Category Archives for Business Insurance

Professional Liability Insurance

ThreePeople952x357Whatever your profession, protecting yourself with professional liability insurance is not just a smart thing to do, but a necessity in today’s litigious society. You have worked hard and put in years of education and work to get where you are in your career. Without the right coverage for potential negligence suits, you could lose everything you have worked so hard to achieve.

What It Covers

General liability insurance can protect you from a wide variety of claims against you and your business, but will not protect you from the type of lawsuit that can result from the simple errors we are all capable of making. Nor will it protect you from claims made against you that are unfounded. Remember that even if there is no truth to the accusations against you, you can still find yourself in court defending yourself and your professional reputation against them at a very high cost to you.

Those who provide a service or advice, or in any other way use their knowledge and experience to help others are in need of professional liability insurance. This includes things like errors and omissions insurance and malpractice insurance, both of which are types of professional liability. The similarity is that the types of lawsuits brought against professionals are usually based on actions, advice, or services that may not have caused property damage or direct injury but nonetheless can in some way be shown to be a result of the negligence of the professional.

Don’t Take Chances

You do your best to provide good advice, to make sure that everything you do and offer to your clients is as accurate and helpful as possible, but everyone makes mistakes. And even when you didn’t make a mistake, all it takes is someone who is unhappy with the outcome to turn on you and put the blame at your feet. These lawsuits can cost professionals incredible amounts of money, even if you win. Having to pay out on such a lawsuit can easily bankrupt even the most well off professional.

Professional liability insurance provides you with the means to defend your good name in court against accusations as well as to pay out on settlements when you are found to be negligent. Without it, you could find yourself not only out a lot of money, but your reputation could be on the line because you are unable to fight an unfounded lawsuit. Don’t take chances; protect everything you have worked so hard for with the right professional liability policy for your industry. Your insurance agent can help you to ensure you have the coverage you need to have complete peace of mind.


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Product Liability Insurance, Do You Have Enough Coverage?

You know that if you manufacture any sort of product you need to carry a special type of liability insurancerisk called product liability. This is designed to protect you from any claims made against your company based on injuries or damage that your product might cause to the public. Every company owner has seen the type of lawsuit that product liability protects against, but most believe it is unlikely to happen to them. This could be true, but if it does happen to you, wouldn’t you rather be prepared instead?

Don’t Take A Chance

Do you believe your product is safe; of course you do, you have gone through all the necessary procedures to make sure it is. So while you acknowledge that you should have product liability, you probably think a minimal amount of coverage should be just fine. This line of thinking is especially common in products that are not really seen as potentially dangerous. After all, you don’t make chain saws, you make stuffed toys!

While it is true that the type of product you make can determine how likely it is that you will one day be facing a lawsuit, this shouldn’t be the deciding factor in how much coverage to carry. When you take out a lower policy based on your belief that you are not in a high risk category, you are taking a chance that really is not worth taking.

How Much Coverage Do You Need?

The answer to this is very simple. As with any liability policy, the best course of action is to take out as much as you possibly can. If you make a product that isn’t seen as a high risk, your premiums should be quite affordable. And if you make a product with potential dangers, you need to pay that premium no matter how high, because a lawsuit will cost much more.

Liability insurance is one of those coverage options where the people who claim they can’t afford it are the ones who need it most. Paying for the insurance now is much better than paying out on a settlement later. Sit down with your insurance agent and find out how much coverage you have for product liability, as well as how high you can go.

Product liability is an area of insurance that is growing all the time as recalls are more and more common and lawsuits even more expensive. No matter what your product is, this is not an area of your insurance in which you should not cut back on.

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Workers Comp and the legalities of not having it.

Carrying a good workers comp policy is a smart choice for your business. An injury to an employee on yourLakeland Commercial Auto Insurance premises can hurt both of you financially if you fail to carry the right coverage. Your employee will miss work and struggle to pay medical bills. You will be on the hook for those bills and could face a lawsuit from the employee. But that’s not the only legal trouble you could be facing.

Worker’s Comp And The Law

In many cases, it is not just recommended that you carry a workers’ comp policy; it is actually required by law. In order to protect employees from the life altering possibility of an injury on the job, many states require that businesses carry a certain level of workers’ comp coverage. Should you fail to comply with this requirement, you may find yourself in a wide variety of legal troubles.

First of all, if workers’ comp is a legal requirement, you will probably be required to present proof of your policy to your state licensing board for your license to do business. Failure to do so can result in the revocation or non-renewal of your license.

Lawsuits From Injured Employees

If you fail to carry workers’ comp and an employee is injured on your premises, you will very likely find yourself in court facing a lawsuit. You could be forced to cover all of the medical bills and missed wages for that employee out of your own pocket. Furthermore, the judge will not look kindly on you for failing to follow the law regarding your workers’ comp policy. You could face penalties that are far more expensive than simply paying for the policy in the first place.

