Directors and Officers Liability Insurance

This policy typically covers the individual directors and officers and the organization that they are the director or officer for from wrongful actions committed on behalf of the directors or officers.

Directors and officers are in a fiduciary roll and thus they have legal obligations that they must adhere to in the role for the organization. They must exercise reasonable care that is customary and reasonable for the position that they are in. They have a loyalty to the company and to any stockholders to operate the business prudently that is in their care, custody and control.

Transparency is tantamount in this role in that full disclosure must be made for any and all transactions that involve each and every director and officer. Many times within the corporate bylaws there are provisions that dictate that the corporation will reimburse and/or indemnify directors and officers for any litigation that is brought against them as individuals. In order to fund that obligation most organizations purchase and provide directors and officers insurance for this liability exposure. Typically lawsuits involve the individual director and officer as well as the corporation. Thus, the policy needs to protect and indemnify both the individual director or officer and the corporation as a whole. With that in mind, some key provisions of the policy should be reviewed and considered before one purchases this type of policy.

Purchasing a policy that covers both the individual in the corporation well obviously cost more than just covering the individual but they will provide much broader and complete coverage than just covering the individual. The definitions of what is a wrongful act can also be an important area of concern when purchasing this type a professional policy. The broader the definition of wrongful actions the more coverage one is going to receive when a claim is presented. If this is the first time the organization has purchased directors and officers insurance having coverage for prior acts can be very important part of this policy. You may or may not want to consider having a consent provision that allows you as the professional consent to any payments for claims that are presented. There usually is a cost for that provision and you usually have to pay the portion that exceeds the amount on the table when the carrier could have settled the claim without going further in the litigation.

Typically directors' and officers' policies exclude coverage that should be purchased and provided in other policies. Usually claims dealing with property classes or general liability losses are not covered on this type of professional policy. Criminal acts are not covered in this policy. Nor are they covered in any other policy as that is against public policy countrywide. In larger corporations the directors and officers might serve on multiple boards across multiple industries. Have any specific endorsement to cover those ancillary exposures might help in attracting quality directors by providing that type of coverage for them. Having directors and officers insurance in place will help complete your insurance portfolio and risk management strategy for most corporations.

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Protect Your Business From Lightning Strikes With Business Insurance

Big black clouds could be looming over the future of your business. But the dangers will not necessarily come from an unpredictable and gloomy future, but could at anytime come from those dark cumulonimbus thunder clouds that regularly appear in the skies above us.

More to the point the biggest threat to business property is the danger that lies within those storm clouds. Lightning!

Lightning is a visible electric discharge between clouds or clouds and objects on the ground.

Material damage may occur to business property from the high power travelling to earth through a structure, and the release of energy being such that it causes extensive damage to the structure which in some cases leads to the buildings collapse.

A bolt of lightning can strike a building in an all round circle of as much as ten miles beyond the edge of a thunderstorm and anywhere below the mass of turbulent air. Buildings and commercial property can be struck by a bolt from the blue hours before a slow-moving storm reaches the premises.

According to the Office of National Statistics around 1500 properties in the UK are hit by lightning each year of which around a half are commercial properties. The incidence of lightning strikes against commercial property being so high, is due to the fact that blocks of flats and large industrial buildings and towers, have a higher propensity to be struck by a bolt, literally!

Lightning Risk Management

Regardless of any business insurance cover that may be in place, all businesses and enterprises should take the necessary steps to minimise any damage or loss that could be caused by lightning or may occur as a result of a lightning strike.

All commercial buildings should be protected by a lightning conductor system.

The purpose of the installation is to direct the current discharged from the bolt safely to earth thereby protecting the building's structure and its occupants from the worst effects of the lightning strike.

Burning damage may occur, often within the electrical wiring of a premises, which can lead to a general fire and ignite stock or office equipment. Depending upon what is being stored on the business premises, in particular if hazardous materials are involved, the risk from fire may be greater. For example a hardware shop, a chemical plant or a paper warehouse.

Electrical equipment is particularly at risk from power surges and it is not just office business equipment that is at risk. There has been a spate of recent incidents of lightning inducing high voltages and currents in computer installations and Internet server farms.

