5 Reasons Why You Need a Liability Insurance Broker
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Taking out business insurance can seem like a hassle, but it’s an absolute necessity if you want to keep your business afloat.
Liability insurance brokers understand this better than anyone, which is why they provide you with the kind of protection that keeps your business safe and sound while helping you save money in the long run.
If you’re still not convinced of the importance of liability insurance brokers, here are five reasons why they’re absolutely vital to your business’s success.
1) Protect yourself against lawsuits
When running a business, especially if you’re in charge of employees, it’s crucial to have all of your bases covered legally.
Business insurance for management liability provides protection for :
- wrongful termination,
- employee lawsuits,
- employment policy violations,
- and more.
General liability insurance protects you from :
- third-party claims.
- as well as damage to your property or company name.
For example, with public liability insurance, you can be protected from bodily injury or property damage caused by one of your products or services.
By working with an experienced liability insurance broker, you'll get professional advice on how much coverage is enough without paying too much for something that won't do anything to help your business.
Working with a broker will also save you time—after all, he or she knows exactly what information you need to submit an application for any type of policy.
The application process may take some time, but once approved (which should happen within 24 hours), you're good to go! Your liability insurance broker will also inform you about possible discounts.
Every dollar saved counts when it comes to protecting your business!
2) Guarantee compliance with state regulations
Some people choose to work with professional liability insurance brokers who ensure that their business is compliant with state regulations.
For example, as of July 1, 2014, new regulations for disaster recovery are in place.
Businesses are now required to have cold site capabilities and another location outside of an emergency area where operations can continue without interruption.
Working with business insurance brokers who specialize in corporate liability protection will help you stay on top of all state regulations and know exactly what you need to do to protect your company.
This way, you won’t get caught off guard by any unexpected state-mandated insurance requirements.
If you want to avoid getting stuck paying hefty fines or incurring other penalties from regulators due to noncompliance, make sure you check in with a business insurance broker regularly.
Even if there aren't any changes to current regulations affecting your business, working with a professional liability insurance broker will help ensure that your company stays up-to-date on any future changes that may affect compliance.
Plus, since different types of policies vary greatly by provider and price point, having someone familiar with all of them at your disposal is invaluable when shopping around for new coverage options or renewing existing ones.
3) Know what's covered in cases of an accident
Most people know they need general liability insurance, but few know what's covered in cases of an accident.
One company recently paid out $35 million to a family who lost their father after he contracted legionnaires' disease while staying at a hotel.
In cases like these, most business owners are looking at large settlements and legal fees.
But if you have professional liability insurance, your coverage will pay for your expenses as well as protect you from any third-party claims that result from negligence on your part.
To avoid high costs and lawsuits, look into professional liability insurance for computer contractors that cover everything from negligence to data breaches to sexual harassment claims against an employee or contractor on company time.
- Be sure to ask about reporting requirements: some policies only cover damages done within state lines!
- Also, make sure you understand which party is responsible for paying out: some companies might not cover incidents involving customers and employees unless those parties have signed separate contracts with them.
- Finally, make sure you get professional advice before signing up for any insurance policy.
4) Avoid losses due to mistakes and omissions
Hiring a liability insurance broker to manage your liability insurance policies is one of the best ways to protect your business and your bottom line.
A competent broker will be able to tell you what insurance is right for you and when it’s time to change policy types.
For example, they can advise you if it makes sense to move from an umbrella policy over to an excess property policy; or if it's time for additional coverage against workman’s compensation claims.
These decisions are important because even small mistakes can create big problems for your business.
In addition, most owners don’t think about how important coverage against mistakes and omissions could be, it protects you from legal ramifications when you make an honest mistake in doing your job that leads to injury or loss for your customers.
But there’s no reason to worry: hiring a liability insurance broker means having someone on your side who knows exactly what kind of insurance policies you need and when you need them.
If you have any questions about whether your current insurance policies are enough, speak with a professional today.
The peace of mind you get from knowing that your business is protected is well worth it!
5) Save time by avoiding lengthy research
As you might have figured out by now, liability insurance is complicated.
If you are looking to start your own business, spend some time with a business liability insurance broker to get started.
Remember, working with professionals is important when starting any new venture.
A good general liability insurance policy can be obtained quickly and efficiently through brokers who know their stuff and business insurance brokers are professionals who can help minimize risk for your growing business.
Business insurance brokers save you time because they do all of the research on liability policies that may apply to your business or organization.
Business insurance brokers will also make sure that all of your bases are covered as far as employees go.
Don’t waste time researching every detail yourself—let an expert handle it for you! Your business will thank you later!
Business insurance brokers should always be consulted before taking any risks with your business.
Some risks could lead to hefty fines or other consequences if not handled properly from day one.
Save yourself from stress and consult a business insurance broker today!
They will work hard to ensure you are protected from costly mistakes and liabilities down the road.
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