May, 2017

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How to Avoid Common Business Insurance Pitfalls

Commercial insurance in Bergen County

Commercial insurance in Bergen County as its applicability to your business needs. Follow these tips to avoid paying too much for insurance or finding yourself underinsured.

The first step in avoiding insurance pitfalls is cataloguing your assets. Your assets include land, buildings, production equipment, supplies and inventory. Calculate the worth of your assets, and insure accordingly. Dont let the insurance of a $200,000 building be upsold to a $1 million policy. Review your coverage options to weed out the possibility of overlapping coverage. The goal is to keep costs low while securing essential coverage.

The second step in securing sufficient commercial insurance in Bergen County is to identify your potential liabilities. When you fail to do so, you can end up with insurance gaps. Your liabilities depend on your type of business, whether you provide products or services, your number of employees and the inherent risk in your line of work. Think of specific scenarios that could occur in your business, i.e. an employee is injured after slipping in spilled coffee in the breakroom, and discuss coverage with your insurance agency. Be sure to pick an insurance company that offers ready answers to your hypotheticals. The proper insurance package can help you avoid business liability headaches without breaking the bank.

Narrow Down Your Texas Insurance Options

Preferred Insurance in Texas

The best way to protect your assets against every possible contingency, whether youre protecting your home, your business, or your car, is to invest in insurance coverage. With the sea of options available to you, it can be difficult to know what to look for. When comparing insurance options, consider companies like Preferred Insurance in Texas for your coverage needs.

Options for Everyone

When choosing an insurance agency, you want options. Look for something with plenty of flexibility. A one-size-fits-all policy may seem easiest, but the coverage it offers may include areas you dont need or neglect areas you do. For example, with Preferred Insurance in Texas, you get:

  • A personal relationship with your insurance agent, to keep you informed every step of the way
  • Your choice of insurance companies, to guarantee you the best possible rate for your needs
  • A broad spectrum of coverage options for every area of your life, from home and car insurance to workers compensation.

Talk to your insurance agent to determine what you should prioritize before selecting your policy. An experienced agent should be able to help you find the best policy to keep you protected without overpaying for coverage you wont need.

Insurance can be confusing, but it doesnt have to be. Preferred Insurance in Texas makes it easy to find the right policy for your needs.

Does Your Business Need Selling Price Insurance Coverage?

manufacturer insurance

Businesses that manufacture product can benefit from selling price insurance. Many manufacturer insurance policies only cover the replacement value of damaged stock. Selling price insurance covers the true value of the stock, or the selling price, including profit and commission. Selling price insurance can cover the actual cash value of the product, not the base cost. Since the base price of your finished stock might be much less than the actual sale price, your company can reclaim the full value, which might help to speed the manufacture and replacement of that stock. Finished goods that are ready to be sold, and then damaged, would be covered at their full cost.

Since a basic property insurance policy only covers replacement value of the stock, your company might face delays and financial losses in replacing damaged finished stock. Selling price insurance can cover some of the time lost when your stock is damaged. When encountering an expensive loss, it might be too much of a financial risk to be covered for only the replacement cost. Some packaged policies include this with a limit to coverage, but an endorsement without a coverage limit can protect the full value of the stock. A qualified insurance agent can help tailor a manufacturer insurance policy with selling price insurance to fit the needs of your company.

Insurance Solutions for Marinas in California

California marine insurance

Marinas can require several types of insurance coverage to protect property on dry land and water while managing liability. Owners or operators considering California marine insurance could benefit from a network of top-tier insurers offering plans that may protect against a variety of risks. Each marina has unique needs with regard to property on land and water including buildings, watercraft, docks, and other floating structures.

Generally speaking, the more comprehensive the coverage, the more exposure to risk can be managed. Watercraft can be insured based on the value of the boat itself and the personal effects and supplies on board. Property and liability insurance plans may also protect marina operators who offer services like boat repair or towing. Other types of liability insurance could prove useful in the event of boating accidents resulting in property damage or bodily injury. Insurance plans can be combined to cover marina property, operators, employees, and members, while offering protection against a wide range of eventualities.

California marina insurance may offer protection against standard and some non-standard risks. Operators might also be interested in coverage for sailing to certain countries, including Mexico. Operators should consider the full scope of their business and protect themselves as completely as possible with a combination of commercial insurance plans.