costs associated with an injury caused by a worksite hazard, plus an additional $100,000 in legal fees, and the current insur- ance policy only covers up to $300,000, then the business is responsible for paying the difference of $50,000. According to Shepherd, the liability coverage usually required for contractors starts at $1 million. “As for the business property coverage, that is based on each individual and how much cover- age they need for tools, inventory, and if they have an office that would need coverage for furniture.” If a business already has general liability insurance, they can
add excess insurance or umbrella insurance, which increase cov- erage limits and helps in situations where the existing insurance is not enough to cover all costs of a claim filed against a business.
Filing a Claim If an incident occurs that may lead to a claim, an owner should immediately notify their insurance company or agent and be prepared to explain in detail the circumstances, including the time and date of the incident, the names of any witnesses, and any other significant information. An owner also will be advised to correct potential safety risks
to prevent further damage while keeping an accurate record of repair expenses. Also, one should keep items separate that may require cleaning or repair, checking with a claims representative before disposing of anything.
If it seems necessary, an owner can consult with an expe- rienced contractor for repair estimates, keeping in mind that major damage may require a specialized contractor or engi- neer inspections. “A policy covers the business owner on site for jobs as well as their office and/or shop. If they’re responsible for a loss, the insurance policy protects them for damage that they owe, loss of business property, or will defend them in court if they’re negli- gent in a claim,” Shepherd explained. When the time comes to file an insurance claim, it’s crucial to
have all information ready when calling the insurance company. When speaking to a claims adjuster, provide as much detailed information regarding the claim as possible, including any receipts, if applicable. “Usually, claims that are filed through the insurance com-
pany take 10 to 15 minutes to report, and a standard claim can be resolved in approximately seven to 10 business days, on the average,” Shepherd added. No matter what business you are in, it never hurts to be
protected and ready to defend your investments. The level of insurance you decide on will likely come down to your budget. To be safe, it might help to do some research and ask other business owners what coverage they have purchased. As with anything, communication is paramount.
Secretaudio SST Control Hidden Audio From The Palm Of Your Hand
Secretaudio SST Control Hidden Audio From The Palm Of Your Hand
custom-autosound.com 1-800-88-TUNES
Visit Our Website Visit Our Website
1-800-88-TUNES
me-mag.com 53
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68