If you run a business that is looking to obtain comprehensive insurance coverage, you are likely aware that you will likely need many different policies to make sure your business is completely covered. You need to make sure you have coverage for your business’s property and liability coverage among other things. However, there is a lesser-known alternative to purchasing a number of different policies. You can actually obtain multiple types of coverage in one policy called a commercial package policy or CCP insurance.
What Is a Commercial Package Policy?
CPP Insurance is a type of insurance that combines multiple types of coverage into one policy. For example, you could get a CPP that combines liability and property insurance. The largest benefit of CPP insurance is that you will not pay as many premiums as you would if you purchased a separate policy for each type of insurance coverage.
What Types of Business Could Benefit From a Commercial Package Policy?
Any business can obtain a CCP, however, the businesses that most often use them tend to be small or mid-sized. This is because smaller businesses typically have fewer liability needs due to a lack of large facilities. For example, a car wash business generally needs less coverage than a real estate developer.
Buying multiple types of insurance coverage separately can be time-consuming and expensive. Combining your policies into one CCP may be your best bet.
Purchasing excess liability, also known as a personal umbrella policy, is a smart choice for many people. Since liability exposures can happen to anyone, and property owners are particularly attractive marks for lawsuits, umbrella policies are indispensable. While you already have policies that cover your home and auto liability exposures, an umbrella policy is beneficial in these three ways.
Most personal home and auto policies top out somewhere around $500,000 for liability limits. However, personal umbrella liability coverages can be in the millions, so purchasing a policy increases your limits well above the underlying policies.
Homeowners and auto insurance policies each carry their own liability limits, typically excluding each other’s purview of coverage. Umbrella policies cover both types of exposures, essentially adding protections to both policies in one insurance policy.
Umbrella policies cover exposures like libel and slander. Although they could fall under the intentional acts exclusion elsewhere, excess liability policies will often cover the cost to defend such claims. Just about anyone can end up in court for defamation lawsuits, so this is an essential coverage for just about anyone.
Liability exposure can arise out of many types of situations. For that reason, personal umbrella liability coverages are a beneficial protection strategy for most consumers.
As parking spaces become more scarce and more expensive, valet parking is becoming more and more popular. Why should a customer spend half their night searching for a safe and secure parking spot only to pay ridiculously high prices. In comparison, valet parking is immensely convenient; customers simply pull up to the front of the establishment, hand their car over to the valet, and go about their night. However, providing valet parking does come with a certain amount of risk.
What Are The Risks of Valet Parking?
When you provide a valet service, there is always the chance that something could go wrong. While you may train your drivers to the best of your ability, accidents do happen. Cars are easily dinged or scratched, especially in small parking spots or tight lots. Additionally, other drivers can make mistakes and cause an accident or collision while the valet is driving. While rare, the worst scenario that could occur is that a valet causes bodily harm to a pedestrian. All of these risks make valet insurance extremely necessary.
What Types of Coverage Do Valets Need?
If you want to protect your business, it is vital that you have the proper coverage. For a valet to be completely protected, they need two types of valet liability insurance. These are general liability insurance and garage keeper’s liability insurance.
Providing valet service can be a game-changer. However, things do happen and it is important that you have adequate insurance coverage.
Tax season has long been one of the more frustrating times of the year for business owners. Whether you are someone who has been running a company for a long while or you are just beginning as a startup, you may feel a sense of dread when you think about putting together all of your tax information for the year. This is largely due to the fact that making a mistake on your taxes can lead to some serious consequences for your business on legal and financial fronts.
Work With the Pros
One of the best ways to make sure your business is hitting all of the right marks is by working with professionals for tax prep in Richmond, Virginia. Though there is an expense involved with using services like this, the decision also provides you with an opportunity to save. Experts in the field of tax prep can offer insight in ways that you would not have been able to discover on your own. All you need to do is research your options and find an agency that will be able to deliver exceptional preparation services. Points to consider include:
- History of success with companies in your industry
- Local and federal tax specialization
- Organization of your own records
Find the Right Fit
By taking time to consider how the professionals can assist you with your annual taxes, you can get a lot more out of your experience. Instead of dreading this time of year, look forward to it and find experts who can guide you along the way.
Insurance for recreational vehicles that are constantly in use can be a little expensive when you compare it to a basic auto policy, but RVs are an investment, and the right coverage is going to be priced in proportion to the value of that investment. At the same time, most RVs don’t see the same mileage as a vehicle, so if you’re not on the road more than a couple of times a year, your level of use and exposure to risk are going to greatly influence that cost. There simply isn’t the same risk to an RV in a seasonal location or in storage that you see when you travel consistently, so you need an insurer who has the experience to understand your individual needs when it comes to RV insurance policies if you’re going to get your best quote.
Safety Features, Bundles & Other Savings
Like your car, your RV can get less expensive to insure if it has the right safety features. You can also save money by working with an insurer who can bundle the coverage with your auto and home policies, creating an umbrella of coverage for all your personal assets. This can streamline your coverage costs even more, in addition to the savings that come from a quote based on your individual RV usage patterns. Remember, customized insurance is only as good as your insurance agent’s information, so if you’re paying for coverage that assumes the RV is in storage for most of the year and that changes then you need to change your insurance too.
