Posted on March 20, 2010.
Obtaining insurance business Consider insurance companies such as copper welding that merges a plumbing business and common, if the joint leaks, there may have important ramifications. It's the same thing with the insurance companies, if you do not cover the company really need backflow contractor - you watch those profits flow right down the drain. You personally can not control or eliminate all risks that threaten your life, but insurance companies may provide additional protection against these risks ... If you carry the correct type.
Choosing the right policy with all appropriate safeguards can be a challenge when you're an entrepreneur discharge / technician. Bob Smart, director of Compass Commercial Lines Insurance in Highlands Ranch, Colo., says: "Everyone wants flat discharge each contractor / tester / Tech in the category of plumbing, when in fact they are not all plumbers, this that is my point of contention with the insurance companies. I explained to Hartford [] Insurance Company as the technical delivery of test data delivery - then they make a report on the valve they have tested or that they repair or replace the valve. They are not going in and pulling water lines or sewer lines.
"What makes Hartford ... was to cover these technicians discharge under a class of engineering, because it is obviously more about the reports and documents," he says. "I had more than 30 technical delivery insured by Hartford under this class engineering and has never been a single claim. Hartford has changed since this particular class of coverage regarding the delivery technicians and engineers do not currently cover discharge that work on the lines of fire, ie, sprinkler systems, sprinkler systems, additional coverage is needed or another class should be selected.
Find an agent who understands your business.
A key element in selecting insurance coverage for a contractor to discharge / technician / tester is to ensure that your agent understands what it is you do and do not form part of your workday. "If an agent wants to put you in the class plumber - which can cost more than five times the annual premium of say an engineer class - find an agent who is willing to listen and understand your business," said Smart. "If all devices you are doing is the discharge test, then you should not be placed in a class plumber. "
Unfortunately, your insurance company is not as simple as insuring your car. Because this business is unique, you'll need to write an insurance package that meets your business needs and provides the level of protection you are comfortable.
Your first decision is to decide what types of insurance you need. Two types that all businesses need are the property and liability insurance.
The property damage and coverage
Property insurance protects the assets of your company owns, including construction and equipment, destruction or damage. Even if you run your business from your home, you'll need to protect your business assets with separate property insurance, this insurance will not cover office equipment. There are two general types of property and casualty coverage All risk coverage and Named Perils coverage. As the name suggests, "all risks" cover you for almost any kind of loss while the "name" peril coverage would cover the causes for the loss of name, like fire. Need a comprehensive coverage. Even with so-called cover any risk there will be exclusions. Make sure that the exclusions and the policy review. If there are policy exclusions that are important for you, you can try another insurance company or insurance for specific situations excluded.
Property insurance is also written that the replacement cost or actual value. The first will focus on the actual cost of replacing the lost prope.
