Do you need free cheap insurance quotes online for
car insurance quotes or just a commercial policy in California?
If this is the case, you are in need of general insurance information.
In this article, we will be discussing general insurance on the business end.
If you are a business owner, no matter
what type of industry you are in, you need coverage.
California Insurance Information
So, no matter what industry your in, you need guidance
in order to save more then just premium dollars.
This is true no matter if your operation is located in
Torrance CA, or Los Angeles California.
Protection is everything!
Coverage also reduces future exposure for your bottom line.
If you answer yes to being a business owner, or just someone
searching for a lower rate without coverage cuts, your answer is here.
Areas of Discussion – Coverage Topics
There are many areas to discuss on a general commercial policy,
so let’s dive right into a few components you might find on your policy.
Also, it is very important to have a good grasp on what you are buying before you actually do.
This not only helps save you money on insurance costs,
but it also ensures you understand what you are getting as protection.
This will pave the path when you are ready to do your online quote comparisons.
We all do it. Get online, and look for information
to help save us money and time.
This is why we go to the internet. It’s fast,
efficient and within seconds you can find everything you need at your finger tips.
So, the same business owner in Long Beach CA,
can find savings, just like the user in Orange County CA.
Basic Components of your Insurance Policy
So, let’s begin. You want to understand a few components of the policy before buying.
This will get you familiar with the basic coverage options, and a lot more.
As an example:
- It will help lay the foundation if you need to make any policy changes later on.
- Even if you have been in business for many years, your not selling insurance everyday.
- Policy and guidelines change
- missing out on great savings if you were to understand where to shop for the best rates?
General Insurance Quotes
Quotes for liability insurance for small business is not a common
task, like say, finding cheap auto insurance quotes online.
Manufactures Insurance policy, for example, is in a niche market.
This line of coverage can be found on a Commercial Property Insurance Package.
But the process of finding the right provider may be a little more challenging.
It’s not like you see T.V. commercials advertising manufactures insurance.
There is a reason for this. Niche Market and few players
in the market to serve this need. In this example, demand is higher then placing risk.
High Demand, Little Supply
This could work in your favor or not. For example, if you are in a
very specific niche market, you may only have a few carriers to choose from.
This is obviously very different than if you were searching fore auto insurance rates and coverage.
If you were to search quotes for automobile coverage,
you would find hundreds of options.
Coverage Protection – Niche Groups
However, in a more select group, for example tow trucks, you may
have to accept a higher premium because of the high demand
with little options for comparison shopping.
Tow truck insurance companies understand that you are
limited since few carriers will insure this type of risk.
Remember, the State has regulatory action and authority over premium prices.
This will protect you from carriers just increasing their rates
because they can. But even though, expect to pay more in this types of risks pools.
General Insurance Components
There are many layers to this type of coverage.
Regardless if you operate a small family business with 1 or 2 employees
or to a highly complex global manufacturing or industrial giant, your property has exposures.
These exposures need to be protected and addressed
from an overall risk management perspective.
This is the first step into protecting your largest investment, your business.
Types of Policy Exposures?
These exposures can include:
- owned or leased real property,
- business equipment,
- processed or unprocessed inventory,
- property of others such as commercial bailments or employees’ and customers’ property,
- and the flow of income generated by the operations of the business.
Exposure Risk Analysis
These exposures must first be analyzed and appropriately assessed
in order to find the right risk management and loss mitigation techniques.
For the most part, all types of operations and businesses are eligible
for building and personal property coverage with specialized versions.
These versions are of property coverage forms that exist for certain types of risk exposures.
These types of exposures are indicative of the manufacturing industry.
Other coverage options are available under a manufactures covered policy.
Some of these include the following:
- such as legal liability,
- value reporting,
- mortgage holders errors and omission,
- tobacco sales warehouses,
- and leasehold interest.
General Policy Modifications
These are all available on a commercial property policy
through separate individual forms.
The policy’s basic coverage may be modified in many various
ways through the use of policy endorsements that are in place to add,
remove, or change in some way the terms of the endorsed policy.
So, it is no different in process from the general auto insurance policy.
Policy Status – Not Self Contained
The property policy is not-self contained since it is a part of the ISO’s modular format.
This format was created for a seamless combination
with policy declarations forms.
It is also an appropriate cause of loss form, two conditional forms,
and any other appropriate endorsements that form coverage.
These types of coverage options are that of general liability and
commercial property coverage. These all form a commercial package policy.
This is where you will find your complete packaged policy for
complete protection of your operation or business industry.
Secure Right Coverage at Right Price
Insurance for manufacturing company is one of the most important
aspects for the success of a manufacturing business.
This holds true for any type of business organization.
As the owner of a manufacturing business, you have to worry
about your equipment, building, vehicles, workers compensation, and the list goes on.
Below are examples of what protection you will find on your policy.
Make sure to review your policy carefully. You always want to make sure you being covered properly.
The last thing you need during a claim event,
is to worry if you have the correct coverage package.
Insurance Protection Products
Manufacturing companies large and small have
several risks that should be covered in one package.
Below is a list of products that can be obtained through
your packaged policy through an endorsement:
- All vehicles
General Insurance Package
Your industry is treated like any other commercial business.
There are different layers of this general policy.
You have options of adding other features later through a policy endorsement.
