Ensuring Cost Efficiency with Your Business Insurance
If you would like to protect your business, insurance is crucial. However, even as there are several factors to consider when selecting a policy or an Crusader Insurance Company, cost is one area that is common to all. And to get the best protection for the least possible cost, you have to choose the right limits and deductibles, as well understand common elements and exclusions.
Best Coverage, Best Price
Obtain and compare a number of quotes from reputable insurers and independent agents, rather than limiting yourself to a single prospect at a time. You can't say which policy or insurer is the best for you, without seeing how they fare with the rest.Before comparing, however, ensure that you know what is and is not covered in every policy.
Small home-based business owners can usually add a rider to their homeowner's policy rather than buying a separate policy.Ask your insurance agent to recommend the best options for you.
Usual Elements and Exclusions
There are times when you can pay an extra premium for an "endorsement" or an amendment to a comprehensive plan that will provide coverage for a basic exclusion. If liability has something to do with a unique risk, like professional services by an attorney, you will need a specialized policy, besides a comprehensive general liability Crusader Insurance policy.
A comprehensive policy ensures protection against liability for any "occurrence" (personal injury or property damage), provided the policy is valid or in effect within the said period.Whatever lapses there are in insurance coverage, you are automatically vulnerable.
Court policy states that for a claim to be denied, it is not enough for the insurer to establish that a "reasonable person" would have predicted the outcome.Instead, they also need to prove what the insured party was actually thinking at such time, which is quite a tough call.
Intellectual Property, Advertising and Similar Issues
Note that insurance firms have excluded copyright, patent, trade name and trademark infringement from coverage, and have narrowed their definition of "advertising," so they can limit coverage or deny it altogether. Any proposed comprehensive general liability policy for such coverage must be thoroughly examined.
Coverage for damages to another individual's property only applies if such property is "tangible," or the damage is "physical. Whether computer data is "tangible," or capable of "physical" harm is to be debated on. If you are in the business of computer software and hardware, be sure about the coverage of your policy.
Property Insurance Differentiated
Finally, keep in mind that comprehensive general liability coverage alone will not protect you for damage to property. You need to include property insurance for that particular property.
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