Renters Insurance Quotes
renters insurance quotes
Letters to the editor: Aug. 23, 2010
Here are letters to the editor from Daily News editions of Aug. 12, 2010.
Business Liability Insurance Quotes
business liability insurance quotes
Contractor charges – what to pay the professionals in 2010-11
While most prices have held from last year, many are equally not keeping pace with the relevant input costs. In theory, as fuel has doubled over the last five years, our prices should have followed a similar trend. Needless to say, we are still way off target.
Employers Liability Insurance Shopping Around Pays Dividends
Business insurance: Okay to be added to my suppliers insurance?
I am trying to get general commercial liability for a business I am starting in Ontario, Canada. I just got a quote saying that they require me to be added to my supplier’s insurance. I don’t see why I need to be mentioned on the supplier’s insurance when I am buying the product and reselling, I am not working for the supplier. I am working independently, as a wholesaler, you could say. Will this be a hastle, will the supplier or his insurance have lots of questions for me, or is it standard?
Thanks all!
Right. Your supplier probably gets LOTS of these requests, to add the retailer as additional insured – vendor. MOST if not ALL of the businesses he sells to, will be requiring this.
You are buying the product and reselling. If the product is defective, and there is a product liability lawsuit involved, you want cover under the supplier’s policy, not yours.
Most insurance companies will REFUSE to give you product liability coverage, if your supplier doesn’t have any product liability coverage, or won’t add you to their policy.
As a wholesaler, you WOULD be named in any lawsuit for a product liability case.
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Commercial Liability Insurance Quotes
commercial liability insurance quotes
Combined liability insurance – why are prices increasing?
When we talk about commercial insurance, there are two main types of cover, for liabilities and property. Certain types of business may choose to obtain cover for commercial liability insurance.
There are various reasons for this, for example a business may decide that the assets they own are at such a small level that they do not need to insure them, or they could be covered under a home insurance policy or through a maintenance contract with the equipment suppliers. Alternatively, they may decide that the liability risks the business faces are far more important and spend their monies on this element of cover only.
For insurers, liability claims can cause more of an issue than simple property losses. If you have a basic business building insurance policy, you will have the structure insured for an agreed amount. This way, the providers of the cover can easily work out what their potential, maximum, loss is likely to be. This is exactly equal to the amount that the building is insured for.
Now, consider public liability insurance. You will arrange cover based on a limit of indemnity. The usual minimum limit is £2,000,000. Most companies will provide this on the basis of “any one occurrence”. Simply put, you could potentially make any number of claims up to the limit of indemnity in any one period of insurance.
Products liability insurance on the other hand is on an “aggregate” basis. Meaning the total amount of all claims put together cannot exceed the limit of indemnity. Employers liability, the other main type of cover, must be in place, by law, at a minimum limit of £5,000,000 any one claim. Most business insurance policies provide this cover at £10,000,000 as standard. The potential though is high, for there could, in theory, be any number of losses at near to, or at, the maximum limit of indemnity.
We have been, in the past few years, through a terrible, deep recession. Property prices have plummeted, businesses have gone bust and inflation has dropped to an all time low. But, the cost of liability insurance claims has increased, year on year, without fail.
The reasons for this are many and varied. Part of the cause is no win, no fee solicitors who are providing potential claimants with easier access to pursuing claims. Their costs are a significant part of any settlement and are not decreasing. Long term care costs for injuries to people (from all three types of liability) are also increasing. Lastly, people do feel, quite rightly in most cases, that if they have been injured in any way, then someone, usually a business or company, must be liable.
On top of all this, the insurers have been hit with a double whammy. There are approximately 10% less businesses buying insurance, whether through choice or because they have ceased to exist. In addition, the premiums that the insurers receive, and invest, have been providing much, much lower returns.
All of this means, that for a combined liability insurance policy that would have cost £750 three years ago, you would be looking at in excess of £1,000 nowadays. This is a cumulative, year on year, increase of around 10%.
There is a silver lining though. Although there have been problems, as noted, with insurers pricing. There is now more choice than ever before when you are looking for a liability insurance quote. There are less business insurance brokers out there, either because larger companies have been on the acquisition trail or brokers have suffered, and stopped trading, through the harsh business conditions. This does not mean though that there are less places for you to go to when looking for a comparison.
