Add Protection When You’re At-Fault
Liability insurance protects a driver financially if he or she is found legally responsible for causing injury to another person or their property.
There are two categories of damages that liability insurance covers—bodily injury liability (BI) and property damage liability (PD). Liability insurance also provides the insured person a legal defense against a lawsuit alleging bodily injury or property damage from an accident.
Bodily injury liability – Covers damages due to injury sustained by someone that the insured person is legally obligated to pay. These damages can include medical expenses, lost wages and legal fees, as well as pain and suffering.
Property damage liability – Covers damages the insured person is legally obligated to pay, including repairing the other party’s vehicle and other property damage to objects such as buildings, fences and signal lights.
Liability coverage limits are generally written as three numbers—such as $25,000/50,000/15,000. The first figure is the maximum amount the company will pay for a single injury at $25,000; the second figure is the maximum amount the company will pay per accident for all injuries at $50,000; and the third figure is the maximum amount the company will pay per accident in property damage at $15,000. Damages from even a low impact collision can easily exceed mandatory liability auto insurance limits, so be sure to discuss what limits make sense for you with your agent.
The Insurance Information Institute suggests that drivers carry liability coverage that is no less than $100,000/300,000/50,000. Other insurance industry experts also recommend buying a minimum of $50,000 in property damage liability coverage. If the net worth of the person at fault is considerably more than the mandatory minimums, they can be held personally responsible for amounts above what the insurance policy covers.
RMERGE INSURANCE AGENCY
In a word, yes. When you sign a lease, you are signing a contract and a condition of the contract is that you carry renters insurance. But why?
A primary reason is that this requirement may be force on your landlord by his insurance company to require all tenants to carry insurance liability insurance. This helps to shift some of the responsibility away from the landlord from accidents that happen due to the negligence of the tenant. It may ever help to lower the cost of the landlords insurance which he hopefully passes on to you in lower rent payments.
Many people are under the impression that the landlord’s policy will pay for their property in case of fire, tornado, vandalism, etc. The landlord’s policy covers his property; it does not cover the property of the people he rents to.
If you rent, you need renters insurance whether the landlord requires it or not. There are so many things you have no control over, such as an irresponsible neighbor that starts a fire or has a big party that gets out of control. If you live in a multistory building, there could be a water leak from your neighbor above.
A great feature of renters insurance is ‘loss of use’. If you suffer a covered loss and your apartment is uninhabitable, this feature will pay for your additional living expense until you can move back in to your place.
What does renters insurance cost? A good estimate is $225 annually although we have some policies as low as $102 a year.
We offer renters insurance from many top-rated company and can find the coverage and premium to fit an budget.
EMERGE INSURANCE AGENCY
All businesses that sell and serve alcohol need comprehensive Liquor Liability coverage, especially in today's litigious environment. Emerge Insurance Agency offers Liquor Liability coverage for all types of hospitality risks, including hard-to-place bars and nightclubs, along with Assault & Battery coverage and liability limits up to $1,000,000/$2,000,000.
Restricted Exposures - options available
Call us for a quote or with any questions
EMERGE INSURANCE AGENCY
If a fire, flood, hurricane, or some other natural disaster were to destroy or damage your home, would you have the right insurance coverage to rebuild your house?
These series of posts are based on the questions consumers most frequently ask, explains what is covered in a standard homeowners policy and what is not. Where gaps in coverage exist, it tells you how to fill them.
To simplify explanations, we assume that you have a policy known as Homeowners-3 (HO-3), the most common homeowner’s policy in the United States. Find out what type of homeowners policy you have. If you have a different policy, you should review your options in question #17.
Question # 8: A neighbor slips on my sidewalk or falls down my porch steps and threatens to take me to court for damages. Does my policy protect me?
Answer: Yes. The policy will pay for damages, if a fall or other accident on your property is the result of your negligence. It will also pay for the legal costs of defending you against a claim. Also, the medical payments part of your homeowners policy will cover medical expenses, if a neighbor or guest is injured on your property. You should check to see how much liability protection you have. Because lawsuit have become commonplace, our office standard is to recommend a minimum limit of $300,000 for our clients
Okay, our next post of common questions asked will be Question # 9: A tree falls and damages my roof during a storm. Am I covered?
