A Look at Why General Contractor Should Apply for a Builders Risk Policy

A Builder’s risk insurance policy is a policy for the builders or constructors, which is generally bought before the starting of any construction of any building. It is also known as construction insurance policy in some places. There are plenty of insurance companies providing property insurance, and it is usually provided to the contractors or builders. Builder’s risk insurance policy covers the damages (if any) while the construction is in progress. This is a policy which is a savior for the builders, so that they do not get bankrupt due to any mishaps that might take place.

A wise builder will always go for a Builder’s risk insurance policy before he begins the construction process. The problem, however, becomes in choosing the right policy. Insurance policies provide coverage against theft, fire or any other natural disasters. Unfortunate mishaps like fire, collapsing of the half-done building, thefts of raw materials, vandalism, are all covered by insurance policy.

The Builder’s risk insurance policy generally does not cover flood, earthquake or wind where there is a beach. However, there are various special kinds of insurance policies that may also cover these perils too. For any home builder, it is essential for them to get a risk insurance policy as this may decrease the risk of a massive financial setbacks if any accident occurs. It is, therefore, needed to choose the correct plan that suits the builder’s pocket and covers the risk areas to the maximum.

Before choosing any Builder’s risk insurance plan, the builder must enquire well about the company and should also read and understand the conditions provided by them carefully. It might seem a tedious job, but In order to get the maximum benefit after the claim has been made; the builder must reproduce the proof of insurance or the insurance certificate. The insurance certificate must contain the particulars of risk coverage written clearly in it. It should comply with the rules and regulations of the area where the building is being constructed.

All risk insurance policies generally cover all the accidents and hazards excluding those which are not included in the policy. While specified Builder’s risk insurance policy covers those which are mentioned in the insurance papers and documents. The risk insurance policies usually cover discrete hazards that may happen to any building, which is under construction. All risk insurance policies are quite expensive due to its wide area of coverage, but it can be the best bet for the constructors as it minimizes the damage and no-remuneration risk.

Risk insurance policy for builders can have different terms and conditions, and can be purchased according to the builder’s budget. A builder can get a three-month-coverage, a six-months-coverage or even a full-year-coverage. This period can also be increased with the time taken in construction. This procedure is called extension of an existing insurance policy.

Once the extension of a Builder’s risk insurance policy http://www.contractor-insure.com/ is done in pen and paper, the builder can again be at peace and concentrate on the works of concentration without getting diverted from his work.

The Growing Texas Real Estate Market Attracting More Salespersons

The Texas real estate sales market seems to be holding steady in many areas while other parts of the country are falling apart.

Texas Real Estate Salesperson's LicenseBecause of this, real estate salespeople and brokers are coming in to Texas from other parts of the country in order to cash in on what Texans still have going during our economy slump.

For all out-of-state real estate salespersons and brokers wishing to get a texas real estate license, this is possible by contacting the Texas Real Estate Commission. Texas has one of the more strict set of real estate rules to follow for licensing exams in comparison to other areas of the country.

In Texas, the Real Estate Commission doesn’t care how much experience it is that you are bringing into the state. They care about the quality of your training.

If your training has been taken from a source that does not meet Texas standards, you will find the Commission asking that some classes be taken again from an approved training provider.

The Legal Benefits of Carrying a Defective Product Liability Policy

Sometimes, businesses often face legal challenges, that could potentially, impact their profit margins. As a result, purchasing product defect liability insurance, may be the answer to protecting themselves from lawsuits, due to company product defects that caused accidental injury, illness or damage. This particular insurance product, covers manufacturers, middlemen, retailers, wholesalers and distributors, from being sued. Any business, that is involved in the sale of a product to a consumer, is liable for damages, even if their actual role, was simply being an intermediary.

Additionally, improper labeling or lack of specific warnings, that led to consumers misusing the product, structural defects that caused injury, inadequate device descriptions, misleading advertising or sales pitches, unsatisfactory testing or quality assurance standards, are usually the reasons, why companies are held liable. Although, investing time and money into being a responsible, ethical operation, is the right or prudent thing to do, as well as cost effective in the long run and may largely, minimize some of the previously mentioned liability concerns, being covered by a customized product liability insurance policy, is absolutely necessary.

Therefore, researching insurance companies, that have a high claims payout percentage, above average overall reputation, very good industry rating, as well as exemplary customer satisfaction performance, may be something to consider. Furthermore, exclusionary policy clauses or whether these insurance companies operate in countries where your products are being sold and reading the fine print, may be worth exploring. A typical policy can be renewed every year, would require the disclosure of annual sales, merchandise or manufactured goods recall information, data on testing methods and extensive product descriptions.

A Look at the Risks of Neglecting Product Liability Coverage

If you are a manufacturer, distributor, retailer or supplier of goods or services, you need products liability insurance coverage. There are many possible scenarios but the risks of going without it fall into three major categories. First, there may be a flaw in the product itself due to the manufacturing process.

Secondly, the product design may be unsafe. The third risk is in labeling or instructions about use. If a consumer does not understand proper use of the product - injury or property damage may occur and you may be held liable. A million dollars worth of coverage is recommended as a minimum for most small businesses.

Your business liability may include medical costs, lawyers’ fees, and economic, compensatory, and punitive damages. When acquiring product liability insurance, it is important to be honest about your volume of sales and the scope of your business.

There are penalties for underinsurance and they are substantial. It is important to understand the extent of your responsibility, long before you are confronted with a lengthy, expensive lawsuit. Liability insurance may be expensive, but is far less so than legal costs. Find an insurance broker who is familiar with your industry and take his or her advice. In any event, don’t neglect product liability insurance.