When planning a day out on the water with your boat, the last thing you expect is an accident. Unfortunately, things do happen and accidents can lead to extensive damage to someone else’s property that you will have to pay for out of pocket. Worse, you could hurt someone and have to cover their medical bills. Luckily, watercraft liability insurance can pick up the costs for you.
What is Covered by Watercraft Liability Insurance?
Watercraft liability insurance can provide a wide net of coverage that protects you from a variety of things. It can be broken down into two types of coverage.
Watercraft Bodily Injury Liability Coverage
This type of liability insurance applies in situations where you injure someone else with your watercraft. If you get in an accident and severely injure someone else, you are responsible for their medical bills and they can be extremely costly.
Watercraft Property Damage Liability Coverage
Property damage liability coverage can pick up the costs in situations where you cause damage to someone else’s property. It applies to damage caused by collisions/accidents and also to cleanup costs if you leave wreckage or spilled fuel.
Taking a boat out on the water can be a blast but it is not a risk-free activity. Having the right liability coverage can save you a lot of trouble!
Hospitality businesses can be very profitable, but if you own one of these businesses, you know that it has its own unique risks and challenges. Seeking out good hospitality insurance services as soon as possible will ensure that your business is able to continue to grow and focus on opportunities with less worry about risks.
Tailored to You
The hospitality business is not one-size-fits-all, and neither is your insurance. Your hospitality coverage can be tailored to your specific needs. You’ll work with a team of experts to decide what type of coverage is best for your business.
Coverage Under Hospitality Insurance
Hospitality insurance services cover many areas, such as:
Whether you need one or many types of coverage, you can be sure to find a program that works for you.
Insurance Team Expertise
When looking for coverage, be sure to find a team that is experienced in all areas related to your business. This includes things like underwriting and claims experience, but also experience in the management of restaurants and bars.
Great hospitality insurance services can do amazing things for you and your company. Finding the right services and the right coverage is a huge boon to the growth of your hospitality business.
Business owners understand the importance of providing an attractive benefits package to their employees. What they may not realize, however, is that without proper liability coverage, employers open themselves up to potential lawsuits when an employee feels that a portion of the benefits package was improperly managed or presented.
Employee Benefits Liability Coverage
EBL coverage protects employers against benefits claims made by employees. Lawsuits can result from such things as:
- Mistakes made while implementing or explaining medical, dental and life insurance policies
- Improper management of disability benefits, workers compensation packages or unemployment benefits
- Unfulfilled promises regarding pensions or profit sharing
- Misunderstandings pertaining to vacation time and tuition reimbursement
If a claim is filed, EBL insurance covers the legal fees and any settlement costs. Most policies only cover claims that are filed during the period described in the policy. Once the policy expires, coverage ends as well. To help business owners through a gap in insurance, an ERP extension can be purchased. Extensions can last up to five years, depending on the policy.
Since no two businesses have the same needs, it is critical to discuss your potential risks and concerns with your insurance agent to ensure you get the best insurance package to protect your company.
Reduce your employee benefit liability risks with a comprehensive EBL package.
There are times when a standard insurance policy does not offer enough to cover you in the ways you need it to. If you’re looking for a higher policy limit than what is being offered to you with your personal or commercial insurance plan, then it can be helpful to take a closer look at your options. Knowing the differences between options like umbrella liability insurance and excess liability insurance can be critical to your understanding of which policy fits your needs the best.
Similarities and Differences
Understanding the key differences between excess liability vs umbrella policies begins with understanding that there are major similarities between the two. Basically, the terms are used interchangeably in a way that suggests they are identical. This is not the case, however. Umbrella policies are typically perfect in scenarios when there are a few liability policies already in play that require increased limits. Excess liability, n the other hand, will increase the limits of a single policy. While both can be useful in the right circumstances, speaking with an agent can clarify what option is best. Points to consider include:
Selecting the Right Fit
By working out the main differences in the insurance options presented to you, you will have an easier time picking a plan that covers all of your bases. Look over how umbrella policies and excess liability plans work and see which fits your specific needs.
Employment liability coverage protects your business from financial loss if a staff member files a lawsuit claiming a violation of employee rights.
What Types of Claims Does This Liability Insurance Cover?
These policies cover your company’s managers, directors, officers and employees and mitigate costs arising from the following kinds of claims:
- Sexual harassment
- Wrongful termination
- Failure to promote
- Invasion of privacy
- Deprivation of job opportunity
Does Your Business Need This Kind of Policy?
Legal claims regarding employment practices occur often. Attorney fees, court costs, and settlements can be rather expensive. You can lose money and tarnish your reputation if you are not adequately insured.
Businesses of all sizes should obtain employment liability coverage. The financial risks are even more significant for smaller companies as they lack the time and resources to resolve disputes promptly.
What Expenses Does Liability Insurance Pay?
Lawsuits involving these sorts of professional conflicts can be quite expensive. A liability policy of this kind prevents you from having to pay the entirety of the legal defense costs, attorney fees and settlement or judgment amounts out of pocket. There is typically a deductible that you pay before the insurer begins to cover expenses.
Employment-related claims happen in organizations of all sizes. They can be costly and damaging to your company’s credibility and staff morale. Protect your business against employee rights lawsuits with employment liability coverage.