Buying a house
Buying a house can be a complex process, but the following are the general steps to take:
- Determine your budget: Calculate how much you can afford to spend on a home by taking into account your income, expenses, and savings. You can use online calculators to get an estimate of how much mortgage you can afford.
- Get pre-approved for a mortgage: Contact a mortgage lender to get pre-approved for a mortgage. This process involves providing financial and personal information, and the lender will determine how much they are willing to lend you for a home purchase.
- Hire a real estate agent: Give us a call and we will help you find the right home based on your budget, preferences, and needs.
- Search for homes: Work with your real estate agent to search for homes that fit your criteria. You can also search online, attend open houses, and drive around neighborhoods to find potential homes.
- Make an offer: Once you find a home you want to buy, make an offer to the seller through your real estate agent. Your offer will include the purchase price, contingencies (such as financing and inspection), and other terms of the sale.
- Conduct a home inspection: Once your offer is accepted, hire a home inspector to evaluate the property for any issues that may need to be addressed before closing the sale.
- Close the sale: After the inspection, finalize the mortgage financing, complete any remaining paperwork, and sign the contract to close the sale. You will pay closing costs, which include various fees, taxes, and insurance.
- Move in: Finally, move into your new home and enjoy your investment.
Homeowners Insurance
There’s no place like home!
Make sure it’s well protected with quality Homeowners Insurance from the experts at Universal Insurance Agency.
What is Homeowners insurance?
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.
Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That’s important because chances are your home is one of your largest investments.
Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.
Courtesy of Universal insurance agency
Make sure it’s well protected with quality Homeowners Insurance from the experts at Universal Insurance Agency.
What is Homeowners insurance?
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners’ responsibility.
Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That’s important because chances are your home is one of your largest investments.
- If your home was destroyed by fire or damaged by a natural disaster, you’d need money to repair or replace it.
- If a guest in your home is injured, liability protection and medical coverage help pay expenses.
- If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
- If you are still paying for your home, your lender will require insurance.
Things to consider and questions to ask your agent
Here are few things to discuss with your agent that will influence your decisions.
- How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home’s features and the things you own so you can make an informed decision about coverage.)
- Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
- What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
- What’s the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
Courtesy of Universal insurance agency
- Yu can also usually save lots of money by bundling your Homeowners Insurance with your Auto Insurance
- Courte
Service Line Coverage
What is service line coverage?
Service line coverage is insurance against unexpected expenses related to the damage of service lines on your property, such as power lines, phone and cable lines, water and sewer pipes and more. It covers the potentially costly expenses of excavation and repair of underground wiring and piping.
Why do I need service line coverage?If you are a homeowner, you may be surprised to learn that the repair or replacement of service lines on your property is your responsibility, not the responsibility of the service provider. These expenses aren’t always covered by your basic homeowners policy. If you have service line coverage and a loss occurs resulting in a loss of service, you could be covered for repairs to the service line, including excavation costs, loss of use and landscaping expenses.
What is a service line?The following are examples of service lines:
Copyrights @the hanover ins. group
Service line coverage is insurance against unexpected expenses related to the damage of service lines on your property, such as power lines, phone and cable lines, water and sewer pipes and more. It covers the potentially costly expenses of excavation and repair of underground wiring and piping.
Why do I need service line coverage?If you are a homeowner, you may be surprised to learn that the repair or replacement of service lines on your property is your responsibility, not the responsibility of the service provider. These expenses aren’t always covered by your basic homeowners policy. If you have service line coverage and a loss occurs resulting in a loss of service, you could be covered for repairs to the service line, including excavation costs, loss of use and landscaping expenses.
What is a service line?The following are examples of service lines:
- Power lines and electrical wiring
- Steam piping
- Telephone and cable lines
- Drainage
- Fuel lines
- Water pipes
- Waste disposal
- Sewer piping
- Private wells and septic systems
- Rust or corrosion
- Ground freeze
- Tree or other root invasion
- Landscaping accidents
- Rodents
- Wear and tear
- Mechanical breakdown
- Collapse from aboveground weight
- Artificially-generated electric current
- Freezing or frost heave
- External force from excavation
Copyrights @the hanover ins. group
Auto coverages
A Breakdown of Each Coverage on Your Policy
Chances are if you look at your Massachusetts auto policy and don’t understand what the coverage amounts mean, you are not alone. However, you should familiarize yourself with your coverage so you can determine if you have enough financial protection. So get out your policy and follow along as I describe what each coverage means below.