Fires arising from lightning strikes and the risks of subsequent losses can be minimised by ensuring that the lightning protection system is always in good working order and all alarms function correctly.

The continuity of the conductors is imperative for functionality and can be broken during building repairs or ground excavations.

If lightning conductors are disturbed by building works they should be repaired straight away.

It is also important for a small business to implement a regular servicing and testing regime and most insurance polices will insist upon this for the cover to be effective.

If you live in an area where the frequency of storms and lightning damage is higher, listening to long range weather forecasts can help a business prepare for storms and give a company time to take necessary steps to protect the business property.

Business Insurance

Nearly all business insurance policies designed to cover commercial property will have a provision for lightning material damage loss and consequential business interruption under the basic perils risk coverage.

The risk of lightning is covered under perils in either the buildings or contents section of a commercial property insurance policy. it is available to property owners, lease-holders or tenants to cover their contents against such loss.

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The Complications of Business Insurance Explained

The phrase public liability insurance has become a bit of a buzz word in recent years, but people are still not entirely sure of what it means. In short it is designed to cover the costs of any injury or damage caused to the public by your business or its employees. Given the rise in popularity of compensation claims, this kind of insurance has been taken out by more and more business of all sizes. The business insurance services range can be complicated and some policies seem to overlap, so here is some clarification on what exactly public liability insurance covers.

The first point to note about this kind of insurance is that it does not cover injury or damage to any employees. This is covered by Employers' Liability Insurance, which is mandatory under legislation. However, damage caused by employees to the members of the public is covered by public liability insurance.

This form of insurance is not yet a legal requirement, however you may find that some other business, whether suppliers or buyers, will refuse to deal with your business if you don't have some form of basic cover. This is because the costs which can result from these sorts of claims can easily cripple any small or medium sized enterprise.

The reason that this insurance is not yet compulsory is because not all businesses are well-served by having it. If your business is just a "one-man band", with little direct contact with the public have little need for this sort of cover and may be better off saving the potential premiums. On the other hand, the premiums for this kind of business are likely to be quite low, so it may be worth getting covered. Similarly, if your business has a great safety record, you may think that you don't require any sort of cover. But if you do look into getting covered, you should find that an excellent track record results in lower premiums.

It is now possible to get quotes for this sort of insurance on-line, in the same way you would car or home insurance, but the range of companies which provide it is quite limited. Also, because there are so many variables involved, you may want to do it the old-fashioned way. In this case to get a fuller understanding of the range business insurance services you will be best served by contacting an expert such as a broker, who can help you with all the details.

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How to Get Online Liability Insurance Quotes

Public liability insurances are imperative for any business venture, big or small. However, getting a public liability insurance is not as easy as 1-2-3. Owners need to determine the cost of insurance coverage for their company. There are conventional ways to do it like going to the insurance company directly or calling them one by one through phone. Yet, these ways are time-consuming. Business owners are busy people who need to attend to a lot of things. To make things easier and convenient for them, they can get online public liability insurance quotes straight from the net

In order for a business owner to get online public liability insurance quotes, they need to provide information regarding their business. The following which will be discussed are the 8 most important details needed by the insurance company. The first detail is the type of business. The next point is the incorporation of the business whether it is a sole proprietorship, partnership or, a limited company, among others. The third detail is the ratio of annual sales to the inventory.

The fourth information required are the particulars regarding any liability claims that the company had dealt with the past, if ever there are. It includes details on the case such as the situation, date of occurrence, and the cost paid. The next detail is the location of the business - whether it is in a commercial or an industrial area. It is then followed by points wherein the business will take in subsidiary organizations.

The seventh detail required to get an online quote is the information about the exact number of employees so as the agent can identify the premium. It includes the number of clerical employees, directors, and business partners. And the last, but definitely not the least point, is the preferred starting day of the policy.

After the completion of the public liability insurance online quote, the owner is expected to get a quote conformation sent directly to their e-mail address. Business owners can send information on their enterprise and get online quotes from several insurance companies. That way, they will have a chance of selecting the best insurance company that can provide their business the appropriate and most suitable public liability insurance.

