General Liability Insurance
As you can surmise, a General Liability Insurance is an insurance policy that business owners need to get if they want to be protected from paying compensation or liabilities resulting from lawsuits and claims arising from accidents, whether their company was directly, indirectly or not at all responsible for them.
In reality, no matter how much you prepare and take the necessary precautions to ensure the safety and security of your employees, accidents are always waiting to happen, either through negligence or a twist of fate. It is in these instances that you have to safeguard your company’s assets from being drained because you have to pay off medical expenses, attorney’s fees and other costs as a result of property damage or personal injury.
Workers Compensation Insurance
There are many professions that pose some hazards to their employees. Being in construction work is one because workers are liable to take a fall, liable to be hit on the head or worse fall to death. Being a worker in a factory or laboratory also increases the chances for a work-related injury simply because of the nature of the work.
However, regardless of the danger faced in the industry you work in, you can rely on Workers Compensation Insurance to provide the following benefits for your employees and their family members in the case of work-related injury:
- wage loss indemnity,
- coverage of medical expenses and/or hospitalization services,
- partial or permanent disability,
- vocational rehabilitation, and,
- burial services and other benefits in the case of death.
Workers Compensation Insurance is the all-encompassing mandate which covers compensation for a worker and his family members in the event of an accident leading to injury or death during the course of the worker’s performance of his duties.
Builders Risk Insurance
Arizona Roofers Insurance has been working with small business owners for over 30 years to help them find the right Builders Risks Insurance policies that best take can of their risks and exposures.
You can get a Builders Risk quote by filling out the form on the next page or by calling 1-800-253-7040 to speak to a live agent. Our agents are able to search the marketplace and find the insurance coverage that fits your specific needs at a price that you can handle.
It’s not uncommon for you to be familiar with Contractor Bonds especially if you’re a professional or you have your own business and your client needs a guarantee or bond as proof that you can accomplish what you’re hired to do. Surety bonds often involve three parties.
- The Principal is usually the provider of the action or service which can be anyone – an individual, partnership or corporation. He is required to post a surety bond which ensures that he will perform what is expected of him.
- The Obligee is the one to whom the guarantee is for. He’s the one asking for the performance of an action or service. He’s the one who has hired the services of the Principal but needs the guarantee to ensure that the job will be accomplished or fulfilled. If the Principal fails to deliver what has been promised, the Obligee can collect his bond from the Surety.
- The Surety is the one that provides the guarantee when the Principal fails to provide what is required from his obligation to the client or the obligee. The surety will do a background check and evaluation on the principal to make sure that he is qualified to be bonded. If he passes the test, then the surety issues the bond.
Commercial Auto Insurance
The key word in understanding Commercial Auto Insurance is “Commercial”. It’s the main difference between personal car insurance. What it denotes is that this type of insurance is clearly for businesses with employees that use and operate vehicles like trucks, vans, cars, and SUV’s. There are different types of accidents that can happen when you use vehicles for your business.
First, your employees may be involved in the accident due to human error. Second, your vehicle may have been damaged due to another vehicle involved in the accident. There may also be times when passengers are also hurt or worse, dead. If you consider all the financial expenses involved in compensating for the damages, your business will likely go bankrupt. That is what commercial auto insurance is for.
Inland Marine Insurance
The term Inland Marine Insurance may be a quirky way to describe something that doesn’t really have anything to do with water or “marine”. It’s an offshoot of the insurance coverage called ocean marine which used to cover protection for any cargo that’s being transported across the ocean. It grew from the necessity of covering cargo and other valuable items that are being transported first on land and then being transported by water on ocean-faring vessels.
Over the years, the insurance coverage has evolved to include all property that is in transit, never mind that it’s never going on water or being transported on the ocean. The “Inland Marine” just kind of stuck and has since, been used to cover almost all property that is being transported whether on a one-time deal or on a regular basis.
PEO / Employee Leasing Services
Employee leasing is not such a technical term to understand. First, it concerns your employees and the maintenance or responsibility of having an HR department. The main concern among business owners is that the routine task of organizing, recording, managing and paying for employees often takes too much time and costs a lot especially when you have to have your own HR department to do the job for you. But, of course, you can’t do without employees or you won’t have a business to run. The solution that has presented itself is to lease employees from a Professional Employer Organization (PEO).
When you lease employees, you are basically transferring all the necessary management, and sometimes even hiring procedures, of your employees to another company, a PEO. Your employees are still your employees except that someone else is hired to be responsible for the hiring (sometimes), payment of salaries, wages, employee benefits and other bonuses, and handling various employee claims. In short, it’s like having an outsourced Human Resources department that you can utilize if you don’t want to be burdened with handling one for your business.
When you’re running your own business, you always want to find ways to cut costs without affecting the quality of work that you do for your company. You can’t very well cut your employees’ wages because to do that would be to sacrifice the good ones into leaving your company and looking for greener pastures.
You can’t cut down on the quality of ingredients (if you’re in the food business) because to do that would mean a change in the taste and that would affect the number of customers who patronize your food products. One of the common departments that often gets outsourced or passed on to an outside company is Payroll Services, especially when a business wants to cut costs.