Part 1. Bodily Injury to Others.
This pays for medical expenses and other damages to anyone injured or killed by your car. This required amount is $20,000 per person and $40,000 per accident (max). Meaning, the total amount paid out to the people you hit is $40,000 combined ($20,000 for 1 person, $10,000 for 2 other people, or $10,000 for 4 people, etc). This only covers accidents in Massachusetts.
Part 2. Personal Injury Protection (PIP).
Pays up to $8,000 in medical expenses for you or anyone who is driving your car (legally) during an accident. It also covers any passengers or pedestrians for medical expenses once the individual’s own health care expenses reach $2,000.
Part 3. Bodily Injury Caused by an Uninsured Auto.
Protects the driver and passengers (unless covered by their own auto policy) against medical expenses caused by an uninsured or unidentified driver. This covers any “hit & run.” The minimum limit required is $20,000 per person and $40,000 per accident. Recommended Amount: $100,000/$300,000
Part 4. Damage to Someone Else’s Property.
This amount pays for damage you cause to another person’s property such as an automobile or building. The minimum limit is $5,000. Recommended Amount: $100,000
Part 5. Optional Bodily Injury to Others.
This optional amount is added onto the Part 1 minimum of 20K/40K to extend your liability against injury to others. This coverage also protects you against damages suffered by guests in your car during the accident. This covers accidents in the entire United States and Canada. Chances are, if you get into a serious accident, you will owe more than $20,000 per person and $40,000 total, leaving you on the hook for the difference. Recommended Amount: $250,000/$500,000 or $100,000/$300,000
Part 6. Medical Payments.
Medical expenses for you and your passengers over and above the amounts covered by Part 2, no matter who is at fault in the accident. Recommended Amount: $5,000
Part 7. Collision.
Collision coverage pays for the damages to your car when involved in an accident, regardless of fault. You may need to pay the deductible. Recommended Amount: $500
Selecting Your Deductible.
The deductible set under Part 7 and Part 9 is your choice. The standard deductible is $500. You can save on your premium by selecting a $1,000 deductible. This is the amount you will have to pay in the event of an accident which is your fault or if the other driver is unidentified (“hit & run”).
Waiver of Deductible.
Having a “Waiver of deductible” means that you will not need to pay the deductible if the accident is caused by another driver that is identified.
Part 8. Limited Collision.
This coverage is for people who do not wish to carry full Collision coverage, Part 7, but still want to be covered if they are hit by an identified driver who was at fault. If you are at fault, you will not be covered. Recommended Amount: Get full Part 7 Collision
Part 9. Comprehensive.
Pays for damage to your vehicle resulting from non-collision events such as theft, fire, striking an animal, or falling tree damage. You will be responsible for the deductible. Recommended Amount: $500
Part 10. Substitute Transportation.
Reimbursement for a car rental or transportation while your vehicle is being repaired (after a breakdown or accident). You will receive a daily stipend and total stipend that cannot be exceeded. Options are $15 a day up to $450 (30/900. 45/1350. 1000/3000). Recommended Amount: 15/450 if you have AAA. 30/900 if you do not have AAA.
Part 11. Towing and Labor.
Pays up to a certain amount to get your car towed from the accident/breakdown scene or fixed at the scene (parts not included) so it runs again. Options are $50, $100, $150. Recommended Amount: $100
Part 12. Bodily Injury Caused by an Underinsured Auto.
Protects the driver and passengers (unless covered by their own auto policy) against medical expenses caused by an underinsured driver. The accident must be caused by someone without enough bodily injury coverages (Part 1 & Part 5).
Recommended Amount: $100,000/$300,000
Chances are if you look at your Massachusetts auto policy and don’t understand what the coverage amounts mean, you are not alone. However, you should familiarize yourself with your coverage so you can determine if you have enough financial protection. So get out your policy and follow along as I describe what each coverage means below.
Part 1. Bodily Injury to Others.
This pays for medical expenses and other damages to anyone injured or killed by your car. This required amount is $20,000 per person and $40,000 per accident (max). Meaning, the total amount paid out to the people you hit is $40,000 combined ($20,000 for 1 person, $10,000 for 2 other people, or $10,000 for 4 people, etc). This only covers accidents in Massachusetts.