Workers’ comp is one of those insurance policies that are simply a must for any responsible business. The fact that it is required by law is only one side of the coin; you are responsible for what happens to your employees when they are in your place of business and on the clock. Providing an insurance policy for potential injuries protects them, and it also protects you. Be certain that you are meeting all of the legal requirements to do business in your state by discussing your workers’ comp coverage with your insurance agent and checking regularly to ensure everything is up to date.

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Do You Need A Commercial Auto Insurance Policy?

commerical autoIf you run a business that requires the use of vehicles for company activities, you need a commercial auto insurance policy. Commercial insurance policies are designed to protect you against the wide variety of liability issues you face when you have employees on the road using your vehicles.


What Happens Without a Commercial Auto Policy?


Without a commercial auto policy, if an accident were to occur, you and your company will be held accountable for property damage and injuries. Only a commercial policy can protect you and your business from financial disaster.


How Many Cars/Trucks Do You Need For a Commercial Auto Policy?


Whether your company has one car or a hundred delivery vans, there is a commercial policy that will suit your needs. You can obtain individual commercial policies for each vehicle used by the company, or choose a fleet policy if you have more than a few cars.


You have other insurance policies in place to protect your company from liability, fire, theft, and other potentially ruinous events. Commercial auto is the policy that will protect your company when you or your employees are on the road.


Don Westerfeld 11/13/2014 2:47:00 PM

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Is Your Business Property Covered?

business propertyTake a minute right now to look around your office. What do you see? Most likely you see furniture, a computer, a printer and other electronics, and all kinds of office equipment-all items that cost quite a bit. Now think about the rest of your business property outside your office door.


All of the furniture and equipment that is used by your employees, whether in an office or a manufacturing setting-how much is it all worth? Add it all up to get a rough estimate of what it might cost to replace it, and you will have an idea of how important property insurance is for your business.


Do You Have Enough Coverage?


You might think that you have enough coverage; some might even be included with another commercial policy you hold. But is it enough? Remember that if you lost everything, you would have to replace it all at today’s prices. And you will have to replace it all at once; if you want to get back to business quickly, you can’t take the same amount of time that you did when you were building your company from the ground up. Your customers have expectations, and you can’t risk losing them while you try to figure out how to buy all that equipment you need.

A good business property policy will provide you with more than enough coverage to ensure you can get right back to business in as little time as possible after a loss. It will also pay the replacement value of everything your business needs, and not a depreciated value. Don’t forget this important detail when purchasing this coverage!


The More, The Better


A good rule of thumb when choosing coverage is always to carry more than you think you need. The reality is that you never really know how much is required until you have to use it; many people discover too late that they didn’t have the coverage they needed. Once a loss has occurred there is nothing you can do. Plan ahead by adding extra coverage; the more coverage you have, the better off you are.

It is easy to forget about the many small things you use every day as a part of your business, and that add up quickly when you have to replace them. Underestimating what it would take to replace everything is a common pitfall; don’t risk it. By carrying more coverage than you think you need, you can get back on your feet more quickly after a loss and get right back to business.

Don 10/20/2014 11:44:00 AM

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Protecting Yourself And Your Employees With Workers’ Compensation

workcompNo matter what your industry, injuries at work can happen. If one of your employees is hurt at work, you can be held responsible for the medical bills. Workers’ compensation insurance provides a safety net for both you and your employees, ensuring that if an injury should occur neither of you will have to bear the financial burden.


What It Does


Workers’ comp insurance is designed to provide financial assistance to employees who are injured in the course of their workday. Every business should have it, even though you may believe your employees are not at a high risk of injury. The injury doesn’t have to be the kind of workplace mishap we commonly think of, such as being injured by manufacturing machinery or in the course of dangerous jobs.


If there is a wet spot on the floor of your office break room and one of your employees slips on it, that too can be a workers’ comp claim. Any injury that happens at your place of business during business hours, no matter what that injury is or how it happened, is a matter for workers’ comp.


Carrying workers’ comp insurance protects you from having to personally pay out for medical bills and lost wages when an employee is injured on your premises. Whether or not you feel the injury is your fault or that your company is responsible, the fact is that if it happened to an employee who is there to work for you, you can be the responsible party. Failure to carry workers’ comp means that you could face a lawsuit and wind up paying out of pocket on the claim.


Protect Yourself, Protect Your People


Carrying workers’ comp not only protects you, it also protects your employees. They will not have to deal with the financial burden of having to miss work and pay medical bills due to an injury. And they will feel confident working for you, knowing that if something happens they will be taken care of.


In many cases, carrying workers’ comp is not merely a good idea, it is the law. Make sure that you are carrying


DW 9/22/2014 4:37:00 PM

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What Type of Liability Coverage Do You Need For Your Business?

business1No matter what type of business you run, you need to protect your interests with the right liability insurance policy. Every company needs a variety of different types of insurance; some of these policies are the same no matter what kind of business you have, while others might be specific to your industry. One of the coverage’s that remains the same across the board is general liability coverage.


Your general liability policy is one of the most important you will select as a business owner; it takes only a quick look at the news to see the array of claims consumers have made against companies in recent years. Many of these lawsuits ended in favor of the claimant. Without good liability coverage, your company could wind up paying these claims out of pocket. Take the time to make sure you have selected liability coverage that meets all of your needs and potential risks.


