Tuesday, July 29, 2014

Common Forms Of Construction Insurance For Contractors To Protect Your Company

Contract construction work will require that a licensed contractor have adequate and proper construction insurance for contractors. Having the right policies will offer protection to the owner, the employee, and the project owner. By choosing the correct coverage, a construction owner can rest easier and the project owner will know the company he or she is working with is professional and well prepared.
The basic insurance that all contractors need is general liability to cover any claims that have to do with damage to property and bodily injury while on the job. This coverage does not cover damage to the owner's property or equipment. However, it can be made specific to cover issues like work done underground or for fire and explosions that could result from employee mistake.
When your company also provides engineering or design services, or any type of information that relies on your employee's calculations, you will want an Errors and Omissions policy. Making a mistake at the very beginning of a project that is not found could jeopardize the entire project.
Protecting company equipment while in transit and while on site will require risk insurance. This will also cover building materials while at the site. This coverage will protect from damage due to weather like tornadoes, hurricanes, and fire. It will also cover theft. Policy terms last from start to finish of each project.
Coverage for company vehicles can be added to the general liability policy. This will cover the owner, the person contracted to, and anyone directly affected by the work being done. It covers property damage done to others due to actions of you or an employee. Bodily injury will be covered for injury to another in the course of work.
Protection after a project is completed is simple called completed operations. This will insure completed work that was done incorrectly and caused damage. Water damage due to improperly fitted pipes or a fire due to a mistake in electrical wiring would be protected.
Employees are protected from lost wages and medical costs in the event of an on the job injury. The employee's family is due a death benefit if the situation is catastrophic. This and any disease contracted due to exposure on the job are all in Part A of Worker's compensation. Part B protects the owner when the employee waives the coverage in order to sue the employer if he or she sees fit.
The coding of work comp insurance is exacting and time consuming. Some companies track each partial hour of an employees work to assign the correct code. The code produces a cost per hour that an employer must pay. A secretary will have less exposure and less risk, therefore a much lower hourly code rate than a window washer for skyscrapers will. Having experienced and knowledgeable people tracking codes can be a great cost savings to the company.
The best place to start when looking for an agent is by personal reference and by searching the internet. By typing in construction insurance agency and your zip code, you will get local agency contact information. Call a few agencies and get quotes so you can compare. If pricing is fairly even across your choices, base the decision on your interaction with the agency and its employees. They will be your guide in helping you choose the right coverage for your business.

Article Source: http://EzineArticles.com/6404920

Thursday, July 24, 2014

Jeanne Salvatore, 5 Point Checklist

Jeanne Salvatore of the Insurance Information Institute (http://www.iii.org) discussing the 5 point checklist on disaster preparedness.

Monday, July 21, 2014

Water Damage

Water is responsible for millions of dollars in damage to homes every year. Candysse Miller of the Insurance Information Network of California says if homeowners took just 10 minutes a years to inspect their homes for water damage and corrosion, they could save themselves time, aggravation and money. The Insurance Information Institute says look for old and worn out water hoses on your washing machine and dishwasher, Check your water pressure, be sure to ventilate your bathrooms. Plumber, Eric Brockmire, says know where the main water-shut off valve is located in your home. Nanette McElman of the Institute for Business and Home Safety homeowners should inspect their homes for leaks.

Friday, July 18, 2014

Renters Insurance: Are You Prepared?