Part 2. Personal Injury Protection (PIP).
Pays up to $8,000 in medical expenses for you or anyone who is driving your car (legally) during an accident. It also covers any passengers or pedestrians for medical expenses once the individual’s own health care expenses reach $2,000.
Part 3. Bodily Injury Caused by an Uninsured Auto.
Protects the driver and passengers (unless covered by their own auto policy) against medical expenses caused by an uninsured or unidentified driver. This covers any “hit & run.” The minimum limit required is $20,000 per person and $40,000 per accident. Recommended Amount: $100,000/$300,000
Part 4. Damage to Someone Else’s Property.
This amount pays for damage you cause to another person’s property such as an automobile or building. The minimum limit is $5,000. Recommended Amount: $100,000
Part 5. Optional Bodily Injury to Others.
This optional amount is added onto the Part 1 minimum of 20K/40K to extend your liability against injury to others. This coverage also protects you against damages suffered by guests in your car during the accident. This covers accidents in the entire United States and Canada. Chances are, if you get into a serious accident, you will owe more than $20,000 per person and $40,000 total, leaving you on the hook for the difference. Recommended Amount: $250,000/$500,000 or $100,000/$300,000
Part 6. Medical Payments.
Medical expenses for you and your passengers over and above the amounts covered by Part 2, no matter who is at fault in the accident. Recommended Amount: $5,000
Part 7. Collision.
Collision coverage pays for the damages to your car when involved in an accident, regardless of fault. You may need to pay the deductible. Recommended Amount: $500
Selecting Your Deductible.
The deductible set under Part 7 and Part 9 is your choice. The standard deductible is $500. You can save on your premium by selecting a $1,000 deductible. This is the amount you will have to pay in the event of an accident which is your fault or if the other driver is unidentified (“hit & run”).
Waiver of Deductible.
Having a “Waiver of deductible” means that you will not need to pay the deductible if the accident is caused by another driver that is identified.
Part 8. Limited Collision.
This coverage is for people who do not wish to carry full Collision coverage, Part 7, but still want to be covered if they are hit by an identified driver who was at fault. If you are at fault, you will not be covered. Recommended Amount: Get full Part 7 Collision
Part 9. Comprehensive.
Pays for damage to your vehicle resulting from non-collision events such as theft, fire, striking an animal, or falling tree damage. You will be responsible for the deductible. Recommended Amount: $500
Part 10. Substitute Transportation.
Reimbursement for a car rental or transportation while your vehicle is being repaired (after a breakdown or accident). You will receive a daily stipend and total stipend that cannot be exceeded. Options are $15 a day up to $450 (30/900. 45/1350. 1000/3000). Recommended Amount: 15/450 if you have AAA. 30/900 if you do not have AAA.
Part 11. Towing and Labor.
Pays up to a certain amount to get your car towed from the accident/breakdown scene or fixed at the scene (parts not included) so it runs again. Options are $50, $100, $150. Recommended Amount: $100
Part 12. Bodily Injury Caused by an Underinsured Auto.
Protects the driver and passengers (unless covered by their own auto policy) against medical expenses caused by an underinsured driver. The accident must be caused by someone without enough bodily injury coverages (Part 1 & Part 5).
Recommended Amount: $100,000/$300,000
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What Does Workers' Compensation Insurance Cover?
Workers' Compensation Insurance covers the expenses that come with an employee's work-related illness or injury. This may include immediate costs like an ambulance ride to the ER and long-term costs like physical therapy or lost wages. There's even a portion that covers your legal fees if an employee decides to sue.
State laws require most employers to carry Workers' Comp Insurance in case employees are hurt on the job. Not sure whether you need Workman's Comp? Check out this guide to Workers' Compensation laws by state.
Let's take a look at five things Workers' Compensation covers.
1. Medical costs to treat immediate injuries and illnesses
A business should take every practical measure to prevent worksite injuries and illnesses. But sometimes accidents happen anyway. Say a new hire slips on a puddle and breaks her arm or a mistaken measurement on your construction site leads to a severed finger.
When an employee is injured and needs medical attention, the employer can be (and usually is) responsible for covering the cost. What does Workman's Comp cover? In this case, the policy can pay for those emergency room visits, ambulance rides, and other medical bills.
