August, 2019

now browsing by month


Types of Liability Insurance

Most people believe that the most basic and necessary type of insurance is General Liability Insurance or GLI. Its certainly the most common type of business coverage and is often required for contracted vendors. However, depending on the type of business you run this may not be the best option for liability coverage.

General Liability Insurance

GLI is a very broad type of coverage. It can protect businesses from liability associated with negligence, defective products or injuries that may occur on the premises. As the name suggests, it is generalized coverage.

Public Liability

PLI insurance is specifically designed to protect businesses from losses and property damage that are specifically caused by members of the public while they are on your site. It can also cover the cost of necessary medical treatment for members of the public if they suffered an injury while on your business grounds. Research on states that if the primary purpose of your business is to serve customers, then you may want to make sure you have coverage that matches your biggest liability. If you run a beauty salon, for example, where customers may be walking to different stations on slippery floors.

Workers Compensation

Some people may confuse PLI coverage with workers compensation coverage. The difference between these two is very clear. Workers compensation only covers employees, it does not cover visitors. PLI covers all visitors, including customers and any delivery personnel.

Understanding Marine Insurance Exclusions Before You Buy

Merrimac Marine Insurance

Any type of insurance you purchase will come with exclusions, and it’s important to understand what you’re getting into when you open a policy, especially if it’s for a single major asset like a boat. Most boat insurance exclusions are common sense things you would predict if you are familiar with the exclusions on auto insurance, but many are unique and hard to predict without marine experience. That’s why Merrimac Marine Insurance recommends all agents review the details of policies with clients, including the details about exclusions on the policy.

Common Insurance Exclusions for Boats

These are the exclusions you can almost count on when you take out a policy on a boat:

Degradation from age
Wear and tear damage due to lack of maintenance

In addition, some policies exclude certain types of marine damage, including damage from animals. These exclusions are not universal and do not necessarily affect all incidents in the class, so it’s important you understand the ins and outs of your policy. The best way to do that is to work with an agent who discusses those exclusions up front and includes the options that allow you to buy higher-level coverage if you need it. Of course, no coverage offers universal insurance without any kind of exclusion, so you will need to find the best cost trade-off for your protection.

Working With Electricity Requires Special Insurance

New Mexico’s top insurance agency

Anyone that works with electricity is a special type of person with a detail-oriented mind. They are also individuals that may face a large number of professional dangers each day on the job. Working with so many talented people on a job site can also be innately dangerous when you are working with a crew that often doesn’t know who is doing what at any given moment. That is why having complete insurance coverage for electricians and electrical contractors are essential.

Why Insurance?

What insurance does an electrical contractor need? Since the safety and health of both the contractor and employees are key to the success of each job, it is important to have sufficient insurance, whether the project is a large one spanning many months, or a small job requiring only a few days.

What Insurance?

According to New Mexico’s top insurance agency, there are many types of policies that can be bundled for a complete protection package, or umbrella policy. The coverages can include commercial auto, professional liability, life insurance, general liability, workers’ compensation, and commercial property, just to name a few.
You can be prepared for any type of emergency that may befall the job site. Your electricians are special people, so protect them with a special insurance bundle.