Umbrella vs. Excess Liability Coverage: Which One Do You Need?

Business liability insurance is required in most places. However, the standard coverage amounts may not offer you full protection. In that case, it is time to consider adding excess liability coverage or an umbrella policy to your insurance package.

What Is the Difference Between an Umbrella Policy and Excess Liability Coverage?

Both coverage options increase the limits on your coverage, There are a few differences between them, however. When you are considering excess liability vs umbrella coverages, it is important to understand those differences to make an informed decision.

Umbrella extends the limits of your liability coverage, but it also adds additional, broader coverage for things that are not included in your standard liability coverage. In this way, it can offer an additional layer of protection. An umbrella policy will also have its own deductible written into the policy.

Excess liability coverage, on the other hand, is limited to the items and situations outlined in your original policy. It acts as an extension of that policy when you need higher coverage limits.

Which One Do You Need?

The best policy for your needs will depend on your unique business situation. If you feel that you may need to extend your business liability limits, talk to an experienced insurance agent to determine whether excess liability or umbrella coverage is the right for your business.

Five Factors Affecting Commercial Trucking Premiums

Many truckers look for the best value when price shopping for truck insurance, thought the actual cost has a lot to do with factors the truck driver controls. There are insurance requirements and coverage limits established by the federal government, so being able to meet these demands cost-effectively is crucial to a trucker’s operating expenses.

Five Crucial Factors

There are several key factors that determine the cost of coverage. All of these can be controlled by the insurance applicant.

  1. The USDOT authority. Operating through a lease with a company is cheaper than trying to work under your own authority. Your CAB report, or operating history and violations, also impacts costs.
  2. Government requirements. As mentioned, the government requirements a certain amount of coverage for those needing a federal filing.
  3. What you choose to haul will affect the cost, since some cargo carries greater transport risks.
  4. Operating radius. By increasing the radius of where you drive, you expose yourself to greater risks. Regional drivers pay more than local drivers.
  5. Operating a semi-truck carries higher insurance premiums than if you were using a pickup truck for the same haul. Newer vehicles carry more costly policies because of replacement costs.

As a driver, you can’t avoid paying for trucking insurance. You can, however, control the factors that influence price hikes or expensive premiums.

Developing a Strategy for Manufacturing Workplace Safety

Operating a business in the manufacturing industry comes with a number of risks. In fact, research suggests that more workplace accidents happen in establishments specializing in some form of manufacturing than almost any other industry. This means you need to go above and beyond when it comes to creating a culture of safety in the workplace. The more steps you take in advance, the easier it will be to reduce your overall risks and limit the odds of a financial disaster.

Follow the Right Safety Practices

Following the best practices in manufacturing operations starts with communication. Every regulation you put into place for workplace safety should be clearly communicated to each and every member of your team. A failure to keep even a single person informed can lead to a serious accident. Additionally, a risk management strategy can be an incredibly useful resource to refer to. To create this type of strategy, consider these points:

  • Evaluation of current and projected risks
  • Analysis of data related to similar industries
  • Insurance policies to cover common industry risks

Prepare for the Future Now

Though the manufacturing industry might come with more risks than others, there are several easy ways to keep your assets protected. Take time to review your options with insurance and find a policy that makes sense for your needs. As long as you keep your team informed on the changes, you’ll be ready for what the future has in store.

The Growing Need for MPL Coverage

Professionals of all industries increasingly need liability coverage. However, many errors and omissions policies focus on only the most common such as architects, attorneys and accountants. With the growing number of professional entrepreneurs, miscellaneous professional liability insurance has also increased.

Mistakes Happen

Anyone can make a mistake which can cost the business a financial loss. Businesses providing a professional service can cover those potential mistakes with MPL Coverage, according to Huntersure. The comprehensive policies help with legal fees in the event of a lawsuit rather than the business covering those costs.

Professional Services

The term professional services include more business professionals in more industries than ever before. Travel agents, publishers, commercial real estate agents and information technology services are common small businesses run by professional entrepreneurs and consultants. They can protect their businesses with MPL insurance.

Meritless Lawsuits

A business can be sued without merit of any wrongdoing. Unfortunately, a lawsuit can cost a lot of time and money, especially to small businesses. MPL insurance helps cover those costs, so you can continue to provide quality services to other clients.

Don’t let a lawsuit or mistake leave your consultant business floundering. MPL coverage helps cover the financial losses associated with a legal battle, cyber exposure and third-party indemnification. Even small businesses have exposures that need the right insurance to cover.

Insuring a Mobile or Manufactured Home

Many owners of traditional homes recognize the vital importance of maintaining comprehensive home insurance to protect themselves in the event of damage. Mobile and manufactured homes are becoming an increasingly popular form of homeownership throughout many regions of the country. Mobile homeownership provides people with the opportunity to build equity in an affordable home rather than continuously pay rent for an apartment without building any equity. It’s extremely important for all homeowners to carry insurance regardless of whether they own a traditional home or a mobile home.

What Types of Damage Does Mobile Home Insurance Cover?

Mobile home insurance can protect you against many different types of damage that could affect your home. Policies can insure you against damage caused by weather events such as lightning, windstorms, and hail. They can also help to address losses resulting from the acts of third parties such as theft or vandalism. In addition, your policy can cover losses due to fire, water damage, and falling objects.

What Will Your Policy Safeguard?

The primary purpose of a mobile insurance policy is to cover damage caused to the physical structure of your mobile home; this may include flooring, windows, or your home’s tie-down anchoring system. Additionally, your policy’s coverage can also protect against damage to your personal belongings inside of your mobile home.