Is your business responsible for every type of worker injury? It depends on your employees' status and your industry. As a general rule, every W-2 employee is entitled to Work Comp benefits. To learn more about how worker classifications impact your obligations, read the post "Workers' Comp Insurance: When Is Someone a Contractor?"
2. Lost wages
So what happens when your employee has an accident and can't work for a while? Most laws require you to pay for at least a portion of their missed wages while they recover. This can mean weeks of pay on top of finding, training, and paying a temporary replacement worker. All told, the missed work can be a huge expense. Workers' Comp can cover these lost wages and reduce your financial burden.
When you buy a policy, you may have the choice of whether to have your Workers' Compensation cover a percentage of employees' lost wages or a fixed dollar amount. This is a good time to ask your insurance agent to offer guidance on what makes the most sense.
3. Ongoing care
Sometimes, a work injury or illness is so severe that the employee needs ongoing care – surgery, rehabilitation, treatment from specialists, etc. Even if that employee never returns to work, your business may be responsible for the cost of their care. But don't fret. Many Workers' Comp policies cover these costs.
4. Funeral costs and death benefits
If a work tragedy ends with an employee's death, Workers' Comp Insurance can cover funds for funeral expenses. This lets you, your staff, and the employee's family grieve without worrying about money.
Some Workman's Comp Insurance even covers death benefits, such as support payments to the employee's dependents. Offering these benefits can help you retain quality workers if you operate in a high-risk industry.
5. Legal costs if an employee sues you over the injury
If an employee is hurt at work and thinks your business is to blame, you may face a lawsuit (unless your state has an "exclusive remedy" rule for Workers' Comp Insurance). Unfortunately, the cost of a lawsuit can be tremendous.
Luckily, if your Workers' Comp policy has Employer's Liability coverage, the insurance company can help you pay for attorney fees, court costs, and judgments or settlements.
How to know what your workers' compensation covers
Not all Workers' Comp Insurance policies are the same, and not all states require the same type of coverage. Check your state laws to see what your business needs.
As long as you're reading up on your options, you might want to learn what Workers' Compensation doesn't cover. For example, Workers' Comp doesn't cover safety improvements, OSHA penalties, injuries to a customers, or wages for a replacement employee.
If you have questions, feel free to contact us. Our agents can help you find a Workers' Comp policy that covers your business's risks and adheres to your state's
State laws require most employers to carry Workers' Comp Insurance in case employees are hurt on the job. Not sure whether you need Workman's Comp? Check out this guide to Workers' Compensation laws by state.
Let's take a look at five things Workers' Compensation covers.
1. Medical costs to treat immediate injuries and illnesses
A business should take every practical measure to prevent worksite injuries and illnesses. But sometimes accidents happen anyway. Say a new hire slips on a puddle and breaks her arm or a mistaken measurement on your construction site leads to a severed finger.
When an employee is injured and needs medical attention, the employer can be (and usually is) responsible for covering the cost. What does Workman's Comp cover? In this case, the policy can pay for those emergency room visits, ambulance rides, and other medical bills.
Is your business responsible for every type of worker injury? It depends on your employees' status and your industry. As a general rule, every W-2 employee is entitled to Work Comp benefits. To learn more about how worker classifications impact your obligations, read the post "Workers' Comp Insurance: When Is Someone a Contractor?"
2. Lost wages
So what happens when your employee has an accident and can't work for a while? Most laws require you to pay for at least a portion of their missed wages while they recover. This can mean weeks of pay on top of finding, training, and paying a temporary replacement worker. All told, the missed work can be a huge expense. Workers' Comp can cover these lost wages and reduce your financial burden.
When you buy a policy, you may have the choice of whether to have your Workers' Compensation cover a percentage of employees' lost wages or a fixed dollar amount. This is a good time to ask your insurance agent to offer guidance on what makes the most sense.
3. Ongoing care
Sometimes, a work injury or illness is so severe that the employee needs ongoing care – surgery, rehabilitation, treatment from specialists, etc. Even if that employee never returns to work, your business may be responsible for the cost of their care. But don't fret. Many Workers' Comp policies cover these costs.
