Why Do Small Business Owners Need Liability Insurance?
Why Do Small Business Owners Need Liability Insurance?
As a small business owner, the success of your business can truly depend on the explicit actions you implement on a daily basis. One such decision that is definitely worth top consideration, is having the proper business insurance.With the different types of insurance available for various business needs, one area that a small business can benefit from is having Liability Insurance. Read on to learn more about how Liability Insurance can be advantageous for your business.
The Benefits of Liability Insurance
While you may already have some insurance in place, such as commercial property insurance, commercial auto insurance or home-based business insurance, these types of policies , however will not necessarily help to protect your business from any legal concerns you may be faced with.
Since there are various types of liability scenarios you may encounter, there are in turn, specific types of liability insurance packages to help support your ongoing business needs.
Commercial General Liability (CGL) Coverage
This first type of insurance is a key liability insurance staple for any small business owner to carry. Commercial General Liability insurance protects small businesses from incidents where customers, suppliers or other individuals experience bodily injuries as a result of engaging with your business.
Additionally, CGL can also help in instances where an employee is found responsible for inflicting damage on property belonging to a third party. Ultimately, having this type of insurance in place is highly recommended for a wide range of small business owners.
Product Liability Coverage
As the name states, Product Liability Insurance can help small businesses deal with the high costs associated with any property damage or bodily harm that can occur as a result of the products that their business is manufacturing and/or selling.
If this type of service reflects your daily business operations, then this is a strong indication that you will benefit from having this type of insurance coverage.
Professional Liability Coverage
This final type of liability insurance coverage exists to protect businesses from lawsuits that could be filed against them, in the event a client encounters a financial loss as a result of any actions that are deemed wrongful on the part of the business owner.
Lawsuit claims can range from clients experiencing a deficit in income due to contractual project deadlines are not fulfilled or when a business does not meet the previously agreed upon project or service expectations and financial losses occur. When small business owners find themselves in this type of situation, this means that they could suffer huge financial losses of their own.
If you are running a business that offers services or products for a fee, then Professional Liability coverage will definitely be worth an extra consideration and help protect you from these types of outcomes.
In the end, choosing the best liability insurance coverage really does depend on the nature of your small business and the services and products you are providing.
That said, if you are currently undecided about which type of liability insurance you need, Commercial General Liability insurance can serve a wide range of small business needs, and is a great place to start.
As a small business owner, you can then discuss your needs with an insurance agent and they can help you to identify which coverage will align the most accurately with your specific business interests.
Contact Leaders Insurance for more information on small business liability insurance coverage and let us help to ensure you are fully protected in all essential areas of your business.
Do I Need Separate Insurance for My RV/Trailer?
Do I Need Separate Insurance for My RV/Trailer?
Do you have an RV or travel trailer that you are looking forward to using this year? If so, one piece of important information to be aware of before you head out on the open road, is whether or not you should purchase separate insurance.The answer is that, yes, it is recommended that you do obtain insurance for your travel trailer or RV needs. Since this can be a large financial investment, having the right coverage can help you to feel protected in a number of key ways.
Of course, there are also various manners you may be travelling, including motor homes or RVs, and travel trailers, so opting for the best insurance features for your specific needs is also very important.
Motor Homes & RVs versus Travel Trailer Insurance Coverage Motor Homes & RV Coverage
Similarly, to purchasing car insurance, you can purchase insurance for your motor home or RV. How this differs however, is that the type of coverage you will get for these types of travel vehicles, will also include areas such as contents and standard equipment that both fall outside the scope of your other vehicle insurance coverage.
While, ‘contents’ coverage involves items such as linens, kitchen items such utensils, dishes, etc, under the ‘standard equipment’ category, you are looking at insuring the items that are attached to your motor vehicle, including appliances.
Travel Trailer (& Fifth Wheel) Coverage
The Insurance Corporation of BC (ICBC) offers coverage known as ‘Vehicle Travel Protection’ and it includes packages that meet your auto towing needs. This includes, campers, trailers, etc, ultimately the vehicles that will be towed, so if this reflects your needs, it is worth looking into.
As you can see, these policies offer a wide range of coverage for your vehicle travel needs. That said, it is best to enquire about the specifics of these packages and to learn more about what is coverage, as well as about any existing exclusions.
Home Insurance Coverage
It is important to also note, that your home insurance coverage may relate to some of the areas, while you are traveling in a mobile home or fifth wheel vehicle. However, there will be some limitations. Again, is it a good idea to go over the details with an insurance agent, and find out what specific additional coverage you may need to purchase, in order to protect all of your travel contents, equipment, and the vehicle, itself.
Additional Travel Vehicle Coverage Considerations Vehicle Storage Coverage
If you are storing your vehicle, there is specific coverage for this instance. If this is a living space, then special coverage exists for this also and will be worth considering as an addition to your policy.
Accidental Loss & Collision Insurance
Of course, you may also want to consider taking out additional coverage for accidental loss or destruction of your mobile home or trailer. For example, a range of events that can cause damage to your vehicle, such as storms, fire and smoke, vandalism or theft, encounters with animals, and collisions with other vehicles.
Replacement packages also exist and can be purchased to help with the cost of a comparable replacement of the entire vehicle.
If you are using your motor home on a full time bases, there is another comprehensive package to consider. This type of coverage is designed to provide personal liability, protect personal contents, as well as additional living expenses that may be necessary for all year round mobile or trailer occupancy.
