Commercial Insurance Can Protect You from Lawsuits

Every business owner does the utmost to avoid a lawsuit, and ethical business practices can help to minimize your chances. Yet some business owners get sued in spite of their best efforts, and lawsuits can wreak havoc on a company's day-to-day operations, as well as its profits.

So what exactly is a business owner to do?

Purchasing commercial insurance—both general liability and professional liability—is the best way to avoid the pitfalls of legal actions. If a suit is brought against your business, your insurance company can either settle with the plaintiff (and pay the costs of the settlement) or take the plaintiff to court. In the latter instance, this insurance protects business owners in four ways.

1. The policy can cover the costs arising from the investigation of a claim, along with the attorneys' fees for representing the defendant in the case.
2. Commercial insurance can cover those costs associated with time missed from work due to court appearances.
3. Your coverage can provide the monies necessary to cover the cost of any judgments or settlements placed against your business, in the event that your case is lost. This includes interest associated with the monies awarded to the plaintiff, as well as medical expenses, if those should be included in the case.
4. Commercial insurance can pay for the premiums associated with any court-ordered bonds in a liability suit.
Businesses today face many complicated circumstances that can eat into their profits and increase their operating expenses. Lawsuits don't have to be one of them. With the right commercial liability insurance, legal costs and fees can be covered in the event that your business faces court action.

Don't let your business get trapped in a no-win situation because you lack the right coverage! Contact us to determine which liability insurance is the best for you and your business.

Get the coverage you need. Call Adcock-Adcock Insurance Agency at (813) 933-6691 for more information on Tampa business insurance.

Can a Procedure Manual Help Minimize Your Insurance Claims?

Employees can be a business’s first line of defense against an insurable incident. But if your employees aren't properly trained in safe and effective work procedures then they may be little help in stopping an insurable incident; in fact, they may even inadvertently bring one on.
An employee or procedure manual is the perfect way to communicate proper procedures that will help stem an insurable incident. You just need to think about the best way to put one together.
Procedure Manuals and Property Insurance
A procedure manual can spell out many policies that will result in fewer claims against your commercial property insurance, including:

• Procedures for on-site alarms. Training your employees on how to use the business alarm will help prevent break-ins, theft and vandalism.
• Proper equipment handling. Teaching employees how to properly handle equipment will help prevent fires and electrical issues and will help your business save money on machine breakdowns and maintenance issues.
• Appropriate customer service procedures. Liability claims from customers can be greatly reduced if your procedure manual teaches employees how to conduct themselves during everyday incidents. It can include topics such as dealing with customers, how to keep the sales floor clear of debris, and how to handle customer property to minimize the risk of damage.
• Fire safety techniques. Teaching employees how to use the fire extinguisher and how to evacuate the building can reduce overall claims on every policy, including worker’s compensation.
• Safe driving techniques. If your employees run errands for your business then they need to be covered under the company's commercial auto insurance policy even if they use their own car. By setting out the procedures for operating a company vehicle or conducting company errands in their personal vehicle, you can help teach employees how to stay safe and avoid accidents.

Procedure Manuals and Liability Insurance
Many different incidents can result in damages that create claims against your liability insurance policies including damages due to professional errors, cyber theft and social media related slander or libel. By spelling out specific procedures in your employee manual regarding these activities, you can ensure that your employees use best practices to help prevent lawsuits and liability claims.
Arming your company with the right informative tools and insurance will help you stay in business for many years to come. Give us a call at 813-933-6691 to find out how our Tampa business insurance products can help.

What is a Certificate of Insurance?

Insurance of all kinds is generally intangible. Whether you are talking about auto insurance, life insurance, home insurance or flood insurance--you can’t hold insurance and you can’t sense it. Upon entering a car or premise, you won’t even know insurance is “present” unless someone tells you.

Generally, it doesn’t matter that you can’t touch, feel or sense an insurance policy. As the insured you pay your premium when it is due and you know that, should disaster strike, your policy will be useful. You have proof of your payments and somewhere, where you store your most important documents, a copy of a policy.

But there are times when you need some sort of physical proof that you are insured and if you don’t have a policy or if you need something with a current date proving that you are still consistently paying your premium, it is then that a certificate of insurance is a useful tool.

The Certificate of Insurance

A certificate of insurance is a document issued by an insurer that discloses details about your insurance coverage. It can disclose the owner of the policy’s information, information about the insured property or person (for life insurance policy) as well as the amount of insurance and the incidents that are covered.

Continue reading "What is a Certificate of Insurance?"
or contact us at (813) 933-6691 to learn more about Tampa Insurance.