Renting a property usually means that you don't have to worry about a great number of issues that may arise. For instance, in many cases you could rent a place and if plumbing inside the property breaks down, you can easily call your management company and they would be responsible for fixing the issues that you might have. Whether it's a plumbing leak, or just a nuisance that you need help with, you'll get assistance with relative ease. Even though you have a helping hand here, you may not always get assistance. For example, if that same plumbing leak damages your property in any way, the company that you rent from is not necessarily responsible. That's where understanding renters insurance can come in handy.
Much like the policy that you would get on your vehicle or health, this option can help protect you against the cost of replacing a number of things that you can have stolen, broken, or damaged. For a small fee you will gain peace of mind in case anything happens. Whether it's a natural disaster like one of the many fires, or someone robs you, you'll be able to file a claim and get either a lump sum or your items replaced at a fair market price. Before you can file an accurate claim you're going to need quite a few details. Most renters will keep a list.
Some people find the task of making and organizing a property list difficult to manage. The reason this can turn into an irksome and painstaking thing is because you'll most likely have to get an itemized list going of all the things that you have in your home that you want protected. This is especially true if you have collectibles or things that aren't easily replaced with a lump sum. In that regard, you will need to have pictures, evidence of ownership, and more. This can turn into an arduous task, but it will be beneficial in the long run.
When you are shopping around for a policy, make sure that you understand the finer points of what is being agreed upon. Renters insurance can be as simple as an umbrella policy that covers a number of things, or a small basic option that will give you a little bit of assistance if anything goes awry. The price varies depending on what type of coverage you are looking for. You'll find that the overall cost is favorable as it most definitely gives you peace of mind that is hard to come by otherwise.
Weather you live in an apartment, condo, or home, you're not going to want to miss out on the opportunity to protect yourself when things go sour. Most landlords require renters insurance. But even if they don't, renters insurance coverage is one of the best options you have to protect your property, your family, and yourself from serious perils including liability. Buying your policy before disaster strikes can really be one of the best decisions you've ever made. Get in touch with a licensed insurance agent today and have them walk you through the options.

Article Source: http://EzineArticles.com/7935572

Tuesday, July 15, 2014

Loretta Worters, Ride-Sharing and Insurance, NJTV News with Mike Schneider

Loretta Worters of the Insurance Information Institute (http://www.iii.org) on NJTV News with Mike Schneider discussing ride-sharing and insurance.

Saturday, July 12, 2014

Getting The Most From Contractor Insurance Quotes

In respects to contractors shopping for contractors insurance there are two type of contractors, what I like to call knowledgeable and learning contractors. The knowledgeable contractors tend to have some years of experience in searching out their contractors insurance policies while the learning contractors tend to be within their first couple years of business. The knowledgeable contractors get right to the point giving their agents precise information and looking for exact figures of coverage which ultimately makes them easier to work with while the learning contractor can be difficult to be able to cover properly. Insurance is a language that some find hard to understand so the learning contractors don't seem to articulate their needs very well to their insurance brokers which leaves room for errors. As insurance brokers, part of our job is making sure to protect our contractors to the best of our ability and to help educate them as to what insurance might best be suited for their particular needs. For this to happen, both the contractor and the Insurance Agent need to be on the same page. Here I will go into some of the key points that I feel will help contractors find the best insurance quotes available from their Agent or broker.
First you will need to get an idea of what you are looking to insure. All contractors insurance policies are not the same. A painting contractor in Oregon might not require the same type of insurance policy as a General contractor would in California. Stop and ask yourself what it is exactly that you do. Think about what could go wrong in your operations. Find out if your state has construction defect laws that directly affect your type of work. Contact your state or local licensing agency to find out about any warranty that they require of your products after installation. If you find any, you would want to have an insurance policy that offers that coverage without excessive limitations.
Know your limits of insurance. This is different for everyone but a good place to start is to look around you and mentally add up everything you are worth. Then, take that as the starting figure and don't insure yourself for anything less. It wouldn't make sense to be worth a million dollars and be insured for only fifty thousand. I hear all the time that my clients only want their contractors liability insurance to be $10,000 since their project cost is only $10,000 but they fail to understand that the project cost doesn't dictate the cost of a claim and a $100 job could cause $500,000 in damages.
Don't be shy about telling your insurance agent everything. Remember, we as insurance agents work for you. We are here to make sure that you get insured for what you are doing. If you don't communicate to us what you need, then we won't know to provide it for you.
Make sure your broker is working with your best interest in mind. Insurance agents are like anyone else and can get lazy. Make sure you get the most competitive insurance quotes possible. Ask to get comparison quotes so that you know they are really shopping around for you and not just handing you the first quote they get back. Ask your agent what kind of experience in contractors insurance they have. Unless they specialize in contractors insurance, it might be a good idea to look for someone who does so that you know that your particular needs are understood. Ask if the quote comes with any added features such as free additional insured certificates, free waivers of subrogation etc. I have heard clients tell stories about their prior insurance agents charging them for regular certificates of insurance and because it was not placed on the proposal the insured signed, they could do nothing about it. Lastly, ask for different payment options. Along with the old pay in full option, most carriers allow for payments to be made throughout the year which lessens the financial burden for contractors insurance policies.
Being a knowledgeable contractor looking for insurance will ultimately save you money and possible coverage headaches in the future. Just by taking a little time to do some research on your local construction requirements can head off many costly problems down the road and helps build the confidence to ask your insurance agent for exactly what you need. Understanding contractors insurance is like learning a new language and may seem a bit intimidating but don't fret, your insurance agent or broker is there to help you along the way. Don't be afraid to call and ask whatever questions you may have, after all, that's part of what you're paying for.