4. Funeral costs and death benefits
If a work tragedy ends with an employee's death, Workers' Comp Insurance can cover funds for funeral expenses. This lets you, your staff, and the employee's family grieve without worrying about money.
Some Workman's Comp Insurance even covers death benefits, such as support payments to the employee's dependents. Offering these benefits can help you retain quality workers if you operate in a high-risk industry.
5. Legal costs if an employee sues you over the injury
If an employee is hurt at work and thinks your business is to blame, you may face a lawsuit (unless your state has an "exclusive remedy" rule for Workers' Comp Insurance). Unfortunately, the cost of a lawsuit can be tremendous.
Luckily, if your Workers' Comp policy has Employer's Liability coverage, the insurance company can help you pay for attorney fees, court costs, and judgments or settlements.
How to know what your workers' compensation covers
Not all Workers' Comp Insurance policies are the same, and not all states require the same type of coverage. Check your state laws to see what your business needs.
As long as you're reading up on your options, you might want to learn what Workers' Compensation doesn't cover. For example, Workers' Comp doesn't cover safety improvements, OSHA penalties, injuries to a customers, or wages for a replacement employee.
If you have questions, feel free to contact us. Our agents can help you find a Workers' Comp policy that covers your business's risks and adheres to your state's
https://www.universalinsagency.com/
What Is General Liability Insurance Coverage?
General liability insurance (GL) helps protect your business from claims alleging:
Bodily injury
Property damage resulting from your business operations
Personal and advertising injury
Commercial general liability insurance (CGL), also known as business liability insurance or general liability insurance, provides coverage for:
Customer injuries
Damage to customers’ property
Lawsuits
It can help pay for medical expenses as well as legal costs if an incident leads to a lawsuit.
When looking for commercial liability insurance, consider The Hartford. We offer some of the broadest business insurance coverage available today.
What Does Commercial General Liability Insurance Cover?
Commercial general liability insurance helps protect your business and employees from the risk of lawsuits involving:
Bodily injury
Property damage
Libel
Slander
Examples of these claims include:
Bodily injury or property damage. For claims that your business caused someone bodily harm or damaged someone's property.
Reputational harm. For claims of malicious prosecution, libel, slander, wrongful eviction, violation of the right of privacy and more.
Advertising injuries. For claims alleging copyright infringement in your advertisements.
Medical payments. To help cover medical costs if someone sustains an injury at your business.
Damage to rented property. If property you rent gets damaged by fire, lightning or explosion.
At The Hartford, we offer general liability insurance as a stand-alone policy or as part of our Business Owner's Policy (BOP). Through our BOP policy, you can bundle your general liability insurance and property insurance. You can also add professional liability insurance as an optional coverage.
That said, it doesn’t matter if you’re a small business owner or a contractor. It’s important to consider some sort of business liability insurance. Your business won’t be safe without it.
How Much Does General Liability Insurance Cost?
Get a free General Liability Insurance quote from The HartfordThe cost of general liability insurance premiums vary depending on the business. In fact, several elements are factored into a business's policy premium.
The first factor includes the type of business. As you can imagine, companies in higher risk industries are charged higher premiums compared to lower risk businesses. For instance, construction companies are likely charged a higher premium than consulting companies.
Another factor that’s calculated into a premium rate is how many years of experience your business has. More experience may equate to lower rates. Other factors that can affect your premium rate include your business’s:
Location
Size
Condition of the building your business operates in
Insurance claims history (only in certain cases)
There are policy specific details that affect your rate such as coverage limits. Higher coverage limits cost more. Although, electing higher deductibles can help lower your premium cost.
To learn more about the general liability insurance costs, get a free GL quote online. Business liability insurance is a must. The future of your business will thank you.
Why Do You Need General Liability Insurance?
commercial general liability insurance Many business owners wonder why they need general liability insurance. The answer is simple. You need this insurance to help protect your business from the costs of liability claims. These claims can arise from common business situations including:
You or your employees representing your client's business
Meeting with clients face-to-face
Working on or with others' property
Using third-party locations for business activities
General liability coverage can also help protect you from advertising lawsuits. This is also an important coverage to have when you have clients who need proof of insurance before they sign a contract. Get a quote from The Hartford today.
What Is Specialty General Liability Insurance?
general liability insurance We designed our specialty general liability insurance (SGL) for high hazard liability exposures. These usually involve unique products, services and premises risks.
