Imagine that a fire has destroyed your home. Will your homeowners' insurance be sufficient to rebuild a structure similar to the home you had before the fire? If you chose guaranteed replacement cost in the policy, you have nothing to worry about.
The good news when it comes to professional liability insurance is that the costs aren’t exorbitant for small companies. Your business insurance professional can’t quote an exact price, but in general, the cost is based – at least in part - on the size of the company, annual revenues, and number of employees.
Did you know that homeowners with off-premises coverage are covered in the event of a wedding disaster? For instance, if a wedding or other special social event is ruined as a result of theft or disaster, you will be reimbursed for your loss.
According to the US Small Business Association, all-risk commercial property insurance covers most of the general risks faced by most small businesses. Peril-specific coverage is appropriate in areas where a particular risk, such as flooding, is more likely.
A key part of what type of coverage covers damages is dependent on who is at fault. For example, if you collide with an object, then the damage is paid for by your collision coverage. If another driver hits you, then their liability coverage pays for the damage.
The best approach to buying car insurance for you and all the drivers in your household is to review your policy with your agent on a regular basis. He or she will answer all of your questions and make needed adjustments so that you carry only the insurance that you need.