This is a nice feature to remember about your commercial policy.
It’s the packaging of the policy that completes it.
So, your manufacturer insurance coverage
includes the following types of coverage:
- General Liability
- Commercial Insurance
- Umbrella Liability
- Workers Compensation
- Employment Practices Liability Insurance (EPLI)
Additional Coverage Options ?
If you are looking for additional coverage options for your
commercial property policy, than continue reading on.
Your commercial property policy contains additional coverage options.
Some of these options include consequential or indirect loss
not covered by the insuring agreement to cover direct damage.
The General Covered Expense
The expense covered under the additional coverage are all result from a direct loss.
Keep in mind, that they are not direct physical damage
as required by the insuring agreement that you originally signed.
While not directly attributable to the insured peril,
they are nevertheless attendant expenses necessary to return the insured to a pre-loss state.
Also, for which insurance coverage has been designed to respond.
As an example, a covered loss that left debris
behind that needed to be removed.
Also, undamaged property that needs to be relocated
in order to protect it against further loss.
Or a building code creates increased rebuilding costs
would all be covered in this additional coverage feature.
The commercial property policy provides six additional coverage options,
which are listed below for your convenience:
- Debris removal
- Electronic data
- Preservation of Property
- Increased cost of construction
- Fire department service charge
- Pollutant clean-up and removal
Tips on Coverage Information
Commercial lines has a new developments within the industry.
These types of policies lines are legislated and
are subject to change within the law at any time.
It’s not only a good practice as a consumer to glance on
the new laws if any effecting your type of coverage.
For example, if you want to learn about any new developments,
you can always check with the California Department of Insurance at
www.insurance.ca.gov to learn more.
Products and Services
In addition to all of the different types of commercial coverage’s
available and mentioned in this article.
But, there are also coverage that is available to
transfer risk for identity theft, intellectual property, and cyber threats.
Make sure this is an optional feature on your policy. Ask before you buy your policy.
Identity Theft Coverage Protection
Identity theft coverage is an optional endorsement available under your homeowners policy.
This coverage protects you if a criminal event should occur,
an impostor obtains your personal information, such
as information to open up new credit cards or bank accounts.
These new accounts and credit cards are used in your name of course by the impostor.
They can rake up huge expenses leaving you with the bill. Not fair.
If you have been a victim of identity theft, you have steps to take.
The Federal Trade Commission, has an action plan for you.
The General – Endorsement Protection
The policy endorsement is available under your home policy,
it provides first party coverage for expenses insured by an insured.
This is as a direct result of any one identity theft first discovered during the policy period.
Read over your policy conditions for a detailed report.
Policy Protection – Intellectual Property
This product is of the human intelligence, especially as one may
be entitled to the commercial proceeds of such products, such as patents or copyrights.
Many people do not realize how big of an issue this one really is.
If you have a great product, service, or idea, you want to protect it.
The start of an idea is the basis of many great innovations.
These innovations can be responsible for millions of dollars in assets of future earnings.
The last thing you want is for someone else or another entity
to profit from your personal creativity or business practices.
Cyber Coverage Protection
This type of protection is designed to protect businesses if they
should fall victim to hacker attacks or any other form of online mischief or catastrophe.
As you know, this is only a growing issue as more of us
assume trust and more online business transactions.
Cyber warfare can hold a business hostage. All your business information,
operation mapping and other instruments or tools of your business,
are more than likely, controlled by some form of technology.
This technology is ran over the internet of course, which is the door opener to such attacks.
This is why this type of protection, along with
a firewall and other software programs are a necessity.
Some of the provisions or guidelines you must be
aware of on your policy is Crime General Provisions.
These provisions are attached to every policy that
includes a crime coverage endorsement.
Which can be on a mono-line or packaged policy.
The General Policy Provisions
These provision apply to all crime coverage’s which are part of the
actuality, which only apply to the coverage part of the policy as well.
Having a separate form for general provisions reduces any redundancy.
This is eliminated by the need to attach the same provision to each coverage form.
There are many conditions that apply to a crime form.
These crime forms are similar to those found on other commercial insurance forms.
Various conditions do apply and are described regarding:
- the policy period,
- policy territory,
- your duty to keep records,
- terms for legal actions against your carrier.
In addition, treatment of loss when other insurance applies
and the carrier’s subjugation rights when losses are paid.
Key provision that are more specific are as followed.
Loss Sustained Form
This form covers losses that occur during the policy period
and losses that are discovered and reported during the policy term.
You have up to one year after the policy
expires to report this information.
In conclusion, the window of coverage
is during the active status of policy.
Discovery General Form
This form covers losses that occur either prior to the
policy inception date or during the policy period.
These losses that are discovered and reported during the policy period.
Or, up to 60 days after the policy expires
will still have coverage with this type of form
If you should need any help in comparing affordable insurance quotes,
regardless if you live in Long Beach CA, or Orange County CA, we can help!
With over 30 years shopping the cheapest general liability insurance quotes and
commercial auto insurance for business owners of all sizes, we know we can help you too.
Contact us at 877-539-2533 to speak with a live Commercial Insurance Specialists!
Service Areas: Anaheim, Fullerton, Brea, Torrance, Long Beach, Los Angeles, Pasadena, Culver City, Huntington Beach, Orange.
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- Cathy Lambert