Our SGL group includes underwriters, risk engineering consultants and liability claims specialists. These specialists are all experienced in hard-to place risks. They're also experienced at special products and premises risks.
We offer solutions for:
Manufacturers
Wholesaler-distributors and importers of difficult-to-place products
Others with unique or difficult general liability exposures
Stand-alone or bundled with other solutions from The Hartford, our Specialty General Liability coverage and services are designed to provide a total solution. Our coverage helps protect against third party injuries and associated defense costs in addition to other high hazard exposures.
Learn more about specialty general liability insurance.
Extended Business Liability Insurance Coverage & Risk Engineering
Extending your coverage. Say a contract requires your business to add individuals to your business liability policy. The Hartford helps make it easy to add them to your policy.
Improving safety and reduce risk. One of the best ways to avoid a lawsuit is to run the safest business possible. The Hartford's Risk Engineering group is part of our General Liability Insurance policy team and can help with one-on-one risk management consultations and safety seminars. They can also find ways to save companies money with discounts for things like installing safety equipment and following best practices.
Ready for a general liability quote? Learn more about how you can tailor your business insurance from The Hartford.
Is Business Liability Insurance Required by Law?
business liability insurance Business liability insurance is not usually required by law. However, it can help protect your business and personal assets if they’re taken in a judgment against you. It can also help protect you as a tenant if you cause damage to a property you rent. Some states require coverage when applying for professional licenses. These can include a plumber's license or an electrician license.
Let The Hartford help you with your commercial general liability insurance needs. Unlike other insurance companies, we have more than 200 years of experience helping customers find the coverage they need. We can help you make the right decisions when choosing your business liability insurance.
Bodily injury
Property damage resulting from your business operations
Personal and advertising injury
Commercial general liability insurance (CGL), also known as business liability insurance or general liability insurance, provides coverage for:
Customer injuries
Damage to customers’ property
Lawsuits
It can help pay for medical expenses as well as legal costs if an incident leads to a lawsuit.
When looking for commercial liability insurance, consider The Hartford. We offer some of the broadest business insurance coverage available today.
What Does Commercial General Liability Insurance Cover?
Commercial general liability insurance helps protect your business and employees from the risk of lawsuits involving:
Bodily injury
Property damage
Libel
Slander
Examples of these claims include:
Bodily injury or property damage. For claims that your business caused someone bodily harm or damaged someone's property.
Reputational harm. For claims of malicious prosecution, libel, slander, wrongful eviction, violation of the right of privacy and more.
Advertising injuries. For claims alleging copyright infringement in your advertisements.
Medical payments. To help cover medical costs if someone sustains an injury at your business.
Damage to rented property. If property you rent gets damaged by fire, lightning or explosion.
At The Hartford, we offer general liability insurance as a stand-alone policy or as part of our Business Owner's Policy (BOP). Through our BOP policy, you can bundle your general liability insurance and property insurance. You can also add professional liability insurance as an optional coverage.
That said, it doesn’t matter if you’re a small business owner or a contractor. It’s important to consider some sort of business liability insurance. Your business won’t be safe without it.
How Much Does General Liability Insurance Cost?
Get a free General Liability Insurance quote from The HartfordThe cost of general liability insurance premiums vary depending on the business. In fact, several elements are factored into a business's policy premium.
The first factor includes the type of business. As you can imagine, companies in higher risk industries are charged higher premiums compared to lower risk businesses. For instance, construction companies are likely charged a higher premium than consulting companies.
Another factor that’s calculated into a premium rate is how many years of experience your business has. More experience may equate to lower rates. Other factors that can affect your premium rate include your business’s:
Location
Size
Condition of the building your business operates in
Insurance claims history (only in certain cases)
There are policy specific details that affect your rate such as coverage limits. Higher coverage limits cost more. Although, electing higher deductibles can help lower your premium cost.
To learn more about the general liability insurance costs, get a free GL quote online. Business liability insurance is a must. The future of your business will thank you.
Why Do You Need General Liability Insurance?
commercial general liability insurance Many business owners wonder why they need general liability insurance. The answer is simple. You need this insurance to help protect your business from the costs of liability claims. These claims can arise from common business situations including:
You or your employees representing your client's business
Meeting with clients face-to-face
Working on or with others' property
Using third-party locations for business activities
General liability coverage can also help protect you from advertising lawsuits. This is also an important coverage to have when you have clients who need proof of insurance before they sign a contract. Get a quote from The Hartford today.
