|
Business and Liability Insurance
Buying a business insurance, that is, property and liability insurance for a business protects it against unforeseen disaster. A property and liability insurance together is available in a cheaper premium called a business owner policy (BOP) or comprehensive general liability (CGL). A basic property insurance would have a fire, theft and damage coverage for buildings, furniture, equipment, inventory, accounts receivable records, vehicles and also intangible assets like trademarks or goodwill. If the business is in an area prone to tornadoes, floods, or earthquakes, or there are potential safety risks, extra coverage may be needed on the business owner policy based on the nature of the hazard. A basic business liability policy protects the business against losses by employees or machinery. The comprehensive general liability policy covers the premises, leasing troubles, contracts, products and operations, injury to customers, vehicle accidents, and professional malpractice. Another type of liability insurance is a "
professional liability insurance " also called as " errors and omissions insurance ". This protects against professional misjudgments that cause damage to others. A typical example would be insurance to cover surgery where the doctor used the wrong procedure or otherwise made a mistake.
Credit Disability Insurance
Many credit card companies offer a credit disability insurance plan, which will make at least the minimum monthly payment of the bills. The cost of premiums is very high, considering the relatively small amount of coverage it offers. So people are better off without it.
Reinsurance
Reinsurance is a relatively unknown aspect of the insurance industry. But its roots can be traced far back to the fourteenth century." Reinsurance is a transaction in which one insurer agrees, for a premium, to indemnify another insurer against all or part of the loss that insurer may sustain under its policy or policies of insurance." The company purchasing <>reinsurance is known as the ceding insurer; the company selling reinsurance is known as the assuming insurer, or, the reinsurer. It can also be described as the " insurance of insurance companies " . Insurers take out reinsurance for four reasons: (1) to limit liability on specific risks; (2) to stabilize loss experience; (3) to protect against catastrophes; and (4) to increase capacity.
We thank you for visiting our directory, and wish you well in whatever endeavor brought you here. We are constantly adding new information and resources to our site, both general and state specific in nature, so check back often.
|