Article Source: http://EzineArticles.com/6212937

Wednesday, July 9, 2014

The Purpose Of Auto Insurance

Auto insurance refers to insurance for vehicles such as two wheelers, cars, trucks and other vehicles on the road. The primary purpose of auto insurance is to offer compensation to the vehicle owners in case of any physical damage to the car and bodily injury that results from car accident. It also covers expenses arising from any liability thereon. In many countries it is compulsory have insurance when you buy the vehicle. Most of the insurances relate to the driver as well as the car, however the degree varies from one country to another.
Some countries also have additional insurances such as pay as you drive which is suitable for uninsured motorists who are using other owner's vehicles. In many countries this insurance covers the loss or damage to the vehicle as well as purchasing new parts for replacement. The insurance provides accident cover for the vehicle owner and also third party liability.
Today every country has many public and private companies offering auto insurance. The whole process for applying of this insurance has become online. You can go through the insurance terms on the website, choose the plan, fill in the application form and then submit the application with the required documents such as vehicle registration number, type of vehicle, proof of address, etc.
Once you submit the application, a representative of the company will get in touch with you to take the procedure forward. In countries such as India, the vehicle dealers have tie ups with auto insurance companies. Hence when you buy a new vehicle, you will automatically get insurance for one year from the car dealer. The premium of the insurance is included in the vehicle price. The premium on the insurance is decided by a number of factors, however the premium amount increases proportionately to the price of the vehicle.
The documents to be submitted for vehicle insurance include registration copy of the vehicle, driving license, policy copy and FIR copy. The various types of auto insurance normally offered include private car insurance, two wheeler insurance and commercial vehicle insurance. This insurance does not normally include electrical or mechanical breakdown, depreciation, consequential loss. It also does not apply in case vehicle meets with an accident outside the geographical area which the insurance company covers. The other exceptions when you may not get auto insurance is damage to the vehicles during wars, perils related to the climate and accidents due to drunken driving.

Article Source: http://EzineArticles.com/6193594

Sunday, July 6, 2014

Home Fire Sprinklers: A Demonstration

A home fire sprinkler demonstration took place at the University of Texas-Arlington campus on May 21, 2014. Watch how quickly the sprinkler system douses the flames that erupt in the mock bedroom.

For more information on home fire sprinklers, visit http://www.firesprinklerinitiative.org.

Thursday, July 3, 2014

Grill Safety

For some reason, the first bar-b-cue of the season is always the best. Maybe it's the change in the weather, the family, or the food. But it's also when most fires and explosions occur. Anne Brown of the Consumer Product Safety Commission says if you have a grill that hasn't been used all winter, be sure to carefully inspect it and clean it, and make sure the gas container is properly attached to the grill. The Insurance Information Institute says to look for leaks, cracks and brittleness in the hoses leading to the burners. Make sure the grill is at least ten feet from the house, garage or trees. Never leave the grill unattended around children, says Captain James Resnick of the Montgomery County Fire Department, because there are so many potential hazards. And always keep a fire extinguisher handy. In an emergency, it can stop a fire before it spreads.