Tag Archive for Liability Insurance

Benefits of Public Liability Insurance for Restaurants

Restaurant liability insurance is a very important aspect in maintenance of a successful restaurant business. It is a special type of business insurance, providing coverage for only hotel businesses. A restaurant owner operating a restaurant should always be aware of the likelihood of the occurrence of the problems. In any business, there are always risks associated, therefore it is very important to have a public liability insurance which gives protection from liabilities sued by the customers. This type of business insurance also covers the legal fees and the compensation that the business has to pay for the law-suits.

The proper restaurant liability insurance has all the features catering to all kinds of businesses like coffee shops, fast food joint, or family restaurants, which needs a different package for each type.

The restaurant’s owner should also take the product liability insurance because if the customer is supplied with spoiled food, there may be a risk to health of the customer and he can make a claim against the owner for the medical expenses. It is also important to have employers liability because employees are also considered as the liability for the business and ensuring their interest is also a liability of the company.

For big restaurants it is important to have the restaurant liability cover along with other policies like liquor liability cover and property insurance. For smaller restaurant businesses like coffee shops sole restaurant liability policy is sufficient.

There are many instances of closing the business due to the lack of proper insurance, as they are unable to pay for the lawyers and damage costs. So, a restaurant owner who wants to be successful in his business has to buy a comprehensive liability insurance cover.

Read more

Using General Liability Insurance for Small Businesses

If you run the small business, you need to take care of all the aspects of the business. And also you need to focus on the success of the business. When you are on the business, it has a possibility that something might go wrong, clients may take legal action against your business or you. In this case it can be very costly. But there is a way to protect your business and you from such legal suits, that is general liability-insurance policy.

You and your business can be covered by general business liability-insurance in the case of any legal suits, made by third party. General liability-insurance is also referred as the commercial general liability-insurance. General liability-insurance is an insurance which covers specific type of insurance for small business. It protects the company from legal liability-insurance of physical injury claims, advertising claims, property damage claims. General insurance covers your legal liability in incidents of the bodily injury, personal injury and product liability or loss. This insurance covers both public and product liability-insurances. Business owners purchase this insurance individually or as the part of the business.

As the business owner, you should keep in mind that this policy does not cover your business from all types of liability. This policy does not cover employees’ liability. It is better to combine this policy with other liability insurances. But it depends on type of business you run. Insurance broker can recommend a specific package for your business. It is important to read the policy carefully to make sure, that you are aware of what has covered and what has not covered for your business.

However, general liability-insurance is important for success of any small business, regardless of the type of business, that you run.

Read more

Instructions to Make a Claim on Public Liability Insurance

It is important for any business to be aware of the risks which are associated with their activities. It is the responsibility of the business owners to mitigate the risks as early as possible. There are some instructions to claim public liability insurance, such as:

First, you must take all reasonable and necessary actions and every precaution to avoid the injury or loss which occur in future before you take any type of insurance.

Second is you have to notify the police, if there is any loss, theft or damage or any other thing. You may be asked for a crime report number for any of the above perils occurs, when you make a claim. Generally it is one of the steps that many people forget.

When you want to inform about peril, then you should have the information about what happened exactly, documents and record of the nature of the incident, like statements and witnesses. Employees from insurance company assess whether your claim is sound or not. They send you a claim form along with guidance of what you need to fill in such form, if they accept, that means your claim is valid.

You must fill the claim form and return it along with any other information, if they ask for.

The insurance company will deal with the claim on your behalf and will sort out to replace or repairing any damaged things, once you return form to insurer. If everything is finalized, then they will send a letter to you to confirm the finalization.

These are the instructions to make claim on the public-liability insurance, if any incident occurs.

Read more

Facts About Public-Liability Insurance

Public-liability insurance is designed to provide the fiscal cover to protect a policyholder from claims which are made by third party in case of injury or death. It also covers the damages which are caused to properties of third parties, because of the business of insured company.

Legal fees or different disbursements are also handled by this insurance policy. These legal fees may be incurred while defending claims which are charged by third party or member of the public. But this insurance policy does not deal with damages, which are done intentionally. Before you purchase the public-liability insurance, you should check public-liability insurance quotations, which are offered by the insurer. There are some factors which effects the premium of the public-liability insurance, such as:

  • Type of business.
  • Level of business’ activity. Turnover and other elements of the business can determine the activity level of the business.
  • Type and amount of cover, your business requires.

Facts about public-liability insurance:

  • The payment of claim is not given to a policyholder or insured, but it is given to the person who has suffered damages or injury as a result of the business of the insured.
  • A policyholder can be protected by the insurance company when a claim’s lawsuit is filed against a policyholder.
  • If your business puts customers in possible risk, then public-liability insurance is compulsory to such businesses.

So, the above are the facts about the public-liability insurance. This information may useful to you to handle your business in proper way, by having public-liability insurance.

Read more

Instructions to Cut the Cost of Business Professional Liability Insurance

Business professional insurance is necessary in some professions to get protection from certain losses. These losses may be caused by liabilities which are associated with practice of professionals.

Lawyers, doctors, accountants and insurance and financial representatives require this type of insurance. Nature of the practice determines the cost of this insurance policy. Some instructions are given below to control the premium cost of this insurance policy.

Compare the rates: You should consult different carriers to find out the best rate of the policy, before you are going to purchase a professional liability insurance policy. There are different options according your profession in many insurance companies. You can get the right policy with lower rate by comparing the prices with different companies. You can do this comparison with an insurance agent, broker, or online to get best deal.

Increase your deductible: You can consider to increase the deductible to get the lowest possible premium plan, while you are going to apply for a selected plan. Deductible means the amount of money has to be paid by the insured before the insurance company’s own coverage plan starts. One can increase the deductible to have the lower premiums on insurance policy. If the amount of deductible is lower then one has to pay higher amount of premiums.

Reduce your benefit levels: One should also consider about lower level of benefits apart from raising deductible. Reducing the benefit level reduces the amount of risk to the company and affordable policy will be given by insurance company to you. If your policy’s benefit amount is exceeds the amount of the claim then you will be responsible for the additional amount which is above your policy.

To get the maximum amount of the benefit at lower cost, it is necessary to take the steps to reduce the costs while you are purchasing professional liability insurance.

Read more