What Is Specialty General Liability Insurance?
general liability insurance We designed our specialty general liability insurance (SGL) for high hazard liability exposures. These usually involve unique products, services and premises risks.
Our SGL group includes underwriters, risk engineering consultants and liability claims specialists. These specialists are all experienced in hard-to place risks. They're also experienced at special products and premises risks.
We offer solutions for:
Manufacturers
Wholesaler-distributors and importers of difficult-to-place products
Others with unique or difficult general liability exposures
Stand-alone or bundled with other solutions from The Hartford, our Specialty General Liability coverage and services are designed to provide a total solution. Our coverage helps protect against third party injuries and associated defense costs in addition to other high hazard exposures.
Learn more about specialty general liability insurance.
Extended Business Liability Insurance Coverage & Risk Engineering
Extending your coverage. Say a contract requires your business to add individuals to your business liability policy. The Hartford helps make it easy to add them to your policy.
Improving safety and reduce risk. One of the best ways to avoid a lawsuit is to run the safest business possible. The Hartford's Risk Engineering group is part of our General Liability Insurance policy team and can help with one-on-one risk management consultations and safety seminars. They can also find ways to save companies money with discounts for things like installing safety equipment and following best practices.
Ready for a general liability quote? Learn more about how you can tailor your business insurance from The Hartford.
Is Business Liability Insurance Required by Law?
business liability insurance Business liability insurance is not usually required by law. However, it can help protect your business and personal assets if they’re taken in a judgment against you. It can also help protect you as a tenant if you cause damage to a property you rent. Some states require coverage when applying for professional licenses. These can include a plumber's license or an electrician license.
Let The Hartford help you with your commercial general liability insurance needs. Unlike other insurance companies, we have more than 200 years of experience helping customers find the coverage they need. We can help you make the right decisions when choosing your business liability insurance.
Understanding the Homeowners Coverage in your Policy
How Much Coverage Do You Need?
Enough to cover:
Your Property and Belongings: The better your coverage, the less you will have to pay out of your own pocket if disaster strikes.
Self Protection: You need enough liability coverage to protect yourself from lawsuits resulting from your negligence or events that could occur on your property.
Lender Requirements: Your housing lender will require you to cover the house for at least the amount of the mortgage or the replacement cost of the dwelling.
Policy Requirements: Insurers may impose some coverage requirements for replacement cost protection. Preferred plans usually require policy limits at 100% of replacement cost. Standard plans usually require policy limits of at least 80% of replacement cost.
PLEASE READ YOUR POLICY TO KNOW YOUR COVERAGES.
CoverageType
Description
Coverage A:
Damage to House
Covers damage to the house. The face amount of the policy (for example $100,000) is the most you will receive if your house is totally destroyed.
Coverage B:
Other Structures
Covers damage to other structures or buildings, such as a detached garage, work shed, or fencing.
Coverage C:
Personal Property Covers damage to, or loss of personal property. Personal property includes household contents and other personal belongings used, owned or worn by you and your family.
Coverage D:
Additional Living Expense Covers additional living expenses when incurred. This means that the policy covers the necessary living expenses up to the stated limit, incurred by the insured to continue, as nearly as possible, the normal standard of living when the house cannot be occupied due to a covered loss.
Coverage E:
Comprehensive Personal Liability Covers personal liability. This coverage protects you against claims arising from accidents to others on property that you own or rent. With a few exceptions, such as auto or boating accidents, it is an all purpose liability policy that follows you wherever you go.
Coverage F:
Medical Expense Covers medical expenses. Coverage is limited to an amount per person and per accident for injuries occurring on your premises to persons other than an insured, or elsewhere, if caused by you, a member of your family, or your pets. An important feature of this coverage is that payment is made regardless of legal liability.
Are There Any Additional Coverages I Should Consider?
Extra Contents Coverage
Remember that most of the coverages are a flat percentage of the amount of insurance on the home itself. For example: contents coverage is 50% of the insurance on the home itself. If you insure your home for $100,000, the contents coverage will be $50,000. For a minimal extra charge, you can increase the coverage on your contents without increasing the amount of insurance on the home itself.