Why Home Builders Need a Single Shot Builders Risk Insurance Policy

If you are a home builder, a builders risk insurance policy can be taken out during the duration of a building project, whether professional or personal. There are several types of policies that can be taken out that may fit your building schedule.

Single shot, monthly rate, annual rate, and yearly deposit are all included in a policy option

The single-shot builder’s risk policy is intended more for builders who will only build a couple or few buildings within a year. The policy does not target the project as a whole, rather it targets each individual house or building. The policy will have a minimum premium which can range up to $400 dollars. If the building is finished before the policy is finished, no refund is issued.

All the information of the building site must be given before the policy goes into effect. Information consists of things such as how many square feet, where the building is located, and construction itself. Since there is so much information, paper work, and communication needed in between builds; this policy is not recommended for those who build more than five or six homes a year.

You should always know the pros and cons of your policy before you purchase it. Make sure you ask your insurance agent all the questions necessary about things such as theft, weather damage, and vandalism.

Should Your Small Business Carry a Products Indemnity Insurance Policy

When it comes to selling, manufacturing, distributing, or otherwise being involved with product distribution to consumers, product liability business insurance is a must have.

Product liability insurance protects a business against financial losses by covering legal expenses arising from claims and law suits that are based on product defects or exclusions of warnings that subsequently cause injury or damage.

But how do you know if your business needs a product liability insurance policy combined with a General Liability policy? You may be wondering if a product indemnity policy is only for businesses who sell retail products or who manufacture a product. You may have wondered if product liability is only needed for businesses who deal with products that have a higher chance of causing damage or injury.

The truth is that if you have anything to do at all with the cycle of distribution of a product – meaning, if you manufacture, refurbish, test, distribute, or sell a product, then you are at risk of being sued if anyone is injured because of the use of that product… if the injury is caused by a defect, a flaw in the design of the product, or an exclusion of warnings about how to use the product.

Now, if you’re selling a low-risk item, such as socks, then it might not be something you want to invest into. However, know that even socks have a risk – if someone slips & falls in the socks that you were involved in the distribution of, for example, then you could be sued.

The cost of a product liability insurance for a low-risk product will be significantly less than the cost of a policy for a high-risk product (such as a nutraceuticals and dietary supplements), that carry health risks. Proper liability insurance is certainly something every applicable business owner should at the very least check into.

If you are not sure if your business should carry an insurance policy for products liability, make sure you ask a specialized insurance company for help.

The Importance of Making Sure You Have Product Liability Insurance Coverage

Do you sell products that could result in a claim against your company? If so any claim resulting from such a scenario would also be considered a claim under product liability. How will my business benefit from a products liability policy?

Well, the simple answer is that in the event of a claim you don’t have to worry about losing money.

Claims for bodily injury are notoriously unpredictable as are claims for damage to property. Look at the news and we see million dollar awards for such cases everyday.

Furthermore, these claims often involve product lawsuits which can be both expensive and extremely stressful. It is much better to get the protection you need buy getting an insurance policy than it is to deal with the consequences of not having a policy in place.

A Look at Professional Liability Protection for Technology Consultants

IT consultants need to understand how to protect their technology based business

What they should learn about is called Professional Liability (E&O) Errors and Omissions a type of information technology insurance coverage. This is a type of technology insurance used to cover IT professionals. Standards used in professional liability insurance are based on reasonable records for particular fields.

When setting up any type of IT computer consulting business, professional liability insurance is a must to buy a product because your opinions might vary than others.

Consultant professional liability insurance is helpful protecting you from law suit if a client of yours files a complaint that your services are or are not up to professional obligations. The insurance policy under professional liability insurance can be ordered and designed specifically to meet the business demands.

Coverage and risks covered in the policy for tech professionals may vary depending upon the particular policy provider. The technology insurance coverage provided in the policy is limited to several months or years, so when purchasing IT professional liability insurance so make sure you get details of cover validity. Terms and conditions of the policy must be well read before finalizing the contract.

What Product Liability Insurance Does To Legally Protect Your Business

Most business owners have probably never heard about the need for Product Liability Insurance Coverage. The real critical question is…

What is Product Liability Insurance and Who Needs It?

Product liability policies protect businesses against legal claims from persons who allege that they have suffered sickness, injuries, or loss because of the product that the business supplies.

In a product liability insurance policy, a “product” means any tangible item that is sold or given away. According to the Consumer Protection Act of 1987, the business that supplies or manufactures the products is liable for the damages that the product may inflict on the customer.

If a product causes damage, the supplier, not just the manufacture, can be met with a claim. An example might be… if you are the owner of a café, and the food you order from a vendor and serve makes someone sick, you can be sued as well as the manufacturer of the food.

The cost of a policy is determined by risk and the amount of coverage. The possibility of risk is determined by the product you manufacture or sell, how people you use it, and the types of warning labels or disclaimers on the product itself.

The important thing to remember is that product liability insurance does not give you a license to create inferior, low-quality products. As a supplier, look for a policy that protects you against low-quality manufactured products, indemnity costs, safety claims, and more.

Do You Need Product Liability Coverage or Malpractice Insurance?

Selling products can present special problems if you don’t have proper product liability insurance coverage. There is an increasingly high cost of court awards of damages and because of the public’s high expectations of product safety and physician performance. An additional problem for product liability insurance is that the courts have tended to award damages even in cases where the product was willfully misused.

To help you reduce the risk of sourcing products in China, Alibaba and AIU branches in China have worked together to provide export product liability insurance solutions, as well as educational workshops to China’s small to medium sized enterprises (SME). By providing you and your suppliers with insurance from a leading U.S. insurance carrier at competitive terms and conditions, we will help you purchase more products in China with less risk.