Businesses and its owners should not be easily enticed to get the cheapest insurance policy: getting these types of offers are not all the time efficient as expected. Yet, expensive insurance policies are not advisable as well. It will be beneficial for them to make an online research for reviews on different online professional liability insurance quotes to get the best among the rest.

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Truck Insurance Rate

Are you worried about your truck insurance rate? Are you planning to change your insurance provider for a better insurance rate? Then you have come to the right place. In this article I will provide you with a list of things that you need to do in order to get the cheap truck insurance rate.

• Irrelevant of the insurance provider you are searching for you need to understand a few things on how insurance works. Any insurance company is mainly interested in increasing their financial asset, this is not wrong, this is just business. So they would fix the rate depending on the amount of risk the truck is exposed. If you want a cheaper rate then you need to reduce the risks which the truck is exposed to. This will automatically convince the insurance provider that providing coverage for minimal rate is not a threat for their interest.

• The easiest of way of reducing the risk is by parking the truck in a safe environment when not in use. This will reduce the rates on your vehicle damage insurance policy. If you were to park the truck in a garage or a compound when not in use then the companies will automatically reduce the rate on your policy.

• The next way is to apply for discount based on safe driving record. If you were to drive the truck or the person who drives the truck has a clean driving record with good experience in driving the specific type of vehicle then you can apply for discount on the insurance rate. The companies will view a clean record as a minimal threat to their interest and give you a big discount on the insurance rate.

• The best way is to reduce the rate on your insurance policy is to make sure that your vehicles is in good condition. You certainly can't expect a good company to give you policy for cheaper rate if your vehicle itself is breaking apart. So make sure your truck is in good condition when you apply for insurance.

• Lastly the place where you search for the truck insurance policy. The best place to get cheap rate is by searching for the policy online. Many online website offer discount so n policy if they are purchased from them. Further more you get to compare various truck insurance policies which allow you to choose the cheapest policy available in the market.

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Choosing on the Right Business Insurance Broker

You know that having the right business liability insurance policy in place is an important component of maintaining your business's success. The agent who helps you select and keep the right business liability insurance plan for your company's development is equally important. Yet, it can be a challenge to know where to find the right agent for you. You might even wonder if there really is a difference in choosing one agent over another.

There are differences in business liability insurance agents. Just as there are a myriad of business types needing coverage, there are as many different types of liability coverage to suit them. There are insurance agents who work specifically within certain areas of business liability insurance. The truth is, finding an agent right for you and your business is going to be a necessary step in obtaining the right insurance for the stage your business is at currently.

You obviously would not be working with an agent who handles commercial automobile insurance on a routine basis when you need errors and omissions coverage for your architectural business. Selecting an agent who is knowledgeable in the area of coverage you need is as necessary as the coverage itself. Additionally, you will be shopping for good quality coverage at a competitive price.

While you are shopping for the best kind of coverage for your employees and coverage for office furnishings for the best price for it, you will also be shopping for an agent to provide both to you. When it comes to something as important to your business's survival as liability insurance, you want an agent who can provide you with great service as well as great insurance coverage. But, service from a business insurance agent is oftentimes more than just getting your business the right insurance plan and getting it at or under your budget.

First, you may want to select an agent based on location. Of course, your insurance will largely be determined by your specific industry and the location where your business operates. So, finding an agent who is licensed to work within your area is important for a few reasons.

They will know just how to assist you with selecting the appropriate insurance. If you need product liability coverage, or if your company could do with an umbrella policy, they will be able to guide you in obtaining the exact coverage right for you and your business. Plus, it is often a matter of convenience to work with an agent who is located close to you or your business.

When shopping for your coverage, you want to work an agent who is not only an expert in your field, but someone who makes you comfortable while going through the process of purchasing your business liability insurance. Business liability insurance can be tricky at times. What suited your company at the start may not be sufficient as your company moves into the future.

You want a good relationship with the agent you choose. Different companies need different types of insurance, but different people need different types of personalities to succeed when working together. Each business owner is going to find that one agent appeals to them more than another agent mostly out of personal preference.

When deciding on the right business liability insurance agent, you want to find someone who has a personality that works well with your own. Take the time to select a suitable agent based on knowledge, experience, and competitive prices. But, do not forget to look for an agent based upon compatibility as well.

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