Streetsmart insurance Blog
If you enter into a contract with another company, they may ask you to add their business to your insurance policy. If either of you are sued by a third party, they can pay for the claim through your policy and you can avoid a financial loss. But if your contract fails and your business partner files a claim against you, how will you protect yourself if they are an additional insured?
Are you interested in starting a new trucking business? The trucking industry is one that provides ample opportunity to large nationwide corporations and new companies alike, simply because there is such high demand for commercial freight shipping. From perishable goods to consumer products, goods always need to be moved from one location to another. Trucking companies are frequently contracted to handle this movement of goods. As such, the number of clients or potential clients in this industry is high. Because there is so much opportunity in the trucking industry; there is also a lot of competition as a result. Therefore, if you want to give your trucking company a chance at succeeding, you will need to make sure to set a strong foundation. Here are seven things you need to build that foundation.A Proper Legal Structure
When leaves, soil, or other debris clog your drainage system, they can prevent sewage from leaving your property. The pressure from that back-up could cause a leak or an explosion that would send water flowing into your home.
Your homeowners insurance policy covers property damage caused by natural hazards, such as fire, wind, and hail. You can even purchase flood insurance to cover your home in the event of a natural disaster. But if your sewer system, drainage system, or sump pump stops working, the resulting water damage may not be covered by your current policy.
Water mitigation (reducing the impact of water damage before or after it has occurred) can be an expensive and time consuming process. Instead of waiting for disaster to strike, work with your insurance agent to prepare for future claims.
If you need to add a client to your general liability insurance policy, they may ask for an endorsement that states they are primary and non-contributory. Although this language is difficult to understand, using the primary and non-contributory endorsement protects you and your additional insureds from legal claims.
Whether you rely on electricity to use your computer or water to manage your equipment, your business depends on reliable utility services. If natural hazards (such as fire, wind, or hail) force you to close your doors, commercial property insurance and business interruption insurance will help you pay for your expenses. But if your utility services are interrupted, your current policy may not provide coverage. The off premises utility services interruption endorsement provides business owners with an additional layer of protection when disaster strikes.When your utility services shut down because of a covered peril on your insurance policy, the off premises utility services interruption endorsement will cover related property damage and lost income. Property damage limits typically range from $2,500 to $25,000, and business income limits have a waiting period of 12 to 72 hours to receive coverage. Talk with your insurance agent to find the right amount of coverage for your business.
How Do I Start A Business?
Whether you dream of running a corporation or launching a start up in your living room, the process of starting a business can be difficult and time consuming. Fortunately, there is a standardized process for registering your business with the government. If you are interested in becoming an entrepreneur, this guide will walk you through some of the legal requirements of starting a business in your state.
The future looms uncertain – a series of possibilities, probabilities, and (unfortunately) unforeseeable consequences. You must plan for the unexpected and so you collect policies and concerns in equal measure. You’re never certain, though, if the protection you’ve chosen is enough. Will your insurance provide security for both you and your family? Will your claims be handled with the necessary care?
If you haul cargo for an organization, independent customer, or the general public, you are responsible for their goods while you are in transit. It your cargo is damaged, stolen, or destroyed, you could be held liable for the total value of their property. Motor truck cargo insurance will cover your expenses if their cargo is destroyed while it is in your possession.
If you work as an independent contractor, you are essentially operating your own business. Like other business ventures, then, you will want to protect yourself with an insurance policy. However, the types of coverage you will be looking for are different than traditional business insurance. Your business is, by definition, not traditional, so you will need Contractors Insurance instead.