With all of the insurance options available, insurance agents well-versed in this field, can help ensure you have the best possible package for your intended motor home, RV, or travel trailer needs.
In the end, it is always best to opt for insurance, in order to protect your financial investment. Contact Leaders Insurance to discuss your RV and Travel Trailer insurance coverage needs.
Then, let all of your road travel and lifestyle adventures begin.
2021 Condo insurance Update
2021 Condo insurance Update
Here is an update on the status of the Condo Insurance and BC Strata Market for 2021.
New information on the progress being made in this area has recently been released. This information is sure to have many BC condo owners asking the fundamentally important question of whether these premiums will continue to increase – or if BC will finally see a welcomed decrease in these rates anytime soon!
At first glance, the situation appears to remain much the same as insurance prices continue to be high in the province. As previously reported, the BC government’s Financial Services Authority (BCFSA) has been preparing to enact new strata corporation rules that are designed to lower these rates. On that note, it appears the exact timeframe for these additional regulations is still unclear.
With household claims being said to remain a huge factor in these increases, especially as many of the complexes continue to age, it is even the units where claims have not been made, that are also negatively impacted by these continually high rates.
To put the nature of these sharp increases into perspective, in areas such as Surrey, one townhouse complex reportedly saw premium increases of 180 percent in 2020. Moreover, it has been estimated that at the same location, rates are set to rise again this year by a total of 70 percent. While on one hand, the increase this year appears to be less, it is still an increase none-the-less that has many BC home owners extremely concerned.
Experts report that even if rates start to come down slightly, there are millions of BC residents who live in strata complexes, who need to see a sharp downwards turn in this market for them to experience some significant financial relief.
Ultimately, this remains a multi-faceted issue, with the BC government continuing to work to implement more changes. That said, it has been revealed that more regulations are coming in the future to help stabilize this market.
The group at the head of this change policy, the BCFSA believes that this market can be tamed, however it has become clear that this system will likely take time to correct.
The competitiveness of home insurance availability also points to driving up these fees. With limited insurance options at this point in time for condo corporations, some experts are stating that a return to private insurance companies may be the best course of action as another counteractive solution to the climbing rates in BC.
As BC residents await these previously announced regulations, it is clear that there remains an overall consensus that in order to ensure that a return to a healthier condo insurance market can occur as soon as possible, these government changes cannot come soon enough.
While navigating the current housing market, turning to an insurance agent remains an effective method of ensuring you have access to the best insurance options. Contact Leaders Insurance for more information on how we can provide you with the home insurance you need.
The Role Insurance Agents Play for your Car Insurance
The Role Insurance Agents Play for Your Car Insurance
If you have car insurance on your mind, it is also likely that there are many questions running through your head. That said, one very important part of this process is to seek out the help of a quality vehicle insurance agent.Here are some key pieces of information about how to identify the role an insurance agent can play in making this a successful experience for you, as well as what to look for when choosing the most suitable broker for your car insurance needs.
The Benefits of Working with an Insurance Agent Helping to Understand Your Insurance Policy
Turning to an insurance agent is a great place to start as they are the experts in their field. The reality is that it can be a bit overwhelming to make decisions that directly affect you financially, especially since insurance typically covers a lot of different facets. However, with the support of insurance agents, you can be more well-informed about your insurance options, and ultimately, more confident in your financial decisions.
Identifying the Proper Coverage
Insurance agents can also help direct you to the most suitable insurance packages for your needs. Depending on your vehicle, your safety, and your financial parameters, an agent can help to ensure you have the proper coverage. As a result, this can provide you with the peace of mind you need to operate your vehicle, while knowing that you are being fully protected.
Having Access to More Options
Another way that working with an insurance agent can be beneficial is to help you to be aware of all of your insurance options – including having them help you find the best insurance rates. Additionally, since insurance brokers do not work for the insurer, they will work on your behalf to help ensure you have the most suitable and affordable vehicle insurance coverage.
Choosing the Right Insurance Agent
Now that you know more about the advantages of having an insurance agent at your side during this process, the next step is find out how to identify the best insurance broker for your needs. Here are some key pieces of information to help guide you during this decision-making process.
Do they represent a variety of insurance areas?
With car insurance being your current requirement, it is, of course important to look for an insurance agent that offers a variety of car insurance options. This is because you will want to ensure you have multiple options to choose from to help ensure you have access to a variety of rates as well as types of coverage.
Do they work with a variety of insurance companies?
Similarly, to the previous question, you will also want to find out if the brokers you are thinking of working with, have connections with multiple insurance companies. Again, this allows you to seek out a larger variety of insurance packages and rates, instead of being forced to go with higher rates and unsatisfactory coverage as your only option.
Do they work as a part of a team?
While in some cases it can be nice to build a relationship with one agent, it may also serve you better in the long run if they work as a part of a team. That way, if your agent is unavailable, they can leave you in good hands as you continue to access the insurance services as required.
While there are definitely some other questions you will want to ask, this is a good place to start. By taking the time to do your ‘homework’, you have the opportunity to gain a greater understanding of how insurance agents can help, as well as a more clear path forward in identifying which insurance agent will be the best fit.
Prior to making your final decision, you can also look into the reputations of the insurance agents. With this information on your side, you can feel more confident in choosing who you feel is the right insurance agent for your individual needs.
When all is said and done, it is important to trust the insurance agents you are working with. Contact Leaders Insurance to find out more about the role we can play in helping you to navigate your search for most comprehensive and affordable vehicle insurance package.