A current concern if you have enough protection for your home – call us.
EMERGE INSURANCE AGENCY
Consultants are hired to help companies be the best they can be, and if you don’t show that you’re making your business the best it can be, what does that say?
If it’s a business and not a hobby, there’s no way around it the company needs professional liability insurance. Your business, future, and personal assets aren’t protected without it. It’s one of the most important business investments a consultant can make, and although you may see it as an extra expense, it’s a small expense compared to what it could cost you without it.
What Is Professional Liability Insurance, and What Does It Cover?
Professional liability insurance, sometimes called errors and omissions insurance (E&O), provides protection for businesses from risks not usually covered under general commercial liability insurance, which are two different kinds of policies.
Getting errors and omissions insurance as a consultant is much like doctors obtaining malpractice insurance. Like malpractice insurance, professional liability insurance should be a standard insurance product any business owner and/or consultant has.
Basically, E&O insurance covers anything you or your employees do that causes losses or damage. Some covered acts include:
Risks Consultants Face
Consultants face a variety of risks purely because of the wide variety of services they offer. The risks largely depend on your specialty. For example, PR consultants may face risks of defamation and slander lawsuits, while human resource consultants could face risks of hiring someone who shouldn’t have been hired for obvious reasons. Any consultant can face the risks of being sued for tiny errors like those made in data entry.
Okay here’s a common example. Assume you have a technology consultant company and an employee suggests a certain billing system to a client, but this system fails to make an abundance of charges because your employee put some incorrect information into the system, costing the client a loss of hundreds of thousands. The client expects you to make up for that loss. Without E&O, hopefully you have several hundred thousand dollars (or more) and can immediately write a check. If you had E&O insurance, you’d be covered as long as there weren’t intentional acts to cause damages or losses. The insurance would help cover losses, court costs, or legal fees.
Regardless of how much experience you or your employees have, what awards you’ve won, your education, or size of your business, the bottom line is that you and your employees are human, and humans make mistakes, intentionally or not. Unfortunately, one tiny mistake can cost greatly.
The Risks of Not Having E&O Insurance
In addition to the regular risks consultants face, the mere absence of E&O insurance presents risks, including:
Furthermore, you probably won’t hear companies that initially asked for coverage proof say “When you bring me proof of coverage, I’ll choose you.” Usually they’ll just write you off completely when you say you don’t have it. Remember that word of mouth is the most powerful marketing tool. If word is that clients can’t trust what would happen if there’s an error, word of mouth can be your enemy. Worse yet, if you caused damages at one company and couldn’t cover the losses, how many clients do you think will be inviting you into their companies? There goes new business.
If word of mouth reaches current clients, there’s a chance they may release you. There goes present business. Past clients may not ever use you again after learning about such scenarios. There goes old business.
Do I Have to Have It and What Happens If I Don’t Get It?
If you don’t purchase this kind of insurance, you’re gambling not only with the business investments you’ve made, but with personal assets as well. If a judgment was made against you, and you couldn’t pay it, you could end up having personal assets seized, like your home, savings, or others.
Consultants are hired to relay their expertise and skills and help guide something to success. While it may not be state or federally mandated like auto insurance, you’ll likely have to show proof often, so having it helps establish you as a serious professional taking the right precautions. If you won’t invest in your own business, it looks like you doubt its value and as though you don’t take it seriously. Why would clients take you seriously if they think you don’t? Having E&O tells clients you’re dedicated to rectifying mistakes, responsible, and assures them they’re financially protected if your business causes them loss. The companies you’re working with most likely have protection, and they assume responsible businesses do also.
Prices vary according to the size of business, location, amount of coverage, and business specialties. If you’re concerned about cost, remember this: if a lawsuit is brought against you without E&O insurance, all personal and business assets can be seized to pay for judgments. That will certainly be more expensive than annual premiums on E&O policies.
EMERGE INSURANCE AGENCY
Cecil Williams -