Different Types of Seattle Business Insurance You can Choose From

A business is a personal asset that needs an utmost protection, whether you are an owner of an entire venture or just a part of it. Your life could depend on it that is why it is just right for you to obtain a Seattle business insurance. The policies bring more than more than just financial security to your business, especially if you have the right type of insurance for your business.

What are the different types of business insurance that are available in the Seattle areas? Read through the article and learn about the different types and see which one is perfect for your business.

1. Business Owner Coverage – this type of insurance for business is provided to protect the company if ever accidents happen like fire and related disasters. This type of coverage is somehow similar to liability protection in a certain level.

2. General Liability Insurance – this type of insurance covers for expenses that are used to pay for legal matters. The issues, including occupational accidents and injuries, can be covered by this policy. Also other expenses related to negligence claims, third party property damage, and legal issues such as libel and slander, may also be covered by this type of insurance.

3. Product Liability Insurance – this specific type of coverage protects your business from the expenses brought about by company losses due to safety standards of the product that were not considered. Product defects may cause injuries to employees or customers that the company may need to take responsibility of.

4. Commercial Property Insurance – this covers for the losses that the business may get due to mishaps including fire, smoke, vandalism, and natural catastrophe like wind and hail storms. Damages to the business that are brought about by civil disobedience can also be covered in this type of insurance plan.

This type of business insurance can come in two main forms. There is a type of property insurance that all risks that come with the business. Another type only includes specific situations to cover. 

5. Home-based Business Insurance – this type of business insurance is combination of coverage for both home and business risks. Businesses that are specifically home based may benefit largely in this type of insurance. However, this policy only covers for property damages. The owner may need to get a separate insurance specifically for issues about general and professional liabilities.

6. Errors and Omissions Insurance – this is also known as the professional liability insurance. This covers for matters that are related to malpractice, errors, and negligence on your part, as a business or a practitioner.

You can now grow your business with peace of mind. Find a trusted Seattle business insurance provider today. It would be easy to look for them as they are freely available over the internet. Make sure that you review the different types of business insurance. Choose the one that fits best with the needs of your company. If you are not sure which type to use for your business, you may consult an insurance company. They will be able to tell you which type of insurance can help you maximize the protection for your business.

What Your Agent Isn't Telling You About Your Tech E&O Insurance Policy

Everyone is wary of the small print of the insurance policy. The devil is in the details, right?

Most general liability forms are standard and written by the Insurance Services Office (ISO), so even though they are wordy and in an insurance language the policies have at least been vetted by countless court cases, decisions, and attorneys over the last 50 years.

However, E&O forms are all written by individual companies and each one is different.  The policiy forms are constantly changing to keep up with new technologies.  The internet only started around 30 years, Facebook started 10 years ago, now we have Snapchat and Tinder and who knows what is next.

My point is that as soon as a company creates a form, it must rewrite the policy form in order to exclude new tech that they didn't foresee when they created the product.  These exclusions could be far reaching in their wording and exclude other things that you may assume were covered.

I recently spoke to a technology insurance underwriter for the biggest tech carrier in the US. Besides going over the regularly included Tech E&O coverages such as:

• Denial of Service (DOS) attacks
• Losses from malicious hackers
• Copywrite or trademark infringement
• Failure to prevent disclosure of private information
• Failure to prevent the introduction of malicious code

We discussed at length one crucial coverage:

Breach of Contract

According to my source at the company, 92% of claims came from breach of contract. Breach of contract coverage, sometimes called breach of warranty or representation, provides protection for your software or website company if your customer sues you for a number of reasons, but the main categories are:

• Negligence
• Failure to perform

Many major US carriers exclude breach of warranty all together or have additional exclusions that can strip coverage in the event of a claim.

• Exclusion for contractual liability - liabilities that you agree to by contract but may or may not have to do with the work you are specifically doing
• Exclusion for breaches of contract that stem from a payment/fee dispute
• Exclusion for any breach of warranty

Not only are you missing out on coverage if you lose the law suit, but many times the most expensive part is the attorney fees. If the claim is denied, then the company won't pay any money to defend you in court.