Replacement Cost
Most companies offer "Guaranteed Replacement Cost Coverage" for an additional premium. Ask your agent if this is available and to explain the advantages of having this broader coverage. The most important coverage that is usually offered is full replacement cost coverage on your roof with no deduction for depreciation.
Personal Property Extensions of coverage
Another good example concerns special limits on certain types of personal property. For instance, most policies limit their coverage for the theft of furs or jewelry to $500.The limit for firearms or computers is probably $1000. Numerous other items are also typically limited to $500 or $1000 since the homeowners program is designed to fit the coverage needs of the average insured. It is the consumer's responsibility to review the limitations placed on certain types of property. If needed, increase the coverage of one area or another by adding a "Scheduled Personal Property Endorsement" to the basic policy.
Additional Liability
You can also purchase additional liability coverage and medical payments coverage for a nominal premium.
Flood Insurance
The most important exclusion is flood, as many people have learned to their great misfortune. If you need flood coverage, any property/casualty insurance agent can help you get it. If you live in a flood-prone community, don't risk going without flood insurance. See your broker about flood coverage.
Earthquake Insurance
No standard insurance policy, including the homeowners policy, covers catastrophic damage that can be caused by an earthquake. For an additional premium, companies offer an earthquake endorsement with your homeowners policy that will protect you in case your home suffers earthquake damage. In some areas, this coverage is typically inexpensive and should be considered. For instance, the New Madrid fault runs through the Midwest United States, an area not perceived as having earthquakes occurring frequently.
© 1991 - 2018 National Association of Insurance Commissioners. All rights
https://www.insureuonline.org/consumer_homeowners_types.htm
Types of homeowners Contracts
HO-2 – Designates a “basic form” homeowner’s insurance policy that provides insurance coverage on a “named-peril” basis. “Named-peril” means that your home and personal property are covered against losses that are expressly listed on your policy. Any loss that occurs outside of that list would not be covered by the policy.
HO-3 – Designates a “broad form” homeowner’s insurance policy that provides insurance coverage for the structure of your home on an “open-peril” basis. “Open-peril” means that you are covered against all losses except those that are expressly excluded on your policy. It’s important to note that your personal property is still covered on a “named-peril” basis with an HO-3 policy.
HO-4 – Simply speaking, this policy type describes a renter’s insurance policy. Typically with these policies, your liability and your personal property are covered up to the policy limits. This is an ideal policy for someone renting an apartment or house.
HO-5 – Designates a “comprehensive form” homeowner’s insurance policy. This policy type covers both your home and personal property on an “open-peril” basis. This is the broadest form of home insurance available. Given the comprehensive levels of coverage, this isn’t as a common of a home insurance policy as a HO-2 or HO-3 policy.
HO-6 – Designates a condo insurance policy. These policies generally cover your personal property and the structure of your condo from the wall studs in.
Engaging Millennials Online
Liberty Mutual and Safeco Insurance recently surveyed 2,800 insurance customers – including 1,600 millennials – to learn how millennials view insurance and how they make purchasing decisions. One of our key findings was that millennials are more likely than older generations to learn about and choose insurance agents through digital channels.
We put together the resources below to help independent agents elevate their digital engagement to more effectively attract and serve millennial customers. Click through the links below to read the full report on how to engage millennial insurance consumers online, view the infographic with key stats about how millennials use digital channels, take our quiz to see how your agency stacks up online, and learn practical tips about how to take your agency’s online presence to the next level.
You can also watch the short videos below to learn more about our research and how Liberty Mutual and Safeco can help your agency succeed.
source & copyrights liberty mutual insurance
We put together the resources below to help independent agents elevate their digital engagement to more effectively attract and serve millennial customers. Click through the links below to read the full report on how to engage millennial insurance consumers online, view the infographic with key stats about how millennials use digital channels, take our quiz to see how your agency stacks up online, and learn practical tips about how to take your agency’s online presence to the next level.
You can also watch the short videos below to learn more about our research and how Liberty Mutual and Safeco can help your agency succeed.
source & copyrights liberty mutual insurance
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"When you change what you believe, you change what you do" Spencer Johnson
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"What would you do if you weren't afraid?"
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The hardened soul is more vulnerable to being saved than it knows"
John Ortberg
John Ortberg