The internet has provided the business insurance world, as with other financial services, with a much easier, and quicker, route to market. You need to ensure though, that when looking for insurance on the net that you pick a company that is independent. This means that they have the ability to go to as many underwriters or capacity providers as they choose, to give you the best price for the widest cover.
Anybody know anything about insurance?
I got a great quote (liability only) from an agent who went through the big auto insurance casualty company for my commercial vehicle. It’s almost too good. It is more than half the price of the next lowest quote I found.
The thing is that the next lowest quote came from the same auto insurance casualty company but through a different agent. And, I have gotten other quotes through several different agents through the same casualty company.
I called the big company directly and told them the situation. They told me that if he had the VIN of the vehicle then there could be no problem as far as classification of the type of commercial vehicle.
My major concern is that should there be an accident, and this lower priced insurance that I am paying was not accurately quoted by the agent, am I liable for damages? Are there clauses in the paperwork or contracts that protect me from this situation? Will I be obligated to pay the balance of what I was misquoted if an accident occurs?
Yes, you run the risk of being responsible for back premium if there’s something not correct on your policy. Also be aware that a phone quote is not final, eventually you’d need to review the final details and paperwork and I’d wager that’s when you’ll see the error – and either have to say something at that time or sign off fraudulently on a legal contract.
Other than the VIN, verify the driver info (age, address, marital status, license #, record), employee info, mileage classification, liability LIMIT (is one agent quoting state minimums and the other $50,000 more coverage?) and if one is giving you a liability DEDUCTIBLE (uncommon but not unheard of, especially on commercial policies.)
All things being equal, quotes should not be drastically different within the same company for the same coverage, period, so something is awry.
Categories: Uncategorized Tags: business, commercial, commercial liability insurance quotes, insurance, liability, quotes
Liability Insurance Quotes
liability insurance quotes
Public Liability Insurance
are there any insurance companies offering the minimum $200000 liability to Ontario residents?
I am 16 and looking to insure my 1994 Mazda mx3 2dr (not the gs edition) i read that the minimum required liability insurance was $200k for Ontario residents but i cant find any online quote offering coverage this low. (the lowest i found was Belair direct with $500000). If someone could please give me a hand with this it would be a great help to find some really cheap insurance.
THANX
$200,000 is actually pretty crappy coverage. Think about it. You have an accident, and it is your fault, a young doctor with a family is killed, that is nowhere near enough coverage. It sounds like a lot of money, but it isn’t. How about another example. Your brakes fail at an intersection, you run into a $100,000 motor home which loses control, rams into a 7-Eleven, and it burns down. $200,000 won’t cover that either. There is a girl in BC paying out of every paycheque for the rest of her life for a $3,000,000 liability suit. She had the oppportunity to buy more than the basic coverage, she didn’t, and ended up being at fault in a major accident, and in the middle of court action involving 2 insurance companies.
I never drive a vehicle with less than $1,000,000 liability coverage.
Safety Is A Liability Insurance Quote
As a small business owner one of the first things you need to do is to get a liability insurance quote to protect your business and your families assets. All it take is one trip by a customer, an employee making a mistake, a customer being shipped the wrong part and presto they are off to see there cousin who happens to be a lawyer. Liability insurance isn’t something a company, I don’t care how big or small can do without. There are different policies to fit any business.
This is the main reason that you want protection from all risks like general liability, product liability and don’t forget workmen’s compensation insurance if you have employees. A general liability umbrella insurance policy may be required for many small businesses to ensure you have adequate protection. When a lawsuit exceeds the value of your business liability insurance, your personal assets may be at risk and there are many small businesses that should consider personal liability policies for ownership, to protect personal assets.
When you get your liability insurance quote, consider the liability limits that are set on the policy, when comparing premiums. Not all companies figure there rates the same way. You can reduce your premium by changing your deductibles and some companies will even take into consideration your credit rating as well as a clean record of claims. You can’t forget to increase your coverages as your business grows. This means you should review your liability limits on a regular basis and get a liability insurance quote periodically to increase coverage.
