the monthly premiums. For example, if your current deductible is $200, raising it to $500 or even $1000 can reduce the as much as about 25% on your monthly or annual premiums. Your deductible is the indication of how much risk you are willing to assume. But the only problem is, you have to bare the damages of minor causalities till the deductible limit is reached.
  • Know the difference between replacement cost and actual cash value
    Replacement cost will insure you with the actual cost it would take to replace your home and the other personal property in it. On the other hand, the actual cash cost will consider the current value of your house as per the market dynamics. So if you take a replacement cost insurance for a laptop worth $800, then on the laptop being, you will be issued $800 for a new laptop. But if you consider a actual cash cost insurance for the same laptop, you will get the current market value for the laptop, which may be much less since the price depreciates over time.
  • Increase safety measures and check your house for repairs
    Little improvements in your house can get you a better deal with lower premiums. The insurance rate depends on a variety of factors including the structure and built of your house, wiring, plumbing and structure material. Upgrading the security system and alarm system may also help. Also, quit smoking. The insurance companies believe that the majority of the fire cases are due to irresponsible smoking.

Reduce your home insurance costs and see how your savings add up!

Why a Health Insurance is an absolute Necessity


In a developing country, most middle-class families are dragged into poverty due to financial over-burden of the medical bills. You may not be spending most of your income on healthcare and medication, but if a medical tragedy hits you, where are to get money for the treatment? Such situations force you to take loans or sell your assets, putting unnecessary burden on your long-term financial goals. Certain medical operations are very rare, and therefore expensive. So what do you do to live a tackle such situations? Apart from maintaining a healthy lifestyle, you should immediately get yourself a health insurance. This is not an option, but an absolute necessity.

I live in a country with a population of 1.23 billion as of this year. In country with so many people, even the government is not able to provide health incentives for everyone. So, most of the people (about 30-40%) get through their hospital admissions with the help of heavy loans and selling of most of their property or other assets. This is the major reason why the rate of people falling below the poverty line every year is rising every year- people are not able to pay hospital bills, and ending up into debts. Most of them move to other cities, giving up their jobs to take care of their sick family members, and spending most of their income and savings on healthcare treatment and purchasing expensive drugs. And sometimes lack of timely funds is the only reason why the patient is not able to receive proper medical care and have worse health outcomes. Lack of insurance is a fiscal burden for them and their families.

It is therefore always advised to adopt a health-insurance policy as soon as possible, even if you don’t want to put your foot into the other insurance policies. You don’t know how the worst times may hit you- inflation, expensive medical procedures, and inadequate funds at the time of unforeseen extreme medical emergencies. Also at the same time, longevity is rising, forcing us to consume more medical care, what do we do? We purchase a health insurance cover.

Now while there are a variety of plans available everywhere, you need to analyze your goals, weighs your options and go for a plan that suits you the best. Don’t wait for the perfect plan, because there won’t be any. You just have to understand your needs, for today, as well as the future and pick up the closest plan. Go for a lifetime renewable policies, and make sure you read the terms and conditions before you sign the documents. If you are a family person, individual policies may turn expensive, so you can go for the family floater, which a very effective service and covers the entire family under a single policy. Understand your options carefully and make sure you consult your financial advisor before you make a decision.

“Feeling healthy, and feeling good about your self is not a luxury, it is an absolute necessity. And the only person who will take care of the older person you will someday be is the younger person you are today.”

Choosing the Best Insurance for your Business

Running a small business is a challenging but rewarding process, but it’s important that we take extra precautions where possible to ensure that our businesses are protected. Insurance is widely regarded as one of the best ways to safeguard against accidents and is a standard practice in various aspects of our life, and if you would insure your car, your home or even your life then why wouldn’t you want to make sure that your business is covered as well?

Know Your Responsibilities

Just like it’s illegal to run a car without insurance, it’s illegal to operate a business without certain forms of insurance. It’s important that you aware fully aware of your legal responsibilities and adhere to them. For example, the site where you operate must be insured, and if you employ people that you are obligated to get employer’s liability insurance.

Types of Insurance

Protecting your business means you have to cover a lot of different bases. For instance, you will need a policy that not only insures your assets but also your employees, if you have them. Here are just some of the kinds of insurance that your business might need:

  • Buildings and Content Insurance – This will cover you in the event of your business premises being damaged. A good policy will include a variety of causes for the damage in its cover. Content Insurance is also important, and Buildings insurance will only cover the premises and not what the premises hold. This sort of cover will help you recover in the event of theft or even loss of earnings.
  • Motor Insurance – Using any vehicle for work means that they need to be insured.
  • Public Liability and Professional Indemnity Cover – It’s vital to protect your business against the worst case scenarios. If another business or an individual decides to take legal action against your business for whatever reason, your insurance policy will help to minimise the impact.
  • Employee’s Insurance – This covers various aspects, and insurance policies for employees can include cover for private medical care, sickness and accidents that prevent them from working.

Flexibility is Key

When choosing insurance for your business, remember that there’s no such thing as a one-size-fits-all policy and that a flexible policy will be more beneficial than a standardised one. Standardised policies don’t take your business’ unique requirements into account and more often than not this can lead to problems later on. Ideally, your insurance policy should be adaptable to your business needs rather than offering restrictive or limited cover.

Not every business’ needs are the same, and so no insurance policy should be the same. Look for policies that offer you that flexibility so you can create a policy that suits the needs of your business.

Shop Around

Don’t pick the first policy that comes along, even if it seems like you’re getting a great deal. Be sure to compare the policies that you’re offered and choose the one that best suits you and your specific business needs. There’s a lot of choice on offer, so be sure to do your research and see what the insurance companies can offer you.