Mail Order Insurance. While the annual revenue that mail order businesses generate is on the decline (thanks in no-small part to the increasing popularity of online retailers), this industry segment is still going strong especially in the US. Many people still don't feel comfortable with entering their credit card information over the internet, and they enjoy watching product demonstrations on television or browsing through catalogues.
If you own or are looking to start a mail order business, it is important as a business owner that you cover yourself from potential lawsuits by buying mail order insurance.
Mail order insurance protects your house from lawsuits with rates as low as $47/mo. Get a fast quote and your certificate of insurance now.
As with other businesses, mail order firms are exposed to the likelihood of legal action being taken against them for their legal responsibility for property damage or bodily injury arising during the course of their operations. Lawsuits can be costly to defend - even if you did not harm, and even more expensive if found legally liable.
Mail order insurance is there to help protect you against those losses by offering you insurance to coverage awards made against you, as well as the defense costs and other legal fees.
The mail order insurance that you require will depend very much on your business set up. For the majority of mail order businesses there are basically the following types of insurance plans that you should consider:
Commercial General Liability Insurance: This insurance protects a business owner against claims made against for the legal liability of the business for bodily injury or property damage suffered by 3rd parties while on your premises. Mail order insurance may also include products liability insurance that protects you against claims arising from the supply or sale of a product. There are many other coverages that can be added to this policy like employment practices liability and business income.
Workers Compensation Insurance: Workers comp claims pay for employees injured on the job. It is mandated by most states for any non-owner or partner employees. It covers your employees for disease, injury, or death an employee sustains during the course of their employment. It covers the medical and lost-wage costs (similar to disability) once an employee suffers a work related injury or illness.
Commercial Auto Insurance: As a business owner, you need collision, liability, and comprehensive, medical payments (also known in some states as personal injury protection) and coverage for uninsured motorists.
Professional Liability Insurance: Also referred to as E & O (Errors and Omissions) insurance, this policy provides coverage in the event that your business is held legally liable for any damages caused by your negligence or improper advice.
The risks for a mail order business can be very wide owing to the many different exposures involved with the business activities. However, purchasing insurance for your mail order business does not need to a complex process. Before you purchase insurance, you should first have an outline the risks you face as a business owner - and how you plan to cover those risks.
To identify your business risks, you can simply consult with an insurance professional or even an attorney. A knowledgeable insurance professional can offer you guidance as you select your coverage. They can help you access a portfolio of coverage that is both competitively priced and built specifically for your mail order house.
If you have have a larger or more complex businesses, then the commercial package policy may be more suited to your needs. On top of your liability insurance requirements, the commercial package can provide you with a full-range of business insurance products including business interruption and property damage. If you are uncertain as to what insurance policy you actually require, please contact an experienced insurance agent
Whatever your situation, choosing an mail order insurance policy that meets your needs is a move in the right direction. Work with a licensed agent with experience in business insurance to find the right level of protection for your specific firm's risks.
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. Maybe you want to contribute to the economic growth of your community. Whatever the reason is, if you're thinking about starting a small business, it's important to understand pertinent information relating to small businesses in the United States; namely economic information and insurance regulations. After all, if you want your small business to succeed, you have to understand the economic trends organizations of a similar size in your area.
Likewise, you want to ensure that your small business is well protected with the right business insurance and that you are in compliance with the rules and regulations that pertain to commercial insurance in your region.
Read up on economic statistics and insurance information that relates to small business owners in the United States.
Here's a look at some information that was compiled by the Small Business Association (SBA) regarding the economic data that pertains to small businesses in the United States:
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. The SBA recommends the following insurance plans for small business owners:
Find informative articles on miscellaneous businesses including the types of commercial insurance they need, costs and other considerations.
An insurance contract is an agreement where one party obligates itself to make good the financial loss or damage sustained by a second party when a designated event occurs. The event must be fortuitous and happen by accident. The named insured must have insurable interest at the time of loss. One final point is that in order for any contract to be considered insurance, there must be a risk of loss.
Fortuitous Event - An occurrence largely beyond the control of any involved party; happening by chance; accidental; for example: fire, lightning, windstorm, explosion or flood.
Insurable Interest - In order to recover from a loss to property, the holder must have an insurable interest in the property at the time of the event or occurrence. An insurable interest is any right, title or interest in property where the holder of that right, title or interest sustains financial loss if the property is damaged or destroyed. Any lawful and substantial economic interest in the safety or preservation of the property from loss, destruction or damage also constitutes an insurable interest.
An entity does not have to be the property owner to have an insurable interest in it. Examples include, but are not limited to, mortgagees, trustees, vendors, lessees and bailees. Insurable interest for any entity must exist at the time the loss occurs.
Risk Of Loss - If property could never be destroyed, there is no risk of loss. If property must necessarily disintegrate or be destroyed, there is no risk of loss. Between these two extremes is the exposure of risk that can be insured.