Professionals need to be aware of other sources of liability, such as errors and omissions liability insurance or malpractice liability insurance. All companies have specialized liability risks no matter if your a construction company or a INTERNET business. It’s really important that you not try to hide exposure when getting your policy, you may get a cheaper policy but if something happens and your not covered you could lose all. Be carefully, in order for a claim to be considered it must be specifically stated in your liability insurance quote. If you are in doubt as to what types of liability coverage you have, an insurance expert or a lawyer can explain the terms of your liability insurance policy.
There is a lot to be considered for a liability insurance policy you can afford, so be sure and list any area that you might need coverage. Liability insurance is on of those things that you really can’t do without because one big lawsuit would wipe most small companies out without the coverage. Liability insurance will give you the peace of mind and protection you need making it a good bargain for the price. I can’t stress it enough that no matter what business or profession your are in, you need to get that liability insurance to protect it all.
Liability Insurance Rates
liability insurance rates
Texas Liability Insurance Requirements
For the first time in 22 years Texans will now need to evaluate their auto insurance policies to be sure their limits of liability will meet or exceed the state required minimum auto liability insurance requirements.
Texas liability insurance requirements have just been changed. Effective today, April 1, 2008, the minimum amount of automobile liability insurance for Texas drivers will increase from the current $20,000/$40,000/$15,000 (20/40/15) coverage to a new 25/50/25 coverage requirement.
The state of Texas will be checking on policyholders with a new Texas Financial Responsibility Verification Program this spring that allows police officers and highway patrol to immediately verify whether a driver has car insurance.
There is no getting around the new Texas liability insurance requirements, and every city and county will be affected by this rate increase.
The new Texas liability insurance requirements are: $25,000 per person minimum for bodily injury liability damages with a 50,000 minimum per occurrence for bodily injury. The required property damage minimum has now been increased to 25,000.
What does this mean in layman’s terms?
1. 25,000 per person means, your carrier may pay up to 25,000 for each individual you cause bodily injury to by way of and automobile accident.
2. 50,000 per occurrence, refers to more than one person suffering bodily injury due to you being negligent or liable in this single automobile accident.
3. 25,000 for property damage, points to the amount your carrier may pay for property damage you cause due to your negligence in a single automobile accident.
Why did this change come about?
In 2007, the 80th Texas legislature amended the law that stipulates Texas automobile liability insurance requirements. The change was made in response to growing concerns that limits to date were insufficient to reach the rising costs of medical treatment and vehicle repair and replacement. The new minimum limits on Texas liability insurance requirements are intended to safeguard the interests of citizens involved in accidents on both sides of the collision.
While the increase may seem exorbitant at face value, it really isn’t that much of a hit to Texas pocketbooks.
The average person can expect to pay only a marginal additional amount on his or her monthly premiums, and most insurance agencies are already factoring in the necessary rates to make the adjustment a smooth transition for their clients.
However, refusing to honor the new Texas minimum liability requirements can result in financial penalties far more costly than an extra ten dollars or so per month.
According to the state’s new financial responsibility law, a first conviction for refusal to upgrade minimum auto liability insurance will result in a fine no less than $175.00 and no more than $350.00.
For some policyholders, this fine would be more than the 3 times the rate increase for the entire year!
Subsequent violations can carry penalties ranging from $350.00 to $1000.00, suspension of your license, and the towing and impounding of your vehicle. This will in turn create the necessity of the dreaded SR-22 filing and even higher rates on your auto insurance.
It is also important to consider that while this mandatory adjustment may be an inconvenience to some, it can be a critical awakening to others. There are many Texans who unfortunately have not reviewed the liability limits of their automobile insurance since their policy was initially purchased. Because of this, many of their assets are dangerously at risk should they be found liable in an automobile accident.
Higher liability insurance requirements protects these assets which may have increased over the years and are vulnerable to loss if a person is ruled at fault.
Please contact your current agency or Texas Auto Home Insurance immediately for a free evaluation of your current policy to ensure you meet with minimum liability insurance requirements and have the best rates possible for your particular vehicle and lifestyle.
New Laws Effective January 1, 2010
The following legislation will take effect beginning Jan. 1, 2010.