What General Liability Is For


There are a number of different types of liability policies you can purchase to protect yourself from potential financial responsibility. General liability is one of the less specific forms of coverage and provides a generalized, overall coverage for liability claims resulting from a wide array of possible incidents. While it will not protect you from everything, a good general liability policy provides you with a solid foundation.


A general liability policy gives you coverage for defense from lawsuits and to pay out financial claims when negligence on your part can be proven. It prevents your company from facing potentially serious financial damage due to property damage, injuries, or any other claim that can be proven to be a result of your company’s actions or products.


Choose Your Policy Carefully


When you select a liability policy for your company, you should first make certain that the policy covers you from all angles. If you have specific risks that are not covered by general liability, you may want to purchase additional policies to provide that coverage. It is important to understand what is covered by your general liability policy and what is not; waiting until a claim occurs is not the best time to discover the exclusions in your policy!


Be certain that a few basics are being covered by your general liability policy. You want to be sure that you have good public liability coverage-meaning that members of the general public who might sustain injury or loss as a result of negligence on your company’s part can be compensated. You also need to be sure that you have enough coverage to protect yourself properly.


Don Westerfeld 8/26/2014 8:38:00 AM

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Commercial Auto Policy, Who and What is Covered?

commercial trudksYou count on a commercial auto policy to protect your business from liability risks that could be incurred when you or an employee gets behind the wheel for business purposes. In order to get the most from your commercial policy, you need know what it covers-and more importantly, what it doesn’t.


When you set up a commercial auto policy, it is important to ensure that every potential driver who might get behind the wheel is listed on your policy. As new employees join your company, you will need to contact your insurance agent or the company directly and make sure they are added to the policy. If anyone who is not listed as a driver gets behind the wheel, you run the risk of being denied coverage in case of an accident. A commercial auto policy can and will protect all of the drivers in your business, but only if you are sure they have been properly added as insured drivers.

There are several types of commercial auto policies. Under an individual auto policy, a specific car owned by the business is covered for liability as well as other options you may choose. When you have a fleet policy, you will have a single policy that covers every vehicle owned by the company. Much like adding new drivers, you should be certain to add and remove vehicles as needed to keep your policy up to date.

A commercial insurance policy covers you for property damage and injuries to others that occur as a result of the actions of a covered driver. That means that if your employee is found to be at fault in an accident, the commercial auto policy will kick in and prevent your business from becoming the target of a lawsuit for damages. Why does this matter? Because if you don’t have the coverage you need, your business could face financial ruin. When a business is involved, lawsuits are more likely; injured parties see the likelihood of a higher financial payout. Your commercial auto policy protects you from this sort of lawsuit, providing coverage for the liability you take on when you let employees drive your vehicles.

A commercial auto policy also protects you from damage that can be done to the vehicles you own in the course of business use. Vehicles that are on the road more often-as many business vehicles are-are at a higher risk of being damaged. Your commercial policy protects you from errors made by your drivers, theft, vandalism, and other damage.

While you are careful in choosing the people you hire, everyone makes mistakes. Unfortunately, when someone is driving a vehicle owned by your company, you can be held responsible for those mistakes. Commercial auto insurance makes certain that your business won’t face a disaster due to an accident.

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Don Westerfeld 8/5/2014 10:36:00 AM

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Do I need personal or commercial auto insurance

Using the right tool for a job is key to success in any profession. Experts say the same principle applies Tampa's car insurance marketwhen selecting an auto insurance policy. Having the right type of policy can help ensure that you, your employees and your business are all protected in the unfortunate event that one of your vehicles is involved in an accident.


If you’re a business owner and you or your employees use a vehicle for business-related deliveries or to carry certain materials to and from a job site, you may need a commercial auto insurance policy that’s tailored to more closely suit the needs—and risks—of a business vehicle operator.


Here are some questions that can help you determine if you might need a commercial auto policy instead of a personal auto policy, courtesy of Lock Insurance:

  • Do you need more liability coverage than your personal auto policy provides? Generally, a commercial auto policy provides higher limits of liability, but less or no coverage in areas that are typically not associated with commercial auto risks.
  • Do you need special coverage for situations associated with con-ducting business? Commercial auto policies also usually offer certain coverages—such as hired and non-owned auto coverage and coverage for towing a trailer for business use—that are not available with personal auto policies.
  • Do you need to list any employees as drivers? You can do this with a commercial auto insurance policy.
  • Do you use your vehicle for business purposes? If you use your vehicle for things like pizza or newspaper delivery, catering, door-to-door consulting service, landscaping or snowplowing service, logging business, day care/church retreat van service and/or farm-to-market delivery, you might need a commercial auto policy.

Lock Insurance is an independent insurance agency – trained, licensed insurance professionals who offer personal service and advice. We can help match you with the type of policy that best suits your needs and those of your company.


To learn more about all an independent agency offers, visit or give us a call.
dw 11/22/2012 9:07:00 AM

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