Not having this coverage can cost you big money. For example, a recent claim involved a software developer who created a software to conduct risk modeling. The customer relied on the software in order to make financial decisions. The company went bankrupt and blamed the software company because the client's decisions were based on the software risk modeling.

The claim expenses alone cost over a $1,000,000 and the payout in the end was over $4,000,000. - This claim scenario came from The Hartford (see disclaimer below)

For a small software company, a lawsuit can bankrupt the company or force it to make hard decisions such as laying off workers that the company wouldn't have had to make if it had the correct coverage.

Have you been involved in a tech related lawsuit related to breach of contract?
I'd love to hear your comments.

My Disclaimer - This post is not a substitute for professional legal advice. This post does not create an insurance agent-client relationship, nor is it a solicitation to offer legal/insurance advice. If you ignore this warning and convey confidential information in a private message or comment, there is no duty to keep that information confidential or forego representation adverse to your interests. Seek the advice of a licensed insurance agent in the appropriate jurisdiction before taking any action that may affect your rights.
Hartford's Disclaimer - The scenarios summarized herein are offered only as examples. Coverage depends on the actual facts of each case and the terms, conditions, and exclusions of each
individual policy. Please refer to the policy to determine all terms, conditions, exclusions and limitations of coverage. Coverage is provided by the property and casualty
companies of The Hartford Financial Services Group Inc. and may not be available in all states. All information and representations herein are as of January 2013.
018993 Rev Printed in U.S.A. © January 2013 The Hartford Financial Services Group Inc., Hartford, CT 06155 All Rights Reserved

This post was originally posted on LinkedIn on 6-16-14 https://www.linkedin.com/today/post/article/20140616214826-23362016-is-your-tech-company-missing-its-most-important-coverage?trk=prof-post 

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Security Brought by Top Life Insurance Company in Seattle

People nowadays worry too much about their life insurances. They often make hard dilemmas out of them, when in fact they shouldn’t. Most people may think that it is too expensive to get a life insurance, more so from a top life insurance company in Seattle. If you look at it a little closer, you’ll realize that what you should focus more on is the type of security that insurance companies can offer you.

Just what do you get when you pay for a life insurance? First of all, the policies will be able to protect your family in any case inevitable things happen. Life insurances basically cover your income, educational expenses for your children and final expenses or costs for your burial in case of your death. It actually prepares you for something that is highly unexpected. Your life insurance can actually save your family from an added burden brought about your death.

If you are insured, you will have the peace of mind knowing the your family’s future is already secured. Life insurance more than just leaving money for your family to spend. You are actually giving them the security of living a good life as if you are still with them. Your insurance plan can cover for your funeral and burial expenses. Funerals are normally very expensive and a family that is not prepared enough for a loved one’s death may be troubled all the more. You are actually saving your family from more financial and emotional burden if you are gone.

Your policy can also cover for your mortgages. The bank will not need to reclaim the property from your family because the insurance can cover for the needed payments. Not only that, if you have left assets for your family, they will be protected as well.

Most insurances do not only offer you and your family favors when somebody in the family dies. Some types of policies actually allow you to borrow cash from the funds that you have already built up for your insurance. In case of emergency, you can convert a part of your insurance fund to a cash value. The policy can also serve as a long-term care insurance after you retire.

The fact that you have found a top life insurance company is an evidence enough to show you that the industry is stable and highly regulated. This is the kind of existing security that most people do not notice. They are often too afraid to pay for insurance that they might not be able to use. If you choose to get insurance from a trusted company, you can rest assured that your life and your family are protected well.

 Having competition in the market is just normal. It actually drives companies to strive hard and make better programs for their clients. Companies would not allow that single reason to put them down. They are more focused in strengthening their company and serve you better. In general, the top life insurance company in Seattle protects your family from being